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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Life Jacket Market Share by End- Use
As per the global life jacket market analysis, the demand for life jackets is anticipated to substantially increase in the water sports sector in the coming years. This can be attributed to growing interest in travel post-pandemic and the introduction of strict regulations by governments to prevent water accidents. Water sports include a wide range of activities like swimming, surfing, canoeing, and river rafting, among others, that benefit both physical and mental health, hence aiding the segment’s growth.
Meanwhile, the demand for defence life jackets is likely to witness a significant rise in the coming years amid the development of lightweight and technologically advanced jackets with features like GPS and in-built radios. Increasing defence budgets and rising attempts by governments to safeguard their skilled navy personnel are also expected to propel the segment’s growth in upcoming years.
Global Life Jacket Market Share by Region
North America is represent a significant portion of the life jacket market, supported by the huge popularity of water sports in both Canada and the USA. The defence sector in the US also uses special life jackets equipped with GPS and small communication systems that can help in safeguarding and tracking military personnel and assets.
Moreover, the livelihoods of many Canadians working in the fisheries, aquaculture, and energy production industries are dependent on the Pacific, the Arctic, and the Atlantic Oceans, which drives up the demand for life jackets in the country.
Life Jacket Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.87 billion.
The market is estimated to grow at a CAGR of 5.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 2.99 billion by 2032.
The market is being driven by increasing government regulation for ensuring safe passenger travel on ships and boats, and growing awareness among youth about water accidents.
The key trends aiding the market expansion include innovations and new product launches, and growing safety concerns among water sports enthusiasts.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major end uses of life jacket are water sports, and military and safety operations, among others.
The major players in the market are Yamaha Motor Co., Ltd., Johnson Outdoors Inc., Switlik Parachute Company, Aqualung Group, Dongguan City Bestway Sports Goods Technology Co., Ltd., Stormy Lifejackets Pty Ltd., Kent Water Sports, LLC, SeaSafe Systems Ltd., The Coleman Company, Inc., and Aqua-Leisure Recreation, LLC, among others.
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