The life jacket market size is expected to reach USD 1.8 billion by 2031 at a CAGR of 6.1%

According to a new report published by Allied Market Research, titled “Life Jacket Market,” the life jacket market was valued at $1.0 billion in 2021 and is expected to reach $1.8 billion by 2031, with a CAGR of 6.1% from 2022 to 2031.

According to the ideas of the CXOs of the main companies, life jackets are essential safety vests that can be worn in all activities as well as in safety operations. There are several varieties of life jackets on the market, which are categorized mainly by their fit and the type of material such as nylon, synthetic, and other niche materials including polyethylene, PVC, and neoprene. . Product launches and user-friendly developments in this industry, along with safety and durability, are driving the global life jacket market. The market has grown as disposable income has increased and Gen Z, Millennials and Generation X have become more interested in adventure activities. Additionally, the need for practical and comfortable jackets has fueled the growth of the market.

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Some of the best-known manufacturers are found in North America, Europe, and Asia-Pacific. As a result, the life jacket market is expected to grow in these regions. Due to the growing demand for adventure sports, the global life jacket market is one of the most promising divisions in the adventure tourism industry. With Asia-Pacific becoming the fastest growing area, especially China, which is a major exporter of jackets to Europe and North America, Europe is expected to grow with the largest market share in the lifejacket market.

Main results of the study

The non-inflatable segment was the largest contributor to the life jackets market share, with $764.1 million in 2021, and is expected to reach $1,408.0 million by 2031, at a CAGR of 6 .3%.
during the forecast period of the life jackets market.

The nylon segment was the largest contributor to the market, with $537.6 million in 2021, and is expected to reach $999.4 million by 2031, growing at a CAGR of 6.4% during the period forecast.

The water sports segment was the largest contributor to the market, with $395.2 million in 2021, and is expected to reach $746.9 million by 2031, growing at a CAGR of 6.6% during the forecast period.

Europe was the largest revenue contributor, accounting for $342.1 million in 2021, and is expected to reach $636.0 million by 2031, growing at a CAGR of 6.4%.

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Based on type, the Non-Inflatable Life Jackets segment was valued at USD 764.1 Million in 2021 and is projected to reach USD 1,408.0 Million by 2031 at a CAGR of 6.3%. This is mainly attributed to the low cost and variety of these life jackets, which helps drive the demand for the life jacket market. Another factor such as simple procedure is needed to use it which is propelling the growth of the market.

On the basis of material, nylon life jacket is expected to grow at a CAGR of 6.4% during the forecast period. Nylon also shares the largest revenue in this segment owing to various characteristics including strength and durability which aid in the manufacturing process in the life jacket market.

Based on end use, the water sports segment was valued at $395.2 million in 2021 and is projected to reach $746.9 million by 2031 at a CAGR of 6.6%. Millennials and millennial age group tend to gravitate towards various water activities, which are contributing to the growth of the life jacket market. Also, revenge tourism is one of the factors contributing to expanding market growth.

The life jacket for various applications is supporting the growth of the life jacket market. Due to the many water parks, the European market has grown rapidly, providing unique product features and bringing benefits to manufacturers. The increase in the number of online stores and bulk retailers around the world is expected to provide life jacket suppliers with a platform to reach customers.

The major market strategies implemented by the market players include product launches and geographic expansion provide a better insight into the Life Jackets market analysis. Product innovation is a priority for major market players to provide consumers with more innovative products. Key players in the global life jacket market are Dongguan Bestway Sports Goods Co., Ltd., Ganesh Manufacturing, Grand Ocean Marine Co., Ltd., Jiangsu Baizhou Safety Technology Co., Ltd., Kent Safety Products, Majestic Marine & Engineering. Services, Onyx Outdoor, SeaSafe Systems Ltd, SHM, Stormy Lifejackets Pty Ltd.

About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.

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Sandy A. Greer