The increase in demand for life jacket and increase surge in purchasing power of the people will are anticipated to drive the growth of the life jacket market during the forecast period. The factors such as growth in e-commerce sales will are expected to provide lucrative opportunities to the life jacket market.
According to the report published by Allied Market Research, the global life jacket market generated $1.0 billion in 2021, and is expected to reach $1.8 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in participation in adventure water sports and usage in military & safety operations drive the growth of the global life jacket market. However, high cost of life jackets restrains the market growth. On the other hand, stringent government rules & regulations and development of life jackets with high-quality material, durability, and comfort create new opportunities in the coming years.
Covid-19 Scenario:
- Production activities of life jackets stopped completely or partially due to lockdown restrictions imposed by governments in many countries. In addition, shortage of raw materials and disruptions in the supply chain put a stop on production processes.
- Moreover, the ban on water sports activities and swimming pools led to reduced demand for life jackets. This impacted the overall revenue of the market. However, the demand will grow gradually post-pandemic as outdoor water activities and sports begin.
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The report offers detailed segmentation of the global life jacket market based on material, end use, type, and region.
Based on type, the non-inflatable segment held the largest share in 2021, accounting for around three-fourths of the global life jacket market, and is estimated to maintain its lead position by 2031. Moreover, this segment is estimated to witness the fastest CAGR of 6.3% during the forecast period. The report also discusses the segments including inflatable and hybrid.
Based on material, the nylon segment contributed to the highest share in 2021, accounting for more than half of the total market share, and is estimated to maintain its dominant share by 2031. Moreover, this segment is projected to manifest the highest CAGR of 6.4% from 2022 to 2031. The research also analyzes the segments including polyester and others.
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Based on region, Europe accounted for the highest share in 2021, contributing to around one-third of the total market share, and is projected to continue its leadership status by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 6.9% during the forecast period.
Leading players of the global life jacket market analyzed in the research include Dongguan Bestway Sports Goods Co., Ltd., Grand Ocean Marine Co., Ltd., Ganesh Manufacturing, Kent Safety Products, Jiangsu Baizhou Safety Technology Co., Ltd., Onyx Outdoor, Majestic Marine & Engineering Services, SHM, SeaSafe Systems Ltd, and Stormy Lifejackets Pty Ltd.
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