In 2023, the ratio of military expenditure to gross domestic product (GDP) in Russia increased by roughly 1.2 percentage points from the previous year. In total, the ratio amounted to 5.86 percent in 2023.

As a share of gross domestic product (GDP), Ukraine spent more on its military than any other country in 2023, reaching 37 percent of the country's GDP. The high figure is due to the country being invaded by Russia in February 2022. Algeria and Saudi Arabia followed behind.Leading military spending countriesIn gross terms, the countries with the highest military spending are the United States, China, and Russia. However, these are countries with large populations and GDPs, and smaller countries usually cannot compete alone, regardless of how much they invest. For this reason, they form alliances such as the North Atlantic Treaty Organization (NATO). NATO countries aim to pool two percent of their GDP towards their own militaries and to aid each other in case of war. Regional differencesThe past decade has seen an increase in global military spending. This has not been distributed evenly. That period saw large positive changes in military spending from several Asian countries, including a large increase from China. While this does not reflect the number of active conflicts, it reflects growing tensions in global affairs.

Military Expenditure in Russia increased to 109454.40 USD Million in 2023 from 102366.60 USD Million in 2022. Russia Military Expenditure - values, historical data, forecasts and news - updated on March of 2025.

The United States led the ranking of the countries with the highest military spending in 2023, with 916 billion U.S. dollars dedicated to the military. That constituted over 40 percent of the total military spending worldwide that year, which amounted to 2.4 trillion U.S. dollars. This amounted to 3.5 percent of the U.S. gross domestic product (GDP), placing the U.S. lower in the ranking of military expenditure as a percentage of GDP than for instance Saudi Arabia, Israel, Algeria, and Russia. China was the second largest military spender with an estimated 296 billion U.S. dollars spent, with Russia following in third. Defense budgetAccording to the U.S. Congressional Budget Office, the outlays for defense will rise to 1.1 trillion U.S. dollars by 2033. The largest parts of the budget are dedicated to the Departments of the Navy and the Air Force. The budget for the U.S. Air Force for 2024 was nearly 260 billion U.S. dollars.Global military spendingThe value of military spending globally has grown steadily in the past years and reached 2.44 trillion U.S. dollars in 2023. Reasons for this are the outbreak of the Russia-Ukraine war in 2022, the war in Gaza, as well as increasing tensions in the South China Sea. North America is by far the leading region worldwide in terms of expenditure on the military.

Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are judged to be trained and equipped for military operations; and military space activities. Such expenditures include military and civil personnel, including retirement pensions of military personnel and social services for personnel; operation and maintenance; procurement; military research and development; and military aid (in the military expenditures of the donor country).

In 2023, the ratio of military expenditure to gross domestic product (GDP) in Ukraine increased by roughly 11 percentage points, having reached the highest figure over the past two decades. The figure was estimated at 36.65 percent in the latest period observed. These figures refer to the total amount of money spent on a country's military, as a share of its gross domestic product (GDP). These figures apply to current expenditure on a country's armed forces, including peacekeeping forces and defense ministries, among others.Find more key insights for the ratio of military expenditure to gross domestic product (GDP) in countries like Moldova and Belarus.

The national defense spending in the federal budget of Russia was planned at approximately 10.8 trillion Russian rubles in 2024, which would be the highest over the observed period. To compare, in 2021, the expenditure stood at below 3.6 trillion Russian rubles.

The Second World War was fought on such a large scale that it became total war in many countries - this is where the war effort is prioritized above all else, and the entire population and economy are mobilized to support all military endeavors. Germany and Japan were committing over 70 percent of their national income to the war effort in its final years.

There were also notable fluctuations that coincided with major events for corresponding powers. These included the UK's mobilization of its defenses in 1940, after Germany took most of Western Europe; the spike in Soviet military spending after Operation Barbarossa in June, 1941; and the U.S. entry into the war following the Pearl Harbor attacks in December, 1941.

