Dec 20, 2019 (AB Digital via COMTEX) — Market Dynamics
The Global Military Tactical Vest Market Is Touted to Achieve A CAGR Of Close To 5% During The Forecast Period (2019-2025), Says Market Research Future (MRFR).
Growth Boosters and Top Challenges
Mounting focus on ensuring soldier survivability among defense agencies is expected to work in favor of the military tactical vest market. The business growth is also the result of a shortage of ballistic protection suits as well as surge in asymmetric warfare across multiple countries like India, Iraq and South Korea.
Technological developments and introduction of creative products like modular tactical vests as well as military modernization programs like France’s FELIN program and United Kingdom (U.K.) Future Infantry Soldier Technology (FIST) program help augment market demand. Rising use of nanotechnology materials as well as fibers to manufacture lightweight and flexible tactical vests is a prominent trend striving to elevate the market position. Emergence of advanced tactical vest material like liquid body armor and nanotechnology are elevating their demand in the market.
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With military warfare picking up pace across various countries, the need for military tactical vest for safeguarding the army personnel has surged significantly. Developing nations like India and China are increasingly focusing on replacing legacy military equipment, and are subsequently accelerating their spending on the military industry. These modernization activities are creating new avenues for market vendors who are now creating a contractual environment with military agencies.
Aegis Engineering Ltd. (UK), BAE Systems (UK), Pacific Safety Products (Canada), Craig International Ballistics Pty Ltd. (Australia), Ballistic Body Armor Pty (South Africa), Point Blank Enterprises, Inc. (US), AR500 Armor (US), Safariland, LLC (US), Ceradyne, Inc. (US), Hellweg International (Australia), Kejo Limited Company (US), are some of the renowned players leading the worldwide military tactical vest market.
The worldwide military tactical vest market has been considered for vest type and protection level.
Depending on the vest type, the military tactical vest market can be split into knife and spike protection and ballistic protection. The ballistic protection segment’s coverage of the market was the largest in 2018. The segment is believed to grow at the highest growth rate during the evaluation period. Rise in the number of research and development initiatives for the development of ballistic protection vests is expected to do wonders for the segment in the coming years.
With respect to the protection level, the military tactical vest market can be narrowed down to plate carrier, soft vest, and multi-functional vest. In the year 2018, the plate carrier segment had accrued the largest revenue, making it the top segment in the market. Multi-functional vest has the potential to grow at the fastest rate during the assessment period. High investments in equipment in order to protect army personnel results in the segment’s fast-paced growth.
The primary markets for military tactical vest are Middle East & Africa, Europe, Latin America, North America, and Asia Pacific.
The military tactical vest market has gained the highest traction in North America and could record the highest CAGR during the given timeframe. Multiple soldier protection programs initiated in countries like the United States (US) is said to be an important factor backing market growth.
Focus on modernizing traditional systems along with the rising instances of warfare and border disputes is expected to take the Asia Pacific market to greater heights in the coming years. Countries like India, South Korea, and China provide robust support to the regional market. Surging need to protect ground troops in the region, in addition to investments by various governments to obtain arms and personal protection equipment could yield considerable profits for the military tactical vest market.
In Europe, the market has experienced massive traction in recent years in response to the mounting demand for military tactical vests in the civilian application. This strong demand is the consequence of increasing burglaries, robberies, and home invasions. Another factor that works in favor of the regional market is the increasing focus on upgrading conventional protective headgears as well as potential of body armors.
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