Rising Defence Expenditure and Growing Exports to Shape the Future for Bulletproof vest manufacturers in India: Ken Research

•   Growth of ballistic protection market is anticipated to be led by growing military strength of the country, expanding defence budgets and inclining global demand for domestically manufactured bulletproof vests and other ballistic equipments.

•   Bulletproof Vests/Jackets had dominated the market in the country over the years in terms of both value and volume.

•  The leading players in ballistic protection industry are MKU, Indian Armor, TATA Advanced Materials, Starwire and Shri Lakshmi Defence Ltd.

Ken Research announced its latest publication on “India Ballistic Protection Market Outlook to 2021 - Rising Defence Expenditure and Growing Exports to Shape the Future” The report covers various aspects such as overall size of the ballistic protection market in terms of value and volume, segmentation on the basis of types of products, domestic sales and exports and others. The report also covers future outlook and projections of the industry. Additionally, the report offers prevalent trends, developments and challenges in industry and SWOT analysis of the current market. The report also covers the competitive landscape of the industry and comprehensive profile of leading players operating in the market. The report also serves as a benchmark for existing players and every new player who wish to capitalize the market potential and investors who are looking forward to venture into the ballistic protection market in India.

Personal ballistic protection equipment includes reinforced clothing for a user to wear and protect him from bullets or other shrapnel that may cause harm to the individual. The most commonly used personal ballistic equipment is bullet proof vest/ jacket. They are primarily used to protect the major part of the torso of the wearer, since it is the region of the body that offers the maximum target area for an assailant. Ballistic boots and shoes are also extensively used as they protect the feet from injuries and also help to maintain the temperature of the feet which is critical in high altitudes for the wearer. Bomb suits or demining suits, on the other hand are used by special cells of the armed forces or police forces. The market for these products is relatively smaller, since these equipments are used for special purposes. The current tender process to procure such equipments in India is very complex and long. Since individual states manage their own defence decisions and the state government rarely mentions their requirement until they finally come out with a tender, the tender process takes a long process and breaks to complete the final procurement and fund disbursal. Hence many domestic companies focus on exporting the products to other countries.

In FY’2016, the largest share in the personal ballistic protection market in India was countered by bullet proof vests. This considerable share has been witnessed owing to the fact that vests are the most commonly used form of protection gear. The risk of personal safety for VIPs and HNWIs has also led to a rise in the demand for these products, primarily bullet proof vests, which has been instrumental in helping this increase in demand. 

“Increasing demand of ballistic protection in the country had increased its production in the country. The leading and the emerging companies should focus on the international market as huge demand for Indian ballistic products, especially vests is arising from foreign military and police forces. Large number of Indian companies are already supplying to significant number of clients all over the world. Entities such as British Armed Forces, US Department of Defense, United States Agency for International Development (USAID), United Nations Development Program (UNDP), Ghana Armed Force, Royal Thai Army and Royal Thai Navy, Japan Maritime self-defense forces and Nepalese army buy bulletproof jackets/vests in large quantities from Indian manufacturers.” according to the Research Analyst, Ken Research.

Key Topics Covered in the Report:

·         India Ballistic Protection Market Introduction and Size by value and volume

·         India Ballistic Protection Market Segmentation (By types of products and import and domestic production)

·         India Ballistic Vest/Jacket Protection Market size by value and volume

·         India Ballistic Vest/Jacket Protection Market Segmentation (By domestic sales and exports)

·         India Ballistic Boots Market size by value and volume

·         India Ballistic Blankets Market size by value and volume

·         India Ballistic Blankets Market Segmentation (By domestic sales and exports)

·         India Demining Suits Market size by value and volume

·         India Bomb Suits Market size by value and volume

·         India Ballistic Helmet Market size by value and volume

·         India Ballistic Helmet Market Segmentation (By domestic sales and exports)

·         Company Profile of Leading Players in India Ballistic Protection Market

