Military tactical vests have gained prominence in recent years due to the rising defense modernization initiatives undertaken by various nations globally. These vests provide protection against ballistic and fragmentation threats and are made using high-strength composite materials. They distribute the weight of ammunition, armor plates, and other tactical gear evenly across the torso.
The Global Military Tactical Vest Market is estimated to be valued at US$ 3.14 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the Military Tactical Vest market include 3M, Honeywell International, ArmorWorks, Eagle Industries, BAE Systems, DuPont, DSM, Armorsource, MSA Safety, Revision Military, Gentex Corporation, Ansell, MKU Ltd., Avon Protection Systems, Inc., and Ballistic Body Armor Pty.
Key players such as 3M, Honeywell International, and BAE Systems account for a significant share of the Global Military Tactical Vest Market Size. 3M specializes in offering protective ballistic-resistant vest systems, among other personal protective equipment.
Growing demand: Increasing defense budgets and modernization of armed forces across countries like the U.S., China, India, and various European nations are fueling demand for advanced military tactical vests.
Global expansion: Leading manufacturers are expanding their production footprints and distribution networks globally to cater to the growing demand from armed forces worldwide. For instance, Armorsource established a new production facility in Europe to serve the regional defense market.
Market key trends
One of the key trends gaining traction in the military tactical vest market is the integration of advanced technology. Major players are focusing on developing vests with capabilities such as communications integration, GPS tracking, night vision, and robotic augmentation. This allows soldiers to access crucial combat data and stay connected on the frontlines. 3M has developed next-generation tactical vests with seamless sensor and communication module integration.
Porter’s Analysis
Threat of new entrants: New entrants face significant cost barriers as developing high quality ballistic protection requires significant investments in R&D and manufacturing facilities.
Bargaining power of buyers: Individual military and law enforcement agencies have significant bargaining power given the large volumes procured. However, requirements are standardised limiting the ability to influence prices.
Bargaining power of suppliers: A handful of specialized textile and materials companies supply ballistic fabrics and other components. Suppliers have some bargaining power given their specialized expertise and capabilities.
Threat of new substitutes: No close substitutes exist that can provide equivalent ballistic protection at a lower cost.
Competitive rivalry: Competition is intense among the global players due to their innovation ability, quality, and growing demand.
Geographical Regions
North America currently accounts for the largest share of the global military tactical vest market, in terms of value. This is attributed to increased defense modernization initiatives and growing procurement of advanced body armor solutions by military and law enforcement agencies in the US and Canada. The Asia Pacific region is projected to be the fastest growing market during the forecast period. Significant defense budget increases across major economies such as China and India are driving the demand for tactical vests and personal protective equipment.
Geographical Regions
Southeast Asia and the Middle East region are emerging as high potential markets for military tactical vests. In Southeast Asian countries, modernization of armed forces along with rising geopolitical tensions are providing a boost to procurement. Similarly, the Middle East witnesses continuous revenue opportunities owing to ongoing conflicts that necessitate advanced personal protective solutions for troops. Countries such as Saudi Arabia, UAE, and Qatar are actively investing in procuring top-of-the-line equipment to strengthen their armed forces.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