In 2023, the military spending worldwide amounted to 2.44 trillion U.S. dollars, which was the highest during the period under consideration. Comparatively, global military spending was at 1.1 trillion U.S. dollars in 2001, and at 1.7 trillion U.S. dollars in 2010, past the peak of the wars in Iraq and Afghanistan. The Russia-Ukraine War The Russia-Ukraine War has been a major driver of more recent military spending increases. From 2021 to 2022, the ratio of Ukraine’s military spending to their GDP increased substantially from 3.8 percent to 33.5 percent. By comparison, this ratio increased in Russia from 3.6 percent in 2021 to only 4 percent in 2022. As a result, large amounts of bilateral aid have gone towards Ukraine. While EU institutions have contributed the most in total, the United States has contributed the most military aid towards Ukraine. Spending by nation Globally, the United States had the largest amount of military spending by large in 2023. The United States spent nearly 916 billion U.S. dollars in 2023 towards defense, compared to 296 billion U.S. dollars and 109 billion U.S. dollars spent by China and Russia respectively. As a percentage of GDP, Ukraine spent the most globally, contributing nearly 37 percent of their GDP to defense, followed by Algeria at 8.2 percent and Saudi Arabia at 7.1 percent.

According to Cognitive Market Research, the global Body Armor Parts market size will be USD 2514.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1005.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 754.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 578.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 125.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 50.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The Level II category is the fastest growing segment of the Body Armor Parts industry

Market Dynamics of Body Armor Parts Market

Key Drivers for Body Armor Parts Market

Rising Defense Budgets in Emerging Economies to Boost Market Growth

Countries in Asia-Pacific, Latin America, the Middle East, and Africa are significantly investing in modernizing their military and law enforcement equipment, driving substantial demand for body armor components. Global military expenditure reached a record $2,240 billion in 2022, marking a 3.7% real-term increase from the previous year. Over the decade from 2013 to 2022, worldwide military spending grew by 19% and has consistently risen annually since 2015. Russia’s defense budget surged by 24% in 2023 to an estimated $109 billion, reflecting a 57% increase since 2014 when it annexed Crimea. In 2023, military spending accounted for 16% of Russia’s total government expenditure, with a military burden (spending as a percentage of GDP) of 5.9%. Ukraine ranked as the eighth-largest military spender in 2023, with a remarkable 51% rise in defense spending to $64.8 billion. This constituted a military burden of 37% and accounted for 58% of the nation’s total government expenditure. Heightened regional conflicts and growing security concerns in these regions are accelerating the adoption of advanced body armor solutions.

Growth in Civilian and Private Security Markets to Drive Market Growth

Rising crime rates and growing concerns about personal safety have driven increased demand for body armor among civilians, particularly in high-risk areas. In 2023, the FBI reported a violent crime rate of 363.8 incidents per 100,000 people. In Canada, the Crime Severity Index (CSI), which measures the volume and severity of police-reported crime, rose by 2% in 2023, marking the third consecutive year of increases and continuing an upward trend since 2015. Additionally, non-violent crimes such as fraud (+12%), shoplifting involving amounts under $5,000 (+18%), and motor vehicle theft (+5%) also saw notable increases in 2023. The expanding presence of private security firms worldwide, particularly in developing nations, offers a lucrative market for body armor components. Furthermore, growing adoption among high-net-worth individuals and executives seeking personal protection presents niche growth opportunities.

Restraint Factor for the Body Armor Parts Market

High Costs of Advanced Body Armor Will Limit Market Growth

Advanced materials such as Kevlar, Dyneema, and ceramic composites are costly, making high-performance body armor parts expensive to produce and purchase. Many smaller law enforcement agencies, security firms, and individuals may struggle to afford high-quality body armor, limiting market penetration. Defense budgets in some countries are constrained, prioritizing other military expenditures over advanced body armor acquisitions. While advanced materials aim to reduce weight, many body armor components, especially those designed for high-threat scenarios, remain bulky and uncomfortable. The lack of ergonomic designs in some armor parts may impede mobility, affecting the user’s performance and adoption in certain sectors.

Impact of Covid-19 on the Body Armor Parts Market

Lockdowns, trav...

Ukraine's military expenditure increased by 57 percent between 2022 and 2023. In 2022, when the Russian invasion of Ukraine began, Ukraine was estimated to have spent over 41 billion current U.S. dollars on defense. The country had the eighth-highest military expenditure worldwide. Furthermore, Ukraine was the country with the most significant increase in defense spending over the past decade. Key figures on the Ukrainian Army The number of active military personnel in Ukraine reached 200,000 in 2022. Active soldiers exclude reservists and paramilitary personnel. Moreover, Ukraine had the sixth most powerful military in Europe as per PowerIndex score, which considers military might, financials, as well as logistics and geography. How much of its GDP does Ukraine on defense?
Ukraine’s military spending accounted for over one third of the gross domestic product (GDP) in 2023. This share sharply increased compared to 2021, when it stood at 3.4 percent. The country’s ratio of defense expenditure to GDP has been on the rise since 2018.

