Life Jacket Market Research, 2031
The global life jacket market was valued at $1.0 billion in 2021, and is projected to reach $1.8 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
The life jacket market is segmented into Material, End use and Type.
Life jacket is a life preserver as it prevents individual from drowning when exposed to water. It is made from material such as nylon, polyester, and neoprene that aid in buoyancy. In addition, it is generally used in water sports, military & safety operation as well as in emergency incidents such as flood.
In recent years, generation y as well as millennial age group tends to be a significant consumer of life jacket due to participation in various water sports and water activities. A life jacket is widely preferred considering factors such as material, durability, and comfort.
Drowning risk in aquatic activities is one of the driving factors in the life jacket market growth. Moreover, individuals are fascinated toward various adventure water sports so the risk of their drowning rate is pretty high. To prevent drowning, life jacket is mandatory to wear while going for such activities. Government rules and regulation for life jacket boost the demand for life jacket. However, high cost of life jacket hampers the growth of the market.
The life jacket market is segmented on the basis of type, material, end use, and region. On the basis of type, the market is categorized into non-inflatable, inflatable, and hybrid. By material, it is divided into nylon, polyester, and others. According to end use, the life jacket market is fragmented into water sports, boating, military & safety operation, and others.
Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Thailand and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, UAE, Argentina, and the rest of LAMEA).
By type, the non-inflatable segment was the contributer in highest life jacket market share in 2021 with a CAGR of 6.3%. Non- inflatable does not require any procedure to operate it, which attributes toward the largest share. Moreover, non-inflatable life jackets have wide application in various areas such as construction site, fire safety as well as airplanes. Owing to its reasonable price, it has high demand and it is expected to register huge growth rate during the life jacket market forecast period.
By material, the nylon networks segment was the highest revenue contributor in 2021 i.e., $ 537.6 million in 2021 and is expected to reach $999.4 million by 2031 at a CAGR of 6.4%. This is due to its features such as elasticity and durability. Such features not only contribute in its demand however provide comfort to the consumer as well. Nylon is a widely preferred material in life jacket market and it facilitates the noticeable growth in this material.
By end use, water sports held the largest market share i.e., $395.2 million in 2021 and is expected to reach $ 746.9 million by 2031 at a CAGR of 6.6% owing to rise in water sports activities. Post COVID-19 period, this sub segment has seen drastic growth for short period of time due to revenge tourism.
Europe holds the largest share in the market due to huge number of water parks in Germany and others countries including France and UK. Moreover, the enormous scope for travel industry contributes toward growth of the life jacket in this region. In addition, development of micro-firms and small- & medium-sized enterprises in the life jacket industry has a positive impact on demand.
As a result competitive strategies used by key players, the demand of life jacket mrket and life jacket market size is expected to increased significantly in Europe region. Demand from countries such as France, UK, and Germany helps to propel regional growth. The overall growth is predicted to be aided by growth in population and rise in living standards.
The market is being driven by factors such as rapid growth in the tourism industry in developing countries and increase in disposable income. The major players that operate in the global life jacket market are Dongguan Bestway Sports Goods Co., Ltd., Ganesh Manufacturing, Grand Ocean Marine Co., Ltd., Jiangsu Baizhou Safety Technology Co., Ltd., Kent Safety Products, Majestic Marine & Engineering Services, Onyx Outdoor, SeaSafe Systems Ltd, SHM, Stormy Lifejackets Pty Ltd. The market players have implemented strategies such as business expansion and product launch to increase the demand and sale of the life jacket in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the life jacket market analysis from 2021 to 2031 to identify the prevailing life jacket market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the segmentation assists to determine the prevailing life jacket market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global life jacket market trends, key players, market segments, application areas, and market growth strategies.
Life Jacket Market Report Highlights
| Aspects | Details |
 By Material |
|
 By End use |
|
 By Type |
|
 By Region |
|
 Key Market Players | Grand Ocean Marine Co.,Ltd., Ganesh Manufacturing, SHM, SeaSafe Systems Ltd, Dongguan Bestway Sports Goods Co., Ltd., Majestic Marine & Engineering Services, Onyx Outdoor, Stormy Lifejackets Pty Ltd., Kent Safety Products, Jiangsu Baizhou Safety Technology Co., Ltd. |
Analyst Review
According to the insights of CXOs of leading companies, life jacket are essential safety jackets that may be worn in any activities as well as safety operations. There are several different varieties of life jacket on the market, which are classified primarily by their fastening and the type of material such as nylon, synthetic and other niche material including polyethene, PVC and neoprene. The product launches and customer-friendly developments in this sector, as well as safety, durability, are driving the global life jacket market. The market has grown as disposable income has increased and generation Z, millennial, generation X have been more interested in adventures activities. In addition, the need for convenient and comfortable jackets has fueled the market growth.
Some of the most well-known manufacturers are found in North America, Europe, and Asia-Pacific. As a result, the life jacket market is predicted to grow in these regions. Because of the rising demand for adventures sports, the global life jacket market is one of the most promising divisions of the adventure tourism industry. With Asia-Pacific rising as the fastest-growing area, particularly China, which is a significant exporter of jacket to Europe and North America, Europe is predicted to grow with the largest market share in the life jacket market.
The forecast period in the market report is 2022-2031.
Dongguan Bestway Sports Goods Co., Ltd., Ganesh Manufacturing, Grand Ocean Marine Co., Ltd., Jiangsu Baizhou Safety Technology Co., Ltd., Kent Safety Products, Majestic Marine & Engineering Services, Onyx Outdoor, SeaSafe Systems Ltd, SHM, Stormy Lifejackets Pty Ltd.
The CAGR of life jacket market is 6.1%.
The estimated industry size of life jacket is $1077.9 million
The outbreak of the COVID-19 disease had adversely negatively affected the global life jacket industry, and subsequently the tourism and safety apparel industry.
The leading application of life jacket market is in boating, water activities, military and safety operation.
Europe is the largest regional market for life jacket.
The upcoming trends of life jackets markets are drowing risk in aquatic activities and increase in no of water sports activities.
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