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The Life Jacket Market size is estimated to grow at a CAGR of 7.02% between 2022 and 2027. The size of the market is forecast to increase by USD 1,097 million. The growth of the market depends on several factors, including the growing popularity of water sports tourism, increased demand for life jackets, and rising awareness about multiple advantages of water sporting activities.
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This life jacket market report extensively covers market segmentation by End-user (commercial operators, professional users, and swift water rescue users), Product (inherent and inflatable), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 - 2021.
The life jacket market share growth of the commercial operators segment will be significant during the forecast period. Staffed by a team of professionals, commercial operators plan every detail of the trip and even customize trips. Such operators also provide a retail shop with the required gear for the sport.
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The commercial operators segment was valued at USD 1,347.16 million in 2017 and continued to grow until 2021. Commercial operators exist around popular water sports destinations and offer attractive packages and professional guidance for adventure water sports. These operators are certified to teach and guide river rescue and water sports activities. The number of recreational travelers has grown globally, led by increased purchasing power. This segment dominates the market and is expected to continue dominating the global market during the forecast period.
Expanding water sports infrastructure for a better experience is the primary trend in the market. The recreational water sports market has been providing a novel business opportunity to many coastal cities or regions with water bodies. Many initiatives have been undertaken to promote the proper growth and expansion of water sporting facilities across the globe. Europe has been introducing initiatives aimed at strengthening the water sports industry.
The Facilities for the Water Sports Industry (FAWI) project aims at improving facilities for the water sports industry. The project focuses on professionalizing and economically strengthening the water sports industry through sustainable development, upgrades, positioning, quality improvements, and cross-border collaborations in the water sports segment. Such initiatives are driving the growth of the overall market at large.
The frequent need for maintenance of life jackets is the major challenge impeding the market growth. Life jacket fabrics wear out and lose efficiency with constant use. Apart from this, foam compression strength can impact the performance of foam life jackets. This necessitates the inspection of life jackets at regular intervals is necessary to avoid last-minute hassles or fatal accidents.
The common reasons behind the failure of life jackets are leaks, fabric degradation, or inadequately installed CO2 cylinders. Owing to a large number of such issues, regular maintenance becomes difficult. Subsequently, market competitors would be under pressure from government bodies and customers to design life jackets that require less maintenance. This restricts the market growth to a large extent.
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APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America accounts for the largest share of the global life jacket market. The US is one of the major contributors to the market, owing to the popularity of water sports in the country. This can be attributed to the growth in inbound tourism. An increasing number of baby boomers are taking up water sports activities as a form of exercise in the US. This is one of the key factors contributing to market growth.
The rise in dual-income households has contributed to increased participation in outdoor recreational and sports activities. This has led to enhanced participation in different types of water sports and, thus, increased demand for life jackets. The participation of women in water sports has also increased in the region. The aforementioned factors fuel the growth of the market in the region.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alliance Marine - The company offers inflatable life jackets such as infant life jackets, lil legends foam jackets, hydrostatic inflatable PFD, Khimera dual flotation, and automatic inflatable jackets under their subsidiary named Mustang Survival Corp. The company offers marine equipment under various brands such as Plastimo, Intermer, VDM Reya, Seimi, Berra marine service, and Berthelot.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Life Jacket Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.02% |
Market growth 2023-2027 |
USD 1,097 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.6 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 32% |
Key countries |
US, China, Australia, UK, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Absolute Outdoor Inc., Aqua Leisure Recreation LLC, Aqua Life, Dongguan City Bestway Sports Goods Co. Ltd., Ganesh Manufacturing, Grand Ocean Marine Co. Ltd., H3O Water Sports, Jiangsu Baizhou Safety Technology Co. Ltd., Johnson Outdoors Inc., Kibo Software Inc., Majestic Marine and Engineering Services, Newell Brands Inc., SeaSafe Systems Ltd., Spinlock Ltd., Stormy Lifejackets Pty Ltd., Survitec Group Ltd., VIKING LIFE SAVING EQUIPMENT AS, Wing Group, Air Liquide SA, and Alliance Marine |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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