Life Jacket Market Estimated to Reach US$ 2,500 Mn by 2022
Demand for life jackets is expected to witness promising growth on the account of rising use in nautical tourism.
Dublin, Ireland -- (SBWire) -- 09/20/2017 --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.
Highlights of the Forecast Study
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.
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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.
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.
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.
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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.
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.
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.
The report has also profiled companies such as Stormy Lifejackets Pty Ltd., Jarden Corp., Mustang Survival Corp., Kent Sporting Goods Company, Inc., Johnson Outdoors Inc., Hansen Protection AS, Viking Life-Saving Equipment A/S, Safety and Survival Systems International Ltd., and Survitec Group Limited as key players in the global life jacket market.
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