Life Jacket Market Expects to Reach US$ 3,938.1 Million in Valuations by 2032 at A 4.5% CAGR

The worldwide life jacket market is expected to be valued at US$ 2,546.4 Million in 2022 and to grow at a CAGR of 4.5% to US$ 3,938.1 Million by the end of 2032.During the projected period, the use of life jackets for everyday sailing is estimated to contribute more than 17% to worldwide market growth.

Market Outlook:

The massive increase in the number of persons participating in recreational water sports activities is assisting in maintaining a solid hold on total life jacket sales. The tourist industry’s development of comprehensive procedures for the effective functioning of all sorts of tourism enterprises in the region has increased the need for protective gear. This has greatly increased demand for life jackets among the population, resulting in a market expansion with a compound annual growth rate of 4.4% from 2017 to 2021.

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Competitive Landscape: 

Market participants produce life jackets with the SOLAS LSA Code in mind, which establishes standards for simple wearability of life jackets. Furthermore, the adoption of diverse marketing techniques to combine an omni-channel approach to purchasing in response to changing consumer buying behavior will meet the extent of competition in the safety equipment business.

• Viking Life-Saving Equipment A/S announced the debut of offshore worker protective devices with the VIKING YOUSAFETM VANGUARD LIFEJACKET in August 2021.
• Mustang Survival Corp bought Stearns’ Government & Commercial Marine division in December 2021 to extend their product portfolio of life jackets, personal flotation devices, and other life-saving gadgets.

Key Players:

• 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

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Regional Analysis: 

The European market for life jackets is expected to be worth $776.8 million in 2022. Europe, as one of the world’s most prominent maritime tourism destinations, is growing appeal for recreational sailing. The increasing engagement of the European population in various water activities such as kayaking, rafting, and so on is driving the need for life jackets and so preserving the development trajectory of life jacket sales.

North America, as one of the world’s major water sports markets, has created enormous prospects for life jacket sales. Swimming is a common pastime among people in the United States, particularly among children and teenagers aged 7 to 18. The general public’s awareness of the importance of wearing protective gear when traveling on open water bodies is increasing the demand for life jackets. Furthermore, the United States Coast Guard has made life jackets essential for anybody aboard a water recreational vessel, which has proven to be a key contributor in the growth of the life jacket industry in North America.

Key Segments of Industry:

• By Product Type:
  • 7lbs Inherent Life Jackets
  • 7lbs-15.5lbs Inherent Life Jackets
  • 5lbs-22lbs Inherent Life Jackets
  • 22lbs Inherent Life Jackets
  • 5lbs-34lbs Inflatable Life Jackets
  • 34lbs Inflatable Life Jackets
• By End-user:
  • Watersports
  • Day Sailing
  • Fishing
  • Offshore Sail
  • Offshore Power
  • Paddlesports
  • Commercial Vessels
• By Material Type:
  • Foam
  • Nylon
  • Plastic
• By Distribution Channel:
  • Hypermarket/Supermarket
  • Departmental Stores
  • Online Retail
  • Sport Stores
  • Others

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