The Bulletproof Glass Market was around USD 7.9 billion in 2022. It is expected to grow at a CAGR of 16.57% to reach USD 12.7 billion by 2028.
The progressively growing demand for bullet-resistant glass from the car segment has been one of the principal factors contributing to the development of the marketplace over the last few years. The call for bulletproof automobiles from numerous celebrities and dignitaries is inducing several automobile manufacturers inclusive of BMW, Audi, Ford, Volkswagen, and others to manufacture armored motors and additionally meet their customization requests. Moreover, the authorities are likewise one of the predominant end-users of armored vehicles, and this trend is expected to rise during the forecast period.
The worldwide market for bulletproof glass is being driven by rising concerns concerning the well-being and security of the populace as the world ends up amidst a change attributable to the rising fear-based terrorist attacks and the increasing modernity of thefts and robberies. The market is additionally determined by the few government guidelines that have been presented with a perspective on guaranteeing the most extreme security to financial institutions and lessening dangers to human life.
The declining or dormant defense budget plans of the significant economies of the world, which incorporate Canada, the U.S., the U.K., France, Germany, Japan, and Italy, among others, are relied upon to go about as limitations to the development of the bulletproof glass market.
Bulletproof Glass Market Segmentation as per the research report until 2028.
Automotive
Military
Banking and Finance
Construction
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Rest of the World
The bulletproof glass market is segmented into North America, Asia Pacific, Europe, and the Rest of the World by geography. The Bulletproof Glass Market is anticipated to grow moderately in the forecast period. The North America region is leading the bulletproof glass Market, and also the Asia Pacific is anticipated to grow during the forecast period of 2021 – 2026. North America has the highest share in the Bulletproof Glass Market with over 46%, followed by the Asia Pacific and Europe. North America is anticipated to be the biggest and fastest-growing region in the bulletproof glass market during the forecast period (2022 - 2027) due to the increasing demand for bulletproof glass from the automobile industry. Manufacturers like BMW, Ford, Audi, and Volkswagen are launching bulletproof vehicles within the region, which is projected to reinforce the bulletproof glass market's growth in North America.
Furthermore, increasing defense expenditure also with increasing research and development activities for the development of advanced bulletproof glass by the U.S. government is additionally expected to spur the demand for the bulletproof glass market during the forecast period. The U.S. defense expenditure increased from US$ 521 Bn in 2018 to US$ 639 Bn in 2019, which, in turn, is anticipated to drive demand for bulletproof security glass in the next few years. The rise in the number of armed robberies in the U.S. is also expected to contribute to the growing demand for bulletproof glass in the region, thereby augmenting the world bulletproof glass market growth. Asia Pacific is anticipated to record a higher CAGR than the other region, supported by growing defense budgets. India is contributing the highest shares for the bulletproof glass market. 20
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