Life Jacket Market
Life Jacket Market Forecast by Product Type (7lbs, 7lbs-15.5lbs, 15.5lbs-22lbs, 22lbs Inherent Life Jackets), by Material Type (Foam, Nylon, Plastic), by End-user (Watersports, Day Sailing, Fishing, Offshore Sail), by Distribution Channel, by Region – Global Market insights 2022 to 2032
Analysis of Life Jacket market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Life Jacket Market Outlook (2022-2032)
The global life jacket market is set to enjoy a valuation of US$ 2,546.4 Million in 2022 and further expand at a CAGR of 4.5% to reach US$ 3,938.1 Million by the end of 2032.
Use of life jackets for daily sailing is expected to contribute more than 17% to the global market growth during the forecast period.
Life Jacket Market Size (2021A)
US$ 2,437 Million
Estimated Market Value (2022E)
US$ 2,546.4 Million
Forecasted Market Value (2032F)
US$ 3,938.1 Million
Global Market Growth Rate (2022-2032)
North America Market Share (2021)
Europe Market Growth Rate (2022-2032)
~ 4.2% CAGR
United States Market Growth Rate (2022-2032)
~ 4.6% CAGR
Market Share of Top 5 Companies
Key Companies Profiled
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Competitive landscape highlights only certain players
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Sales Analysis of Life jacket (2017-2021) vs. Market Forecast Outlook (2022-2032)
Massive growth in the number of people participating in recreational water sports activities is helping to maintain a strong grip on the overall sale of life jackets. Development of comprehensive protocols by tourism industry for the smooth operation of all types of tourism businesses in the region has accelerated the demand for protective gears. This has pushed the demand for life jacket significantly among the population, instigating a market expansion with a compound annual growth rate of 4.4% from 2017 to 2021.
Drowning, being a prominent cause of boating fatalities is expected to give a great momentum to the target product in the forecast period. Expanding water sports infrastructure in developed regions like North America will significantly impact the growth trajectory of life jackets sales in future. In addition, growing government initiatives for augmenting tourism sector has huge potential to thrust up the life jackets market.
Fact.MR suggests that the global market for life jacket will be valued at US$ 3,938.1 Million by 2032 end posing a CAGR of 4.5% since 2022.
- Short Term (2022 Q2 to 2025): Increasing popularity of adventure water sports among the younger generation will surge the market growth for life jacket in short term.
- Medium Term (2025-2028): The use of life jackets by maritime workers with an objective to increase the employees’ safety while on duty is expected to drive revenue market share of life jackets in medium term.
- Long Term (2028-2032): Increased spending by the government bodies to transform the water sports landscape in the recessive regions will expand the target product market during the long term forecast.
Over the 2017-2021 historical period, the global life jacket market registered a CAGR of 4.4%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.5% CAGR between 2022 and 2032.
Market share analysis of life jacket based on product type is provided in a nutshell in the above image. Under the product type segment, 7lbs-15.5lbs Inherent life jackets segment dominates with 20.9% market share in 2022.
What’s Driving Demand for Life jacket?
“Increasing Population of Recreational Boaters to Uplift the Demand for Life Jackets”
The government initiated activities and expenditures on increasing tourism to accommodate international and domestic investments have promoted the growth of watersports tourism industry. Use of recreational boating for several promotional tourist sports activities like, fishing, sailing, camping, waters sports etc. have made water tourism more fun for the population. Although, boating is considered as one of best leisure activities, there are few risks associated with this recreational aquatic activity. The highest fatality risks associated with boating is the risk of drowning owing to lack of supervision for children, insufficient planning while boating etc.
Use of fit life jacket by participants while performing water activities is considered to be an effective lifesaving approach in the quest to reduce the number of fatal drowning incidents. This rise in participation by individuals in leisure water sports has thus, reflected in an increase in demand for safety floatation products like life jackets. The aforementioned growing water sports popularity is expected to uplift the market for life jackets across the globe.
“Use of Life Jackets by Maritime Workers to Maintain Growth Trajectory of Overall Market Sales”
Life jackets are a crucial piece of safety equipment that has helped to save thousands of lives from drowning over the years. Working in a maritime job is not always a piece of cake since life of a seafarer is unpredictable and they often face various life-threatening situations in their day to day lives.
