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Life jacket market 2021-2031 | A descriptive analysis of the five forces model, market dynamics, and segmentation CAGR

01-24-2023 10:06 AM CET | Sports

Press release from: Allied Market Research

Life jacket market 2021-2031 | A descriptive analysis of the five

The global life jacket market was valued at $1.0 billion in 2021, and is projected to reach $1.8 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

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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.

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.

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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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 domain.

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