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
The global life jacket market 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 2022 to 2031.
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. Based on material it divided into nylon, polyester and others. According to end use, the life jacket market is fragmented into water sports, boating, military and safety operation and others.
Region-wise, the market is analysed 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).
Water sports activities has been lucrative among Generation X and millennials. Individuals among this age group are interested in water sports activities such as sailing, swimming, wind surfing, jet skiing, wake boarding, water skiing, and scuba diving. In addition, considering this fact, there is increase in number of water sports to attract tourists, which is likely to propel the life jacket market. Moreover, presence of trained and skilled personnel in such activities to guide individuals increase the number of participations that directly affect the demand of life jacket. Moreover, Usage of various technology in numerous life jackets s e.g., GPS device attached in a life jacket to track the person is one driving factor in life jacket market. Technological features in life jacket gains the attention of tourists and create the demand in life jacket market. Furthermore, to offer numerous water sports activities, various water parks are being setting up in exotic places across the globe. Hence the growth in water sports activities increases the requirement of life jacket.
Life jacket is a crucial thing in various while doing activities such as water sports, rescue operation, and adventurous water rides for safety purpose. Government in most of the countries have issued mandatory rules and regulations for using life jackets. For instance, in U.S. there is a requirement for children to wear life jacket in nearly all state such as California, Texas, Alaska, Montana, Ohio as well as Arizona which would be approved by U.S. Coast Guard.
Moreover, in Ireland, it is compulsory for a person to wear life jacket on an open recreational craft (other than personal watercraft), which is less than 7 meters (22.9 ft) in length while on board as well as on the deck of a decked craft. In Australia, from January 2021 onwards all Australian lifejackets on recreational boats will required to be approved by Australian Standard and it is a mandatory regulation to wear life jackets in almost every state and in state of Tasmania if the boats are less than 6 meters (19.7 ft) in length, a boater needs to wear life jacket for safety. Furthermore, if a child is below age 12, they need to wear life jacket in a motor-propelled boat tender of any length while under power or recreational motor. Compulsory rules and regulations for life jacket usage by several governments across the globe drive the life jacket market.
Most of the life jackets are made from nylon and polyester. In addition, polyester is affordable and easier material to produce life jacket as it can is available in large amount at low cost. Manufacturers tend to find such material ideal choice for manufacturing various apparels, specifically safety apparel, to capture consumers across all region. However, polyester is harmful for environment. Various factors such as polyester cannot be recycled, it is not biodegradable as it creates toxic microfibers in the manufacturing process that affects the environment in the negative way. In addition, wearing polyester material for too long create itchiness in the body as well as become uncomfortable to wear. Hence, manufacturers have a lot of opportunity to create life jacket from eco-friendly material. Moreover, such materials not only provide comfort to the consumers however boost the growth of life jacket market.
Developing countries such as India, Bangladesh, Thailand, China, Brazil, Ghana, Indonesia, Iran, Iraq, Peru, and Vietnam have low expenditure capacity as compared to developed countries. For instance, average cost of living expenses of India is 64.88% lower than cost of living in U.S. In addition, cost of life jacket for developing countries tends to be higher. Majority of population is likely to choose essential products over such apparels and these factors hamper the growth of life jacket market. Another considerable factor is unavailability of life jacket in remote area contribute toward the high cost of life jacket. In countries such as Uganda, where at some places, life jackets are not available, people have to travel around 300-400 km to purchase such products. Hence, traveling expenses make the life jacket cost little expensive in such areas. Furthermore, unavailability in certain places increases life jackets price is one of the factor’s restraint the demand in the life jacket market.
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 COVID-19 pandemic resulted in the closure of manufacturing industries that were dealing in non-essential items such as life jacket industries. Only essential items such as medicines, food, and hospitalization, and all other essential products and services were allowed to operate during the lockdown period. Therefore, the closure of all the major life jacket industry resulted in the decline of sales of all types of life jackets. Moreover, the government imposed strict lockdown measures in order to contain the spread of the virus. Further, travelling restrictions were imposed that adversely affected the supply chain functions in the global life jacket industry. Therefore, the lack of the raw materials owing to supply chain disruptions, hampered the market.
The major players operating 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 current trends, estimations, and dynamics of the global luxury footwear market from 2021 to 2031 to identify the prevailing market opportunities.
Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
The report includes analyses of the regional as well as global market, key players, market segments, application areas, and 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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