Marine Life Raft Market on Path to Hit $1.34 Billion by 2029 at 5.1% CAGR

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Marine Life Raft Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent times, the marine life raft market has experienced consistent growth. Predicted to increase from $1.05 billion in 2024 to $1.1 billion in 2025, the market's compound annual growth rate (CAGR) is set at 5.0%. The growth observed in the historic period is due to the establishment of more rigorous maritime safety rules, the global increase in commercial shipping activities, heightened awareness of maritime safety among vessel operators, a growing number of marine accidents and emergencies, and the creation of standardized testing.

What Is the Expected CAGR for the Marine Life Raft Market Growth Through 2029?
In the upcoming years, the marine life raft market is anticipated to experience robust growth, reaching $1.34 billion by 2029 with a compound annual growth rate (CAGR) of 5.1%. This projected increase during the forecast period can be correlated with factors such as the growth of the worldwide leisure boating industry, the inclusion of sophisticated rescue and communication technology, the use of sustainable and earth-friendly life raft materials, the rising desire for light and compact life raft solutions, and the sustained commitment to offshore energy discovery and extraction. Some key trends during this forecast period include advances like GPS tracking, automatic inflation systems, the use of lightweight materials for increased safety, innovative design, and a growing inclination towards the use of eco-friendly materials.

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What Are the Primary Drivers Behind Marine Life Raft Market Growth?
The rising interest in water sports is predicted to fuel the expansion of the marine life raft market. Activities such as swimming, surfing, kayaking, sailing, and other water-related recreations are all examples of water sports. This surge in demand for water sports is fueled by a burgeoning passion for outdoor activities, the health and fitness advantages they provide, and the excitement and adventure associated with them. Marine life rafts are essential safety measures in water sports, providing necessary emergency supplies in the event of any accidents or unexpected occurrences on the water. For example, the Royal Yachting Association, a sports organization based in the UK, disclosed in May 2023 that 13.2 million adults in the UK took part in boating activities in 2022. Stand-up paddleboarding witnessed substantial growth, with an extra 536,000 people participating in it. In total, over 10 million people participated in boating at least once or twice throughout the year. Therefore, the predicted increase in water sports popularity is expected to boost the growth of the marine life raft market.

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What Are the Key Segments Driving Marine Life Raft Market Growth?
The marine life raft market covered in this report is segmented -

1) By Product Type: Rigid, Inflatable
2) By Capacity: Less Than 5 people, 5 to 10 People, 10-18 People, More Than 18 People
3) By Application: Fishing Boats, Cruise Ship, Other Applications
4) By End User: Leisure, Commercial

Subsegments:
1) By Rigid Life Rafts: Hard-Shelled Rigid Life Rafts, Fiberglass Rigid Life Rafts, Composite Material Rigid Life Rafts, Rigid Life Rafts With Canopy Or Shelter, Small-Size Rigid Life Rafts (For Smaller Boats Or Yachts), Rigid Life Rafts For Military And Commercial Use
2) By Inflatable Life Rafts: Single-Chamber Inflatable Life Rafts, Double-Chamber Inflatable Life Rafts, Fully Inflatable Life Rafts With Canopy, Offshore And Open Water Inflatable Life Rafts, Coastal And Inshore Inflatable Life Rafts, Reversible Inflatable Life Rafts (For Easy Boarding), Life Rafts With Automatic Inflation Systems, Manual Inflation Inflatable Life Rafts, Inflatable Life Rafts With Survival Equipment (Water, Flares, First Aid Kits)

What Are the Technological Trends Impacting the Marine Life Raft Market?
Major companies active in the marine life raft market are concentrating their efforts on product enhancements and innovations such as the cruiser life raft, in response to the changing customer demands in maritime safety. The cruiser life raft plays an essential role as an emergency evacuation equipment for recreational maritime vessels, equipped with necessary safety features and is quickly deployable in sea emergencies. For example, in April 2023, Seago, a marine safety and water sports equipment provider based in the UK, introduced a new product, the Cruiser Plus life raft, that aligns with the updated ISO 2022 standard, specifically ISO 9650-1 Type 2. This renovated version of the previously well-liked Sea Cruiser life raft is customized for the leisure marine market and has an improved boarding ramp for easier access. Released in a range of sizes that can accommodate 4 to 10 individuals, it comes in a newly fashioned valise or slimline canister with a sleek finish, increasing its functionality and visual appeal.

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Who Are the Major Competitors in the Global Marine Life Raft Market?
Major companies operating in the marine life raft market are Viking Life-Saving Equipment A/S, Survitec Group Limited, Fujikura Composites Inc., Brastech Inc., Solas Marine Services Pvt Ltd, LALIZAS HELLAS SA, SHM Shipcare, Crewsaver, Arimar S.p.A., Datrex Inc., ShipServ Ltd, Switlik Survival Products LLC, Ocean Safety Ltd, Wing Inflatables Inc., Plastimo SAS, MIZUNO MARINE Co. Ltd., Vanguarde Ltd., Liferaft Systems Australia, Ovatek Inc., Life Raft and Survival Equipment Inc., Hellas Marine Services S.A., Safety Marine Australia Pty Ltd, Sea Safe Systems Pty Ltd, Inflatables International Inc., Jiangsu Huayan

Which Region Dominates the Marine Life Raft Market Share in 2025?
Asia-Pacific was the largest region in the marine life raft market in 2024. The regions covered in the marine life raft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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