·         SWOT analysis of India Ballistic Protection Market

·         India Ballistic Protection Market Future Outlook and Projections

Key Product Mentioned in the Report

-          Bulletproof Vest/Jackets

-          Ballistic Helmets

-          Ballistic Boots

-          Demining Suits

-          Bomb Suits

-          Ballistic/Bomb Blankets

-          Bulletproof Glass

-          Armored Vehicles

Companies Covered in the Report

-          MKU

-          Indian Armor

-          TATA Advanced Material

-          Starwire

-          Shri Lakshmi Defence Ltd

For more information about the publication, refer to below link:

https://www.kenresearch.com/defense-and-security/weapon/india-ballistic-protection-market/54087-16.html

Related Reports:

https://www.kenresearch.com/defense-and-security/security-devices/india-electronic-security-market-2020/30045-16.html

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Long Government Tender Process and Corruption in the System Leads to Growing Export Volume of Ballistic protection Products from India: Ken Research

Growing military strength and amplifying defence budget should drive the ballistic protection industry in the country with the bulk requirement of bulletproof vest, boots and helmets but current tender process is delaying the procurement.

The report titled “India Ballistic Protection Market Outlook to 2021 - Rising Defence Expenditure and Growing Exports to Shape the Future” provides detailed overview on the ballistic protection market in India and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for ballistic protection equipment manufacturers, industry consultants other stakeholders to align their market centric strategies according to ongoing and expected trends in the future. 

The need for ballistic protection has been growing in India with the rise in threat of domestic and cross-border terrorism. Apart from terrorism, local extremist outfits such as Indian Mujahideen, Bodo militants, Maoist-Naxalite insurgency in several of its states has led to the deployment of military and paramilitary forces in these regions. As the casualties and fatalities from stray explosives and firings rise in these regions, the need for protective armour by the general public in these regions has been growing. Moreover, there is a constant demand from the armed forces in India, since the country’s borders are shared with China and Pakistan. The market size in for ballistic protection equipments in India has posted a CAGR of 5.4% over the period FY’2011-FY’2016. 

In FY’2016, the largest share in the personal ballistic protection market in India was countered by bullet proof vests. This considerable share has been witnessed owing to the fact that vests are the most commonly used form of protection gear. Ballistic boots has contributed the second largest share in the overall market revenues in FY’2016. These boots are largely used by the military forces. Ballistic boots have been followed by ballistic helmets, which have captured the third largest revenue share in the ballistic protection market during FY’2016.

India’s personal ballistic protection market showcases promising prospects in the future as the market is estimated to grow at a CAGR of 12.5% over the period of FY’2017-FY’2021 in terms of sales volume in units. The government has sanctioned the order of to provide 1.8 lacs bulletproof jackets by the end of 2017. This has been projected to provide a considerable boost over the period FY’2016-2021. 

Border tension between India and Pakistan and India and China is also increasing which will further raise the demand for other ballistic protection equipments such as ballistic helmets, boots, blankets and others over the period FY’2017-FY’2018. Further support to the market will be provided by fresh FDI inflows into the market and the growing demand of the ballistic protection products from the Indian government.

Key Product Mentioned in the Report

Bulletproof Vest/Jackets, Ballistic Helmets, Ballistic Boots, Demining Suits, Bomb Suits, Ballistic/Bomb Blankets, Bulletproof Glass, Armored Vehicles

Companies Covered in the Report

MKU, Indian Armor, TATA Advanced Material, Starwire, Shri Lakshmi Defence Ltd

For more information about the publication, refer to below link:

https://www.kenresearch.com/defense-and-security/weapon/india-ballistic-protection-market/54087-16.html

Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
query@kenresearch.com
+91-124-4230204

Health and Personal Accidents Insurance Industry in Pakistan: Ken Research

·         There has been a consistent decline in the number of life insurance companies mainly due to limited demand for life insurance on account of small urban market and presence of state-owned corporation, which enjoys almost a complete monopoly in the market and thus leaves very little share for other companies.

