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.
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.
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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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LIFE JACKET MARKET, BY TYPE
CHAPTER 5: LIFE JACKET MARKET, BY MATERIAL
CHAPTER 6: LIFE JACKET MARKET, BY END USE
CHAPTER 7: LIFE JACKET MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, 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%.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 244 |
| Published | June 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 1015 million |
| Forecasted Market Value ( USD | $ 1843.6 million |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
