Life Jacket Market | Water Sports Segment Is Estimated to Reach $746.9 million by 2031, at a CAGR of 6.6%

PORTLAND, OREGON, UNITED STATES, August 29, 2022 / — The increase in demand for life jacket and increase surge in purchasing power of the people will be anticipated to drive the growth of the life jacket market during the forecast period . The factors such as growth in e-commerce sales will be 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.

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According to the insights of CXOs of leading companies, life jacket are essential safety jackets that may be worn in any activities as well as safety operations. There are several different varieties of life jacket on the market, which are classified primarily by their fastening and the type of material such as nylon, synthetic and other niche material including polyethene, PVC and neoprene. The product launches and customer-friendly developments in this sector, as well as safety, durability, are driving the global life jacket market. The market has grown as disposable income has increased and generation Z, millennial, generation X have been more interested in adventures activities. In addition, the need for convenient and comfortable jackets has fueled the market growth.

Some of the most well-known manufacturers are found in North America, Europe, and Asia-Pacific. As a result, the life jacket market is predicted to grow in these regions. Because of the rising demand for adventures sports, the global life jacket market is one of the most promising divisions of the adventure tourism industry. With Asia-Pacific rising as the fastest-growing area, particularly China, which is a significant exporter of jacket to Europe and North America, Europe is predicted to grow with the largest market share in the life jacket market.

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 life jacket 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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About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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