Global Life Jacket Market Analysis- Size, Share, Growth, Industry Demand, Forecast, Application Analysis To 2022

Considering the rising importance of player safety in sporting events, particularly in watersports, the demand for protection gear such as life jackets is gaining momentum. Over the years, life jackets have emerged to become a prerequisite in majority of watersport categories such as kayaking or river rafting. A recently-published report by Fact.MR reveals that the global life jackets market will soar at a moderately steady pace, reaching a value of more than US$ 2,500 Mn by the end of forecast period, 2017-2022.

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The report offers an overview of the life jacket market. This comprises an introduction to the market, along with a standard definition of the product – life jacket. In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period.

The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.

In order to offer readers with up-to-date information about the latest advancements in the global life jacket market, the report provides updates about market opportunities, which can benefit leading manufacturers of life jacket. With continuous evolution of the sporting goods & accessories industry, keeping a record of latest developments and trends is fundamental for life jacket manufacturers to formulate key business strategies. Detailed insights about raw material sourcing, supply chain, pricing analysis, list of distributors, and cost structure are provided in this section.

Highlights of the Forecast Study

1) Increasing participation of European sportsmen in global watersports events is observed to among key factors driving the sales of life jackets across this region. In addition to this, higher proximity to some of the world’s safest beaches and water bodies has made life jackets a key maritime commodity across Europe. By the end of 2022, Europe will emerge as the largest market for life jackets in the world, contributing to more than US$ 770 Mn in revenues.
2) Demand for life jackets in the Asia-Pacific excluding Japan (APEJ) region is also expected to gain traction. Against this backdrop, the APEJ life jacket market will also witness promising growth owing to higher proclivity of life jacket manufacturers towards setting up production units in countries such as China, South Korea and India, among others. The densely-populated APEJ region also facilitates a large consumer base for life jackets, revenues from which are expected to account for more than one-fourth share in the global life jacket market through 2022.
3) North America’s life jacket market, on the other hand, is expected to witness a moderately steady growth at 4.4% CAGR during the forecast period.
4) Lightweight life jackets are emerging as sought-after products, but manufacturers are compelled to retain the effectiveness of these jackets while trimming their weights. In 2017, inherent life jackets weighing between 15.5-22 lbs will account for around one-fifth share of global revenues. Likewise, 7-15.5 lbs inherent life jackets will also witness a similar share on global market revenues through 2022.
5) Watersports will be among the most attractive end-use segments in the global market for life jackets. Between 2017 and 2022, life jackets sold for their use in water sports will rake an incremental opportunity of nearly US$ 150 Mn.
6) A majority of life jackets manufactured in the world are currently being made from foam materials. However, environmental risks of procuring foam polymers and their non-biodegradable nature will limit their use in the future. Towards the end of the forecast period, global revenue share accounted by sales of life jacket made from foam materials will witness a considerable decline.
7) The report also projects sports stores and departmental stores as two lucrative distribution channels for life jackets, revenues from which will account for around half of global market value throughout the forecast period.

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End-use Tussle – Watersports vs Paddle Sports
Key findings from the market study reveal that a majority of life jackets in the world are used in watersports. However, against the popular belief, the end-use of life jackets is not limited to watersports. According to the report, global sales of life jackets across watersports end-users will be witnessing a robust growth at 5.5% CAGR through 2022. While the use of life jackets in commercial vessels, day sailing, fishing, and offshore sailing is also gaining traction, the market is expected to witness impressive growth in the end-use of life jackets across paddle sports. Although, this segment is expected to witness less than 10% share in the global life jacket market, paddle sports as an end-use of life jackets will create a global incremental opportunity of over US$ 38 Mn between 2017 and 2022.

Competition Tracking
The report has also profiled leading manufacturers of life jackets in the global market, which include 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, and Survitec Group Limited

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This release was published on openPR.