The global life jacket market size was US$ 1.0 billion in 2021. The global life jacket market size is estimated to reach US$ 1.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
A life jacket is a lifesaver as it protects a person from drowning when exposed to water. It is made of materials like polyester, nylon, and neoprene that aid buoyancy. It is made from materials such as nylon, polyester, and neoprene that buoyancy aid. However, it is generally used in military, water sports, and security functions, as well as in emergency events such as floods. In recent times, the youth as well as the millennial age group tends to be a considerable buyer of life jackets because of their participation in various water activities and water sports. It is widely preferred due to its factors like durability, comfort, and material.
Factors Affecting Market Growth
The drowning threat in aquatic conditions is one of the key factors in the growth of the global market.
Government rules and regulations for life jackets which are mandatory to wear while going for adventure water activities to prevent drowning drive the global market.
The increased price of life jacket hinders the growth of the global market.
Fast growth in the tourism sector in developing countries and a rise in disposable revenue drive the global market.
Impact Analysis of COVID-19
The COVID-19 outbreak had a negative impact on the global market. Supply chain disruption was a major challenge faced by the global market. The closure of production units disrupted the supply of life jackets in the global market. However, the situation is anticipated to improve as governments across the globe begin easing norms for the continuing of business activities.
Europe accounts for the largest share of the global market due to the large number of water parks in the region. Furthermore, the vast scope of the travel industry contributes to the growth of the global market in this region. Moreover, the expansion of micro firms and small and medium-sized firms in the life jacket industry has a positive impact on the global market. As a result of the competitive strategies employed by the key players, the global market demand is anticipated to grow, especially in this region. Demand from countries such as the UK, France, and Germany helps to drive regional growth. The overall development is predicted by an increase in population and an increase in the standard of living in this region.
The prominent players in the global life jacket market are:
SeaSafe Systems Ltd
Majestic Marine & Engineering Services Ltd
Kent Safety Products Ltd
Jiangsu Baizhou Safety Technology Co.
Grand Ocean Marine Co.
Ganesh Manufacturing Ltd
Dongguan Bestway Sports Goods Co.
Stormy Lifejackets Pvt Ltd
The global life jacket market focuses on Material, End Use, Type, and Region.
Segmentation on the basis of Material
Segmentation on the basis of End Use
Military and Safety Operation
Segmentation on the basis of Type
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America