As of 2025,the combined forces of NATO had approximately 3.44 million active military personnel, compared with 1.32 million active military personnel in the Russian military. The collective military capabilities of the 32 countries that make up NATO outnumber Russia in terms of aircraft, at 22,377 to 4,957, and in naval power, with 1,143 military ships, to 339. In terms of ground combat vehicles, NATO had an estimated 11,495 main battle tanks, to Russia's 5,750. The combined nuclear arsenal of the United States, United Kingdom, and France amounted to 5,559 nuclear warheads, compared with Russia's 5,580. NATO military spending In 2024, the combined military expenditure of NATO states amounted to approximately 1.47 trillion U.S. dollars, with the United States responsible for the majority of this spending, as the U.S. military budget amounted to 967.7 billion dollars that year. The current U.S. President, Donald Trump has frequently taken aim at other NATO allies for not spending as much on defense as America. NATO member states are expected to spend at least two percent of their GDP on defense, although the U.S. has recently pushed for an even higher target. As of 2024, the U.S. spent around 3.38 percent of its GDP on defense, the third-highest in the alliance, with Estonia just ahead on 3.43 percent, and Poland spending the highest share at 4.12 percent. US aid to Ukraine The pause in aid to Ukraine from the United States at the start of March 2025 marks a significant policy change from Ukraine's most powerful ally. Throughout the War in Ukraine, military aid from America has been crucial to the Ukrainian cause. In Trump's first term in office, America sent a high number of anti-tank Javelins, with this aid scaling up to more advanced equipment after Russia's full-scale invasion in 2022. The donation of around 40 HIMARs rocket-artillery system, for example, has proven to be one of Ukraine's most effective offensive weapons against Russia. Defensive systems such as advanced Patriot air defense units have also helped protect Ukraine from aerial assaults. Although European countries have also provided significant aid, it is unclear if they will be able to fill the hole left by America should the pause in aid goes on indefinitely.

European military fighting vehicle manufacturers suffer from intense competition from US manufacturers, representing a considerable proportion of imports. Nonetheless, Germany and France generate a substantial proportion of armoured vehicles under the industry's most significant manufacturer, KMW+NEXTER Defense Systems NV. Manufacturers rely on defence spending across Europe and non-NATO members to boost new order volumes. According to the European Commission, general government expenditure in the EU on defence amounted to 1.3 % of GDP in 2021. However, this figure is rising in response to the Russia-Ukraine conflict, boosting revenue prospects. Over the five years through 2024, industry revenue is forecast to drop at a compound annual rate of 4.7% to €5.4 billion. The COVID-19 outbreak caused revenue to plunge as factories temporarily closed amid lockdown measures, resulting in sub-optimal production levels throughout 2020. Industry revenue failed to fully rebound over 2021 and 2022, mainly because of supply-chain disruption, inflating input prices and restricting output volumes. The Russia-Ukraine conflict also invited a flood of armoured vehicle imports from the US, limiting European manufacturers' potential to capitalise on greater demand. In 2024, industry revenue is forecast to drop by 3.2%, thanks to intense competition from US manufacturers.
Over the five years through 2029, industry revenue is expected to expand at a compound annual rate of 3% to reach €6.2 billion. Increased geopolitical tension, namely the Russia-Ukraine and Israeli conflicts, will boost government spending on defence and armoured military vehicles. In February 2023, the UK government outlined plans to spend £242 billion on defence equipment procurement over the next 10 years, including £17.4 billion on land equipment. A progressive and strategic expansion in the European defence budget and the launch of infantry support projects will boost demand for military vehicles and fuel innovation.

