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2022
Life Jacket Market

Life Jacket Market by Type (Non-Inflatable, Inflatable, Hybrid), by Material (Nylon, Polyester, Others), by End use (Water Sports, Boating, Military and Safety Operation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

A10168
Pages: 244
Jun 2022 | 2240 Views
Author(s) : Shikha Verma , Roshan Deshmukh
Tables: 157
Charts: 64
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COVID-19

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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 outbreak of COVID-19 had a huge impact on all of the businesses. It also had negative impact on the life jacket market. The supply chain disruption was a major challenge faced by life jacket market. The shutdown of production units hampered the supply of life jacket in the market. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.

Life Jacket Market, Life Jacket Industry, Life Jacket Market Size, Life Jacket Market Share, Life Jacket Market Trends

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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).

Life Jacket Market
By Type

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Non-Inflatable segment hold the largest share in the market

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.

Life Jacket Market
By Material

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Nylon segment holds the largest share in the market

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.

Life Jacket Market
By End use

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Water Sports segment is expected to register highest CAGR

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.

Life Jacket Market
By Region

2031
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific is expected to registered at highest growth rate

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.

 

Key Market Segments

  • By Material
    • Nylon
    • Polyester
    • Others
  • By End use
    • Water Sports
    • Boating
    • Military and Safety Operation
    • Others
  • By Type
    • Non-Inflatable
    • Inflatable
    • Hybrid
  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Spain
      • Netherlands
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Australia
      • Rest of Asia-Pacific
    • LAMEA
      • Brazil
      • South Africa,
      • UAE
      • Argentina
      • Rest of LAMEA


Key Market Players

  • Stormy Lifejackets Pty Ltd.
  • 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
 

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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.

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FREQUENTLY ASKED QUESTIONS?

A. The forecast period in the market report is 2022-2031.

A. 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.

A. The CAGR of life jacket market is 6.1%.

A. The estimated industry size of life jacket is $1077.9 million

A. The outbreak of the COVID-19 disease had adversely negatively affected the global life jacket industry, and subsequently the tourism and safety apparel industry.

A. The leading application of life jacket market is in boating, water activities, military and safety operation.

A. Europe is the largest regional market for life jacket.

A. 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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