New York:, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global Life Jackets Market is valued at US$ 1.61 billion in 2023 and is predicted to expand at a CAGR of 5.9% between 2023 and 2033, according to the latest industry report by Persistence Market Research. Life Jackets Market is expected to reach a valuation of US$ 2.86 billion by the end of 2033.
A life jacket is a life preserver because it prevents someone from drowning when they are in the water. It is constructed of buoyancy-enhancing materials such as nylon, polyester, and neoprene. Life jackets are employed in water sports, military & safety operations, and also in emergency situations such as floods. Due to their involvement in numerous water sports and water activities, generation Y and millennial age groups tend to be big customers of life jackets. Many people choose a life jacket based on material, comfort, and durability.
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Over the coming years, it is anticipated that the life jacket market will expand steadily. Tight legal frameworks and rules regulating the use of personal flotation devices around the world are expected to increase the demand for life jackets. Laws governing the usage of life jackets for industrial or commercial purposes, as well as for recreational purposes, are very strict in countries such as the Unites States, United Kingdom, and Australia.
On the flip side, the market for life jackets can be hampered due to emerging economies’ and impoverished nations' disregard for people's safety. The price of life jackets, or personal floatation devices, may also serve as a market restraint.
Key Takeaways from Market Study
- North America has a huge market for life jackets with an increasing of water adventure sports, and the region is anticipated to hold a significant value share of 21% in 2023.
- The United States is a leading market for life jackets and is expected to increase at a CAGR of 5.2% during the forecast period.
- Asia is one of the rising markets for life jackets. East Asia and South Asia are anticipated to hold significant value.
- Online retailing is anticipated to be a well-liked channel of sales and is anticipated to grow rapidly due to a rise in people’s engagement on online shopping portals across the world.
- Europe is the leading regional market for life jackets with 29% market share and is expected to hold this position throughout the projection period.
“The premium quality of life jackets over other substitute products is driving the global market. Adoption of hybrid life jackets is expected to increase at a noteworthy rate over the coming years,” says an analyst at Persistence Market Research.
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Key Market Players
The report underlines ground breaking insights into the competitive scenario of the life jacket market, along with the highlights of differential strategies used by manufacturers.
Some of the leading manufacturers of life jackets are 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
- Survitec Group Limited
- Bernhardt Apparatebau GmbH
- H3O Water Sports
- Marine Safety Supplies Ltd.
- Newell Brands Inc.
- SeaSafe Systems Ltd
Know More about Report Inclusions
Persistence Market Research published a new market report on the life jacket market, covering global industry analysis of 2017 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights based on product type, material, consumer orientation, end use, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
Life Jacket Market Segmentations-
- Life Jacket Market By Product Type ( Inherently Buoyant, Inflatable, Hybrid)
- Life Jacket Market By Material ( Nylon and Polyester)
- Life Jacket Market By Consumer Orientation ( Adults and Kids)
- Life Jacket Market By End Use ( Boating/ Sailing, Water Sports, Safety Operations & Military)
- Life Jacket Market By Sales Channel (Hypermarkets/ Supermarkets, Departmental Stores, Specialty Stores, Online Retailers, Other Sales Channels)
- Life Jacket Market By Region ( North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East Africa)
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About Consumer Goods Division at Persistence Market Research
The Consumer Goods team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs by offering expert analysis, actionable insights, and strategic recommendations. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the consumer goods industry lucidly in 50+ countries for over a decade. We provide end-to-end research and consulting services; reach out to explore how we can help.
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