Marine Life Raft Market Report 2024

The marine life raft market size has grown strongly in recent years. It will grow from $0.99 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historic period can be attributed to several factors, including the implementation of stricter maritime safety regulations, the expansion of global commercial shipping activities, increased awareness of maritime safety among vessel operators, rising incidents of marine accidents and emergencies, and the development of standardized testing protocols.

The marine life raft market size is expected to see strong growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of the global leisure boating industry, advancements in rescue and communication technologies, the adoption of eco-friendly and sustainable materials for life rafts, increasing demand for lightweight and compact life raft solutions, and ongoing investments in offshore energy exploration and production activities. Major trends expected during this period include the integration of GPS tracking systems, automatic inflation mechanisms for rapid deployment, the use of lightweight materials to enhance safety and portability, innovative designs for improved functionality, and a growing emphasis on eco-friendly materials to reduce environmental impact.

The rise in popularity of water sports is anticipated to drive growth in the marine life raft market moving forward. Water sports encompass a variety of recreational activities conducted on or in water bodies, including swimming, surfing, kayaking, and sailing. This surge in popularity is fueled by increasing interest in outdoor recreation, the health benefits associated with such activities, and the sense of adventure they provide. Marine life rafts play a crucial role in ensuring participant safety during water sports, serving as essential emergency equipment in case of accidents or unforeseen incidents on the water. For instance, the Royal Yachting Association reported a significant increase in boating activity, with approximately 11.8 million individuals participating in boating activities in 2021, nearly double the participation rate compared to 2020. This trend underscores the growing demand driving the marine life raft market.

Leading companies in the marine life raft market are focusing on innovating their products to enhance safety features and functionality, meeting the evolving needs of customers in maritime safety. One notable innovation is the cruiser life raft, specifically designed as an emergency evacuation device for recreational vessels. These rafts are equipped with essential safety features and designed for rapid deployment during maritime emergencies. For example, Seago, a UK-based supplier of marine safety and water sports equipment, introduced the Cruiser Plus life raft in April 2023. Compliant with the latest ISO 2022 standard, ISO 9650-1 Type 2, this updated version of the Sea Cruiser life raft is tailored for the leisure marine market. It includes a redesigned boarding ramp for easier access and is available in sizes ranging from 4 to 10 people, offered in both valise and slimline canister options with a polished finish, enhancing both functionality and aesthetic appeal.

In April 2024, LALIZAS, a Greece-based manufacturer of marine equipment, acquired Revere Survival Inc., a US-based provider of safety and survival equipment, including marine life rafts. This strategic acquisition enables LALIZAS to leverage Revere Survival's extensive product portfolio, robust distribution network, and specialized technical expertise. By combining strengths, both companies are poised to better meet the increasing demand for high-quality life rafts and survival equipment in the maritime sector.

Major companies operating in the marine life raft market are Viking Life-Saving Equipment A/S, Survitec Group Limited, Fujikura Composites Inc., Brastech Inc., Solas Marine Services Pvt Ltd, LALIZAS HELLAS SA, SHM Shipcare, Crewsaver, Arimar S.p.A., Datrex Inc., ShipServ Ltd, Switlik Survival Products LLC, Ocean Safety Ltd, Wing Inflatables Inc., Plastimo SAS, MIZUNO MARINE Co. Ltd., Vanguarde Ltd., Liferaft Systems Australia, Ovatek Inc., Life Raft and Survival Equipment Inc., Hellas Marine Services S.A., Safety Marine Australia Pty Ltd, Sea Safe Systems Pty Ltd, Inflatables International Inc., Jiangsu Huayan.

Asia-Pacific was the largest region in the marine life raft market in 2023. The regions covered in the marine life raft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the marine life raft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A marine life raft is an emergency inflatable raft designed for use in maritime emergencies, typically stored on ships or offshore platforms and deployed when abandoning the vessel becomes necessary due to fire, sinking, or other critical situations. These rafts are equipped with essential survival items such as food, water, signaling devices, and sometimes a canopy for protection against the elements. They play a crucial role in ensuring the safety and survival of crew members during maritime disasters.

The primary types of marine life rafts include rigid and inflatable variants. Rigid marine life rafts are solid, non-inflatable structures typically made from materials such as fiberglass or plastic. They provide immediate buoyancy and protection in emergencies without needing inflation or setup. These rafts are categorized by capacity, including sizes suitable for less than 5 people, 5 to 10 people, 10 to 18 people, and more than 18 people, used across various applications such as fishing boats, cruise ships, and others. End-users include both leisure and commercial sectors, ensuring preparedness for emergency situations at sea.

The marine life raft market research report is one of a series of new reports that provides marine life raft market statistics, including marine life raft industry global market size, regional shares, competitors with an marine life raft market share, detailed marine life raft market segments, market trends and opportunities, and any further data you may need to thrive in the marine life raft industry. This marine life raft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine life raft market consists of sales of physical life rafts, emergency survival kits, distress signals, and emergency lights. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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