According to a new report published by Allied Market Research, titled, “Life Jacket Market," The life jacket market was valued at $1.0 billion in 2021, and is estimated to reach $1.8 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
A life jacket generally is used to prevent from drowning and in some countries, it is mandatory to wear while going for adventures adventurous water sports activities. In addition, it is widely used in Europe and North America region followed by Asia-Pacific region. Some of the examples of life jacket are kayak, stand up paddle, and dinghy buoyancy vest orange, yellow and & orange nylon inflatable life vest for sea patrolling, Austin inflatable life jacket, and red sports life jacket.
The growing growth in disposable income also encourages the use of life jacket. This, in turn, is expected to have a significant impact on the growth of the life jacket market during the forecast period. Several manufacturers are entering the life jacket industry to offer numerous products considering consumers preference. In addition, life jacket market opportunity includes eco-friendly life jackets would reduce the environmental degradation caused by non-biodegradable material. Moreover, customized life jackets might grab more consumers because such life jackets are produced considering consumer preferences which likely to boost the demand in life jacket market.
The life jacket market segmentation is done on the basis of type, material, end use, and region. On the basis of type, the life jacket market is categorized into non-inflatable, inflatable, and hybrid. By material, the market is divided into nylon, polyester, and others. On the basis of end use, the life jacket market is segmented into water sports, boating, military and & safety operation, and others. Region wise, the life jacket market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the non-inflatable life jacket segment was valued at $ 764.1 million in 2021 and is expected to reach $1408.0 million by 2031 at a CAGR of 6.3%. This is majorly attributed to the low costs and variety among these life jackets, which is helping in to boosting the life jacket market demand. Another factor such as simple procedure is require for using it that is propelling the growth of the market.
On the basis of material, the nylon life jacket is expected to grow at a CAGR of 6.4% during the forecast period. Nylon also shares largest revenue in this segment due to various feature including strength, and durability that facilitate the manufacturing process in life jacket market.
On the basis of end use, the water sports segment was valued at $395.2 million in 2021 and is expected to reach $ 746.9 million by 2031 at a CAGR of 6.6%. Generation Y and millennial age group tends to get inclined towards various water activities, which contribute towards the growth of the life jacket market. Also, revenge tourism is one of the factors that contribute towards the growth expansion in of the market.
Europe dominated the global life jacket market and is projected to continue this trend during the forecast period. This is majorly attributed to rapid development towards water adventure tourism that directly create the demand of life jackets. However, Asia-Pacific is predicted to have the most promising growth rate, owing to the development as well as lucrative offering in the tourism industry.
During the COVID-19 pandemic, supply chain disruption was a major issue for manufacturers, as countries closed their borders or raised trade barriers. As a result, manufacturers and exporters faced fierce competition to sell their products abroad. Moreover, as a result of subsequent lockdowns and retail store closures, on-premise sales at supermarkets and convenience stores have decreased, as people have practiced social distancing and avoided gatherings and & outings. Sales via online retail channels, on the other hand, significantly aided market penetration. All these factors had negative impact on life jacket market.
The life jacket for various applications is supporting the growth of the life jacket market. Due Owing to the numerous waterparks, the Europe market is having growing grown rapidly, providing unique product features and bringing benefits to manufacturers. The increase surge in number of online stores, and bulk retailers around the world will is anticipated to provide life jacket suppliers with a platform to reach customers.
Key market strategies implemented by market players include product launches and geographic expansion provides better insight for life jacket market analysis. Product innovation is being prioritized by prominent market players in order to provide consumers with more innovative products. The key players in the global Life jacket market include 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.
Key findings of the study
- The global life jacket market size was valued at $1,015.0 million in 2021, and is projected to reach $1,843.6 million by 2031, registering a CAGR of 6.1% from 2021 to 2031.
- By type, the non-inflatable segment was the highest contributor to the life jacket market share, with $764.1 million in 2021, and is estimated to reach $1,408.0 million by 2031, at a CAGR of 6.3 % during the life jacket market forecast period.
- By material, the nylon segment was the highest contributor to the market, with $537.6 million in 2021, and is estimated to reach $999.4 million by 2031, at a CAGR of 6.4% during the forecast period.
- By end use, the water sports segment was the highest contributor to the market, with $395.2 million in 2021, and is estimated to reach $746.9 million by 2031, at a CAGR of 6.6% during the forecast period.
- By region, Europe was the highest revenue contributor, accounting for $342.1 million in 2021, and is estimated to reach $636.0 million by 2031, with a CAGR of 6.4%.