The global body armor market is poised for significant growth between 2023 and 2028, driven by increasing defense budgets, rising concerns over personal safety, and advancements in armor technologies. According to Stratview Research, global body armor market was estimated at USD 2.67 billion in 2022 and is likely to grow at a CAGR of 3.7% during 2023-2028 to reach USD 3.4 billion in 2028.
Key Players
The following are the key players in the body armor market:
· Point Blank Enterprises, Inc.
· Safariland, LLC.
· Armor Express
· Mehler Vario System
· Beijing Tongyizhong New Material Technology Corporation
· XTEK Group
· U.S. ARMOR CORPORATION
· Mars Armor
· Senken Group Co., Ltd
· Craig International Ballistics Pty. Ltd.
Key Trends Driving Growth
- Rising Military and Defense Expenditure: Governments across the globe are increasing their defense budgets to equip military personnel with advanced protective gear. This demand for modern, lightweight, and highly durable body armor is boosting the market.
- Technological Advancements: Innovation in materials, such as the development of ultra-lightweight, high-strength composites, and the use of advanced ceramics and Kevlar, is significantly enhancing the performance of body armor. These advancements are particularly critical for military, law enforcement, and security personnel.
- Increasing Civilian Demand: Beyond military applications, the market for body armor is expanding to include civilians, especially in regions with high crime rates. Personal protective gear is becoming a necessity for private security and high-profile individuals.
Regional Insights
North America holds the largest market share, driven by the U.S. military's ongoing investments in modern protective equipment. The Asia-Pacific region is expected to exhibit the highest growth rate due to rising security concerns and expanding defense budgets in countries like China and India.
In conclusion, the global body armor market is set to witness robust growth through 2028, fueled by advancements in protective technology and increasing defense and security needs worldwide.
