Survival Tools Market Expected to Reach $2.4 billion by 2027-Allied Market Research

According to a new report published by Allied Market Research, titled, “Survival Tools Market by Product Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global survival tools market size was valued at $1,279.6 million in 2020, and is projected to reach $2,481.6 million by 2030, registering a CAGR of 7.1% from 2021 to 2030.  Survival tools are one of the most integral parts of recreational activities such as hiking, caving, rock climbing mountaineering and others. The survival tools are used as safety products while performing recreational activities. These includes survival knives, flashlight, first aid kit and others. In addition, the expansion of distribution channels such as online stores, specialty stores, supermarkets, hypermarkets, and B2B channels, has made these survival tools easily accessible to the customers, which in turn has increases the survival tools market demand. Additionally, the IOT embedded survival tools are the ongoing survival tools market trends.

The sports & recreational activities sector was severely affected during the outbreak of the COVID-19 pandemic. This is attributable to the facts that government of all the countries imposed strict lockdown in their countries, consumers were restricting themselves to go out from their home in order to maintain social distancing. Thus, the aforementioned facts hampered the growth of the market during pandemic.

By product type, the others segment is anticipated to grow at the highest CAGR during the forecast period. With owing to increase in demand for outdoor recreational activities due to rising population and trend of outing and outdoor recreation, the demand for survival tools including whistles, ropes, GPS and others is consistently rising.

Moreover, by application, the camping segment in the survival tools market is anticipated to grow at the highest CAGR of 4.07% in terms of value sales during the forecast period. This is attributable to the rising trend of camping among the consumers, especially among millennial, which in turn is fueling the survival tools market growth.

Furthermore, by distribution channel, online store is anticipated to be the fastest growing segment in terms of value sales during the forecast period. This is because online platforms or e-commerce are becoming a popular medium for the purchase survival tools among the customers. This is due to easy availability of survival tools and the benefits provided by it such as the information about the product functional attribute, time-saving feature, and the facility of home delivery to the customers.

The global survival tools market is analyzed on the basis of product type, application, distribution channel, and region. By product type, it is classified into pocket tools, first aid kit, compass and others. By application, it is divided into hiking, hunting & fishing, camping and others. Based on distribution channel, the market is segregated into specialty store, online store, supermarket/hypermarket and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN and rest of Asia-Pacific), and LAMEA ( Brazil, Saudi Arabia, South Africa, Turkey and rest of LAMEA).

Key findings of the study

• By product type, the pocket tools segment accounted for the highest survival tools market share in 2020, growing at a CAGR of 6.2% from 2021 to 2030.
• By application, the hiking segment accounted for the highest market share in 2019, growing at a CAGR of 6.0% from 2021 to 2030.
• By distribution channel, the specialty store segment accounted for the highest market share in 2020, growing at a CAGR of 5.9% from 2021to 2030.
• By region, North America occupied the maximum share in the survival tools market in 2020 and is expected to dominate the market during the forecast period.

The key players operating in the global survival tools industry include Coleman Company, Inc., Exxel Outdoors, LLC, Fenix Outdoors International AG, Fiskars Group, Johnson & Johnson, Leatherman Tool Group, Inc., SOG Specialty Knives & Tools, Surefire, LLC and UST Brands.