European military fighting vehicle manufacturers suffer from intense competition from US manufacturers, representing a considerable proportion of imports. Nonetheless, Germany and France generate a substantial proportion of armoured vehicles under the industry's most significant manufacturer, KMW+NEXTER Defense Systems NV. Manufacturers rely on defence spending across Europe and non-NATO members to boost new order volumes. According to the European Commission, general government expenditure in the EU on defence amounted to 1.3 % of GDP in 2021. However, this figure is rising in response to the Russia-Ukraine conflict, boosting revenue prospects. Over the five years through 2024, industry revenue is forecast to drop at a compound annual rate of 4.7% to €5.4 billion. The COVID-19 outbreak caused revenue to plunge as factories temporarily closed amid lockdown measures, resulting in sub-optimal production levels throughout 2020. Industry revenue failed to fully rebound over 2021 and 2022, mainly because of supply-chain disruption, inflating input prices and restricting output volumes. The Russia-Ukraine conflict also invited a flood of armoured vehicle imports from the US, limiting European manufacturers' potential to capitalise on greater demand. In 2024, industry revenue is forecast to drop by 3.2%, thanks to intense competition from US manufacturers.
Over the five years through 2029, industry revenue is expected to expand at a compound annual rate of 3% to reach €6.2 billion. Increased geopolitical tension, namely the Russia-Ukraine and Israeli conflicts, will boost government spending on defence and armoured military vehicles. In February 2023, the UK government outlined plans to spend £242 billion on defence equipment procurement over the next 10 years, including £17.4 billion on land equipment. A progressive and strategic expansion in the European defence budget and the launch of infantry support projects will boost demand for military vehicles and fuel innovation.

The United States is, by far, the country that has the highest military spending of NATO countries, accounting for over 967.7 billion U.S. dollars of the combined NATO military defence spending of 1.47 trillion dollars. By contrast, the other 31 member states of NATO combined spent approximately 506.7 billion dollars on defence, highlighting the key position the U.S. holds in the alliance. The NATO alliance was formed in aftermath of World War Two, with the aim of deterring Soviet Expansion into Western Europe. NATO at 75 In 2024, having lasted for 75 years, NATO is arguably the world's most successful military alliance. Since its founding in 1949, the alliance has expanded from 12 countries to 32, with the two most recent additions (Finland and Sweden) a direct consequence of Russia's invasion of Ukraine. Although to some extent, the invasion has given NATO a clear sense of purpose, it has also exposed divisions within the alliance. The most serious of these as far as NATO is concerned is the potential re-election of Donald Trump as U.S. President. A frequent critic of NATO, particularly to member states who spend a lower share of their GDP on defence, Trump's actions if re-elected will be crucial in determining the future of the alliance. NATO after the Cold War After the fall of the Soviet Union in the early 1990s, the concentration of NATO’s military resources were focused elsewhere. Interventions in Bosnia and Kosovo, followed by the War in Afghanistan, saw a large rise in the defense spending of some NATO countries. In particular, defense spending by the United States rose dramatically between 2001 and 2011, rising from 312 billion U.S. dollars to 711 billion U.S. dollars. While the mid-2010s saw a noticeable decline in defence spending as a share of GDP, among member states, this trend was revered following Russia's invasion of Ukraine in 2022.

European military fighting vehicle manufacturers suffer from intense competition from US manufacturers, representing a considerable proportion of imports. Nonetheless, Germany and France generate a substantial proportion of armoured vehicles under the industry's most significant manufacturer, KMW+NEXTER Defense Systems NV. Manufacturers rely on defence spending across Europe and non-NATO members to boost new order volumes. According to the European Commission, general government expenditure in the EU on defence amounted to 1.3 % of GDP in 2021. However, this figure is rising in response to the Russia-Ukraine conflict, boosting revenue prospects. Over the five years through 2024, industry revenue is forecast to drop at a compound annual rate of 4.7% to €5.4 billion. The COVID-19 outbreak caused revenue to plunge as factories temporarily closed amid lockdown measures, resulting in sub-optimal production levels throughout 2020. Industry revenue failed to fully rebound over 2021 and 2022, mainly because of supply-chain disruption, inflating input prices and restricting output volumes. The Russia-Ukraine conflict also invited a flood of armoured vehicle imports from the US, limiting European manufacturers' potential to capitalise on greater demand. In 2024, industry revenue is forecast to drop by 3.2%, thanks to intense competition from US manufacturers.
Over the five years through 2029, industry revenue is expected to expand at a compound annual rate of 3% to reach €6.2 billion. Increased geopolitical tension, namely the Russia-Ukraine and Israeli conflicts, will boost government spending on defence and armoured military vehicles. In February 2023, the UK government outlined plans to spend £242 billion on defence equipment procurement over the next 10 years, including £17.4 billion on land equipment. A progressive and strategic expansion in the European defence budget and the launch of infantry support projects will boost demand for military vehicles and fuel innovation.

