Military Tactical Vest Market is Estimated to Register a CAGR of nearly 5% Over
Posted by Nita on December 1st, 2020
A tactical vest is a heavy-duty vest that is worn over regular clothing for protection against ballistics and sharp object attacks. The vest is also used to carry ammunitions, gun magazines, grenades, and communication devices such as cell phones. Military tactical vest are primarily constructed with lightweight materials which reduces fatigue without compromising on protection. Military tactical vest can be purchased in multiple configurations that includes shoulder pads, chest and side protection among others.
The global military tactical vest market registered a significant growth rate owing to the high investments in militaryacross the regions. Moreover, military modernization programs in countries such as the US and the UK are further expected to propel the market growth during the forecast period. In addition to this, growing focus on ensuring soldier survivability is expected to encourage market growth.
Riser in military warfare is also expected to drive the demand for soldier protection equipment thereby, driving the market growth during the forecast period. Moreover, countries including China, India, and South Korea are currently undertaking upgradation of their military equipment which is expected to increase adoption of tactical vests for safeguarding the army personnel.
The global military tactical vest market is segmented on the basis of vest type, protection level, and region. Technological advancements in the field of materials is expected to drive the market growth. Key players operating in the market are investing in R&D towards development of advanced tactical vest material such as nanotechnology and liquid body armor among others.
On the basis of vest type, the military tactical vest market has been classified as knife and spike protection and ballistic protection. The ballistic protection segment was the larger segment in terms of market share in 2018. The segment is also expected to register higher CAGR during the forecast period. Increasing research and development initiatives toward ballistic protection vests are expected to drive the segment growth during the forecast period.
On the basis of protection level, the global military tactical vest market has been categorized as soft vest, plate carrier, and multi-functional vest. The plate carrier segment accounted for the largest revenue share in 2018. Multi-functional vest is expected to be the fastest growing segment during the forecast period. Investments in equipment for the protection of army personnel are expected to drive the growth of the segment during the forecast period.
Based on region, the global military tactical vest market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The North American market accounted for the largest share and is expected to register highest CAGR during the forecast period. Various soldier protection programs undertaken by countries such as the US are expected to propel the growth of the regional market during the forecast period.
The key players in the global military tactical vest market are Ballistic Body Armor Pty (South Africa), Aegis Engineering Ltd. (UK), BAE Systems (UK), AR500 Armor (US), Craig International Ballistics Pty Ltd. (Australia), Hellweg International (Australia), Point Blank Enterprises, Inc. (US), Ceradyne, Inc. (US), Kejo Limited Company (US), Pacific Safety Products (Canada), and Safariland, LLC (US).
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About the AuthorNita
Joined: November 14th, 2019
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