Life Jacket Market Estimated to Reach a US$ 2,500 Million Value by 2022

Posted by Arslan on June 12th, 2019

According to Fact.MR, the global Life Jacket Market will soar at a moderate CAGR, raking revenues worth over US$ 2,500 Mn by the end of 2022. Demand for life jackets is expected to witness promising growth on the account of rising use in nautical tourism.

Developed regions such as Europe and North America have witnessed a considerable rise in terms of participation in watersports, over the past few years. Core boating activities such as kayaking or rafting are gaining popularity, and with that, propelling the need for effective and basic protective gear such as life jackets. As majority of watersports professionals fall under the younger demographics, higher tendency of accidental tripping and falling overboard has necessitated the use of life jackets. Although, manufacturers of life jackets are struggling to balance their annual net gains due to seasonal participation in watersports industry. Moreover, activities such as sailboat racing, yacht cruising, canoeing and motor boating are gaining commercialization due to involvement of owners of private water bodies. Overall, increasing popularity of a majority of watersport events is likely to translate impressive revenues in the global market for life jackets.

Being a sleeveless, inflatable and buoyant vest that keeps the wearer afloat in water, a life jacket is personal flotation device that is the single-most important piece of protective gear used in watersports and other aquatic activities. Life jackets are worn over the upper body, and are designed to hold up the torso of the wearer above water, eliminating the risk of drowning.

Key findings from the market study reveal that a majority of life jackets in the world are used in watersports. However, against the popular belief, the end-use of life jackets is not limited to watersports. According to the report, global sales of life jackets across watersports end-users will be witnessing a robust growth at 5.5% CAGR through 2022. While the use of life jackets in commercial vessels, day sailing, fishing, and offshore sailing is also gaining traction, the market is expected to witness impressive growth in the end-use of life jackets across paddle sports. Although, this segment is expected to witness less than 10% share in the global life jacket market, paddle sports as an end-use of life jackets will create a global incremental opportunity of over US$ 38 Mn between 2017 and 2022.

The report has also profiled leading manufacturers of life jackets in the global market, which include Jarden Corp, Stormy Lifejackets Pty Ltd., Mustang Survival Corp., Johnson Outdoors Inc., Kent Sporting Goods Company, Inc., Hansen Protection AS, Safety and Survival Systems International Ltd., Viking Life-Saving Equipment A/S, and Survitec Group Limited

Increasing participation of European sportsmen in global watersports events is observed to among key factors driving the sales of life jackets across this region. In addition to this, higher proximity to some of the world’s safest beaches and water bodies has made life jackets a key maritime commodity across Europe. By the end of 2022, Europe will emerge as the largest market for life jackets in the world, contributing to more than US$ 770 Mn in revenues.

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Demand for life jackets in the Asia-Pacific excluding Japan (APEJ) region is also expected to gain traction. Against this backdrop, the APEJ life jacket market will also witness promising growth owing to higher proclivity of life jacket manufacturers towards setting up production units in countries such as China, South Korea and India, among others. The densely-populated APEJ region also facilitates a large consumer base for life jackets, revenues from which are expected to account for more than one-fourth share in the global life jacket market through 2022.

North America’s life jacket market, on the other hand, is expected to witness a moderately steady growth at 4.4% CAGR during the forecast period.

Lightweight life jackets are emerging as sought-after products, but manufacturers are compelled to retain the effectiveness of these jackets while trimming their weights. In 2017, inherent life jackets weighing between 15.5-22 lbs will account for around one-fifth share of global revenues. Likewise, 7-15.5 lbs inherent life jackets will also witness a similar share on global market revenues through 2022.

Watersports will be among the most attractive end-use segments in the global market for life jackets. Between 2017 and 2022, life jackets sold for their use in water sports will rake an incremental opportunity of nearly US$ 150 Mn.

A majority of life jackets manufactured in the world are currently being made from foam materials. However, environmental risks of procuring foam polymers and their non-biodegradable nature will limit their use in the future. Towards the end of the forecast period, global revenue share accounted by sales of life jacket made from foam materials will witness a considerable decline.

The report also projects sports stores and departmental stores as two lucrative distribution channels for life jackets, revenues from which will account for around half of global market value throughout the forecast period.