The global life jacket market is set to enjoy a valuation of US$ 2,546.4 Million in 2022 and further expand at a CAGR of 4.5% to reach US$ 3,938.1 Million by the end of 2032. The market is assured to expand due to growing consumer expenditure on sport goods and services.
The global life jacket market is set to enjoy a valuation of US$ 2,546.4 Million in 2022 and further expand at a CAGR of 4.5% to reach US$ 3,938.1 Million by the end of 2032. The market is assured to expand due to growing consumer expenditure on sport goods and services.
Mental health concerns growing among the population have increased the number of participation in water sports with an objective to de-stress and break away from the regular mundane activities. This rising engagement of population in water sport activities will significantly increase the demand for life saving appliances such as life jackets. In addition, immense growth in adventure tourism helps to drive the seasonal demand for the target product. Use of quality raw materials by the market players to manufacture wide range of life jacket vests is also notably driving the market revenue for life jackets.
Assessment approach to manage unpredictable boating risks will create chances for increasing the sales of life jackets across the globe. Growing awareness among the population with regards to the efficacy of lifejackets in preventing drowning will help to maintain the growth trajectory of overall sales of life jackets.
According to Fact.MR, establishing comprehensive standards in the manufacturing processes to meet the shifting customer preferences for premium quality products will help the market players to maintain a prominent position in the global life jacket market.
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Key Takeaways from the Market Study:
The global life jacket market is projected to expand to an impressive value of US$ 3,938.1 Million by 2032.
The market witnessed 4.4% CAGR for the period of 2017-2021.
Under the material type segment, foam based life jacket dominates the market and is expected to value at US$ 1,019.6 Million in 2022.
Europe will dominate the market with 30.5% market share by the end of 2022.
Based on region, demand for life jacket is expected to increase at CAGRs of 4.4% and 4.2% respectively, in North America and Latin America.
“Improved Commercial Fishing Safety to Significantly Impact the Global Sales of Life Jacket”, Says a Fact.MR Analyst
Market Development
The current scale of life saving appliances industry is on the rise despite challenging state of the economy, owing to the presence of leading manufacturers. Market players like Jarden Corp, Mustang Survival Corp., Johnson Outdoors Inc., Survitec Group Limited, Hansen Protection AS, Kent Sporting Goods Company Inc. and Viking Life-Saving Equipment A/S are competing with each other to improve their customer retention rate thereby exhibiting a market expansion.
High investments in R&D will promote greater profit margins to the company’s manufacturing life jackets. In addition, incorporating cost management strategies, proliferation and expansion of product line to stay ahead in the market with respect to the growing market trends will increase the sales of life jackets thereby achieving market expansion in global life jacket market.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global life jacket market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (7lbs Inherent Life Jackets, 7lbs-15.5lbs Inherent Life Jackets, 15.5lbs-22lbs Inherent Life Jackets, 22lbs Inherent Life Jackets, 22.5lbs-34lbs Inflatable Life Jackets, 34lbs Inflatable Life Jackets), End-user (Watersports, Day Sailing, Fishing, Offshore Sail, Offshore Power, Paddlesports, Commercial Vessels), material type (Foam, Nylon, Plastic), distribution channel (Hypermarket/Supermarket, Departmental Stores, Online Retail, Sport Stores, Others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
Key Companies Profiled:
Jarden Corp; Stormy Lifejackets Pty Ltd.; Mustang Survival Corp.; Johnson Outdoors Inc.; Kent Sporting Goods Company Inc.; Hansen Protection AS; Safety and Survival Systems International Ltd.; Viking Life-Saving Equipment A/S; Survitec Group Limited
Industry News:
In Aug 2021, Viking Life-Saving Equipment A/S announced the launch of offshore crew protection gears with the VIKING YOUSAFE™ VANGUARD LIFEJACKET.
In Dec 2021, Mustang Survival Corp acquired Government & Commercial Marine business of Stearns to expand their product offering of life jackets, personal floatation devices and various other life-saving appliances.
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