·          Pakistan’s public healthcare system faces challenges in the form of rural-urban disparities in healthcare delivery, an insufficient number of doctors, nurses, medical technicians, and limited choice in terms of physician practitioners.

·         Health insurers are also partnering with organizations outside the segment to offer health insurance plans to customers in order to increase their market share.

Ken Research announced its latest publication on, ‘Personal Accident and Health Insurance in Pakistan, Key Trends and Opportunities to 2019’, which provides detailed information on the market trends in the Insurance market. In addition, report is a comprehensive report, providing detailed analysis of the market trends, drivers, challenges in the Pakistani personal accident and health insurance segment. In addition, it provides insight regarding major players in the industry.

The insurance industry in Pakistan is relatively small compared to other developing countries in the region. The insurance penetration and density remained very modest as compared to other jurisdictions while the insurance sector remained underdeveloped relative to its potential. Since, there has been a consistent decline in the number of life insurance companies mainly due to limited demand for life insurance on account of small urban market and presence of state-owned corporation, which enjoys almost a complete monopoly in the market and thus leaves very little share for other companies.

Additionally, Pakistan has quite low GDP per capita, low literacy rate and low women participation and empowerment in society, which further  indicates low purchasing power and thus indicates that total population is living below poverty line.Hence,all these factors have contributed towards low share of Pakistan insurance industry in the world market. Pakistan’s public healthcare system faces challenges in the form of rural-urban disparities in healthcare delivery, an insufficient number of doctors, nurses, medical technicians, and limited choice in terms of physician practitioners

Almost 97% of Pakistan’s population is Muslim and the reason behind the low insurance penetration rate in this country is that insurance is regarded as unethical from a religious point of view by a large segment of people. Therefore, the government of Pakistan has been actively involved in promoting Islamic Insurance (Takaful) over the last few years.  The Insurance Department of the Securities and Exchange Commission of Pakistan (SECP), the regulatory body for insurance, introduced Takaful rules in 2005 to regulate operations of Takaful insurance companies; the act also allows conventional insurance companies to transform into Takaful-based companies.

Initially, Pakistan was slow to respond to the global Takaful trend but, within a brief period, five Takaful companies (two general and three families) were established, and more companies are scheduled to enter the market in the near future. Foreign investors, particularly from Gulf countries, are heavily investing in Pakistan’s Takaful industry. Actuaries in Pakistan are increasingly in demand from Takaful companies to employ their analytical skills to this new industry. Health insurers are also partnering with organizations outside the segment to offer health insurance plans to customers in order to increase their market share.

In addition to underwriting profits, Pakistani personal accident and health insurance insurers are focusing on generating returns on investments, aided by improving economic conditions. Since in developing countries (most of which have large Muslim populations) like Pakistan, insurance is not being made available compulsory where it is needed the most, where human well-being is at the lowest and vulnerability is at its highest.

Moreover, in Pakistan insurance companies act as financial intermediaries and it has shown strong resilience to a challenging macroeconomic environment and global development. Since the insurance sector plays an important role in the service-based economy and its services are now being integrated into wider financial industry.

The major players in the insurance industry in Pakistan are as follows:

·         Allianz EFU Health Insurance

·         Asia Care Health & Life Insurance Co. Ltd

·         Adamjee Insurance Company Ltd

·         East West Life Assurance Company Ltd

·         EFU General Insurance Company

·         IGI Insurance Ltd

·         Askari General Insurance Company Ltd

·         Jubilee General Insurance Company Ltd

To know more on coverage, click on the link below:

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-health-insurance/33370-93.html

Related Reports:

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-health-insurance-taiwan-key-trends-opportunities-2019/2156-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-and-health-insurance-in-colombia/2119-93.html

Contact:

Ken Research

Ankur Gupta, Head Marketing & Communications

query@kenresearch.com

+91-124-4230204