The global bulletproof vest market size is expected to reach USD 2,232.34 million by 2032, according to a new study by Polaris Market Research. The report “Bulletproof Vest Market Share, Size, Trends, Industry Analysis Report, By Type (Soft jacket, Hard jacket, and Others); By End-Use; By Protection level; By Material, By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Companies and governments are making investments in the creation of advanced light vests with greater mobility that incorporate cutting-edge technologies like 3D printing and composite materials, which is anticipated to open up new market opportunities for producers of bulletproof vests over the forecast period. For instance, in December 2022, the Indian Army, which has been on heightened alert on the Northern borders as the tension endures, is launching a new attempt to purchase bulletproof jackets, deterring innovators and start-ups due to a shortage of such garments. Under emergency budgetary authority granted by the government, the Indian Army is looking to purchase more than 15,000 bulletproof jackets. Still, it has set restrictions that only established players can compete.
Additionally, the production of vests using nanotechnology materials, including titanium plating, para-aramid cloth, and other materials, will increase product penetration in the defense sector. In July 2021, Mishra Dhatu Nigam Limited (MIDHANI), a public sector enterprise under the Ministry of Defence that specializes in processing metals and metal alloys, is obtaining ready to complete commission of two new production lines, which included the 550 crores special steel, titanium, and nickel aluminum sheet and plate-making plant at Kanchanbagh.
It will begin production of armored vehicle ownership and bulletproof jackets for the armed services in the second 60 crore rupee facility in Rohtak, Haryana. Additionally, the development of modular tactical vests and several military modernization initiatives, such as PONARS Eurasia, are some trends aiding market progress. Therefore, these investments in manufacturing facilities supported by the government are bolstering the production of advanced bulletproof jackets that drive the market's growth over the anticipated period.
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Furthermore, the industry is expanding due to military forces purchasing more guns and spending more on body armor to protect personnel. The demand for ballistic protective systems is increasing due to rising territorial disputes and international conflicts. Following this, developed and emerging nations increased their spending on defense modernization while shifting their attention to cutting-edge military gear. The Chinese People's Liberation Army (PLA) announced in 2020 that it would buy approximately 1.4 million high-quality body armor during the following two years. The other major drivers of the bulletproof vest market growth include booming expenditures in product innovation and advancement and protecting the workers from the frivolities of conflict.
Bulletproof Vest Market Report Highlights
Polaris Market Research has segmented the Bulletproof Vest market report based on type, end-use, protection level, material, and region:
Bulletproof Vest, Type Outlook (Revenue - USD Million, 2019 - 2032)
Bulletproof Vest, End-Use Outlook (Revenue - USD Million, 2019 - 2032)
Bulletproof Vest, Protection LevelOutlook (Revenue - USD Million, 2019 - 2032)
Bulletproof Vest, Material Outlook (Revenue - USD Million, 2019 - 2032)
Bulletproof Vest, Regional Outlook (Revenue - USD Million, 2019 - 2032)