The majority of demand for weapons and ammunition manufactured by European companies comes from the European defence sector and allied militaries like the US. Domestic and international defence budgets are the primary driver of revenue, typically increasing during geopolitical tension and conflict. Yet, the industry faces intense global competition from US manufacturers, which produce the lion's share of ammunition and weapons globally. Imports increased strongly over the past few years, totalling €4.6 billion in 2024, as the Russia-Ukraine conflict encouraged a flood of US weapon and ammunition imports to assist Ukraine with the war effort. Over the five years through 2024, industry revenue is expected to fall at a compound annual rate of 3.6% to €23.6 billion. Industry revenue has fallen despite rising geopolitical tensions and conflict in Europe, dragging European defence spending to historical highs. Soaring inflation over 2022 lowered European manufacturers' competitive advantage relative to the US and weighed on revenue growth. The war supported a 2.3% hike in revenue over 2023, with European governments sealing deals with weapon manufacturers to safeguard the defence sector. Over the five years through 2029, industry revenue is expected to soar at a compound annual rate of 5.3% to reach €30.5 billion. The Russia-Ukraine conflict has led to more government spending pledges, sustaining orders for defence contractors, with the UK government planning to spend £242 billion (€289.9 billion) on defence equipment procurement over the next 10 years (starting February 2023). Supported by the European Defence Fund, many European governments and NATO countries have committed to spending over 2% of annual GDP on defence, boosting innovation within the industry and fuelling revenue growth. The profit is 16.6% for 2024.

As of 2022, the European Union member states spent almost 240 billion Euros collectively on military defense. This includes money spent on procuring weapons, paying salaries, and other operational costs, as well as research & development expenditure. The total amount spent on defense declined significantly following the global financial crisis, as European countries cut back on public expenditure, reaching a low point of 138 billion Euros in 2012. Since 2014, when Russia reemerged as a geopolitical threat to EU countries, due to its illegal annexation of Crimea from Ukraine and its covert military operations in the east of that country, military expenditure has increased sharply, rising particularly in Poland and Germany. Despite this, Germany still lags far behind the spending target set for it by NATO and the European Defence Agency of two percent of GDP.

Military spending in Germany has increased in recent years. In 2022, it amounted to almost 67 billion U.S. dollars. Military spending is regulated by a military budget, otherwise referred to as a defense budget. German army Germany is known for having had comparatively low military expenditure lately. Based on definitions provided by NATO, military or defense spending is supported not only by the military budget, but also by the Foreign Office for peacemaking and peacekeeping measures. Germany has a Ministry of Defence (Bundesministerium der Verteidigung). The current Minister of Defence is Boris Pistorius. His duties include not only being the commander in chief of the German armed forces (Bundeswehr) in times of peace, but also heading the German army administration and overseeing civilian staff in the military. International operations The largest number of German soldiers participating in international operations were stationed in Syria, Kosovo, and Lebanon. When Russia invaded Ukraine, Germany provided a lot of military support for soldiers. Recently, there has been a lot of debate about whether Germany needs to increase the amount of funding they put into the military. However, there is no simple answer and there are many different opinions in the government about what should be done.

Estonia donated the most significant percentage of its 2021 gross domestic product (GDP) to help Ukraine over the period between January 24, 2022, and December 31, 2024. Estonia contributed 2.2 percent of its GDP in bilateral aid, followed by Denmark with 2.17 percent of GDP. Besides the Nordic and Baltic countries, Poland donated the largest share of GDP. Western countries sent aid to Ukraine in view of the Russian invasion that began in February 2022. Who donated the most to Ukraine? In absolute terms, the largest bilateral aid allocations to Ukraine were made by the United States, at over 114 billion euros as of December 31, 2024. European Union (EU) institutions, such as the European Commission and the European Council, allocated the second-largest amount of assistance, at almost 49 billion euros. The United Kingdom (UK) was the fourth-leading source of bilateral aid. EU aid to Ukraine The EU has supported Ukraine with over 17 billion euros in financial assistance since 2014 as of January 2022. Of them, the largest share of aid has been provided as additional loans from the European Investment Bank (EIB) and the European Bank of Reconstruction and Development (EBRD). Among EU members, Germany allocated the largest amount of bilateral aid to Ukraine from January 24, 2022, at around 15 billion euros, while Denmark allocated the largest share of GDP.