As an introduction to number, nearly 400,000 workers are employed in the U.S. maritime industry who constantly face severe risk of fatality and injury when high waves and strong winds comes crushing. Maritime safety is crucial for the protection of the crew members on aboard. Use of life jacket is considered as one of the safety standard protocol set by International Convention for the Safety of Life at Sea (SOLAS) to protect life and property at sea.
This in turn enhances the demand for life jackets as a life-saving appliance from the maritime industry thereby increasing sales of the target product.
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What Do Life Jacket Manufacturers Need to Watch Out for?
‘Low Resilience of Life Jackets to Negatively Hamper the Market Expansion’’
Increased participation of the population in recreational aquatic activities have helped in steady growth in utilization of life jackets. However, constant wear and tear of life jacket results in degradation of the material used in them which ultimately leads to loss of ability to maintain buoyancy in water over time. No periodic maintenance and inspection of life jackets can be life threatening owing to the failure of life jacket to inflate properly, presence of leaks and punctures, material degradation etc.
Hence, lack of routine inspections and maintenance of life jackets can cause numerous incidents of drowning due to faulty life jackets which in return can impact the end users’ willingness to buy such products. This will prevent the target market from expanding during the forecast period.
Why is Europe Considered to be a Leading Market for Life Jacket?
Europe market for life jackets is estimated to value at US$ 776.8 Million in 2022.
Europe, being one of the most popular nautical tourism destination in the world is gaining popularity for leisure boating. This considerable rising participation of the European population in various water sports like kayaking, rafting etc. are propelling the need for life jackets thereby maintaining the growth trajectory of life jacket sales.
Why is North America Expected to be Highly Lucrative for Life Jacket Market?
North America, being one of the largest water sports market in the world have opened tremendous opportunities for the sales of life jacket. It is observed that swimming is a popular activity among individuals in the U.S. especially among children and teens between 7 to 18 years of age. Awareness among population to wear protective gears while travelling in open water bodies are uplifting the demand for life jackets. In addition, the U.S. Coast Guard have made life jackets mandatory for every person who aboard a water recreational vessel which has proved to be a major factor for the market expansion of life jacket in North America.
Thus, North America will become a profitable market for life jacket in the coming years, according to Fact.MR.
Which Life Jacket Material Type is Highly in Demand?
Foam life jackets are anticipated to hold 41.1% of the global market share among material type by 2032. The easy to use technology of foam life jackets helps to improve buoyancy and floatation which uplifts the demand for foam life jacket from end users across the globe. Moreover, foam life jackets, being the safe and affordable option for people who board commercial as well as recreational vessels is expected to boost market growth for life jackets.
Why Distribution of Life Jackets through Sport Stores is Expected to Lead the Market Growth?
Market share by sport stores distribution channel is anticipated to grow at a CAGR of 4.4% over the estimated period. Growing popularity for aquatic sports across the globe is expected to open plethora of opportunities for sales of life jacket. Driven by the consumer needs, sports stores are reshaping their retail market for life jackets by adopting online shopping channel along with their traditional in-store distribution of products.
Distribution of life jackets through various sports stores have, therefore, created extensive opportunities for the target market to grow.
Prominent market players manufacturing life jacket are Jarden Corp, Stormy Lifejackets Pty Ltd, Mustang Survival Corp, Johnson Outdoors Inc, Kent Sporting Goods Company Inc, Hansen Protection AS, Viking Life-Saving Equipment A/S, Survitec Group Limited and Safety and Survival Systems International Ltd.
Market players manufacture life jackets keeping in mind the SOLAS LSA Code that specifies rules for easy wearability of life jackets. In addition, adoption of various marketing strategies to incorporate omni-channel approach of purchase with regards to evolving trends in consumers purchase behavior will meet the scope of competition in the safety equipment industry.
- In Aug 2021, Viking Life-Saving Equipment A/S announced the launch of offshore crew protection gears with the VIKING YOUSAFE™ VANGUARD LIFEJACKET.
- In Dec 2021, Mustang Survival Corp acquired Government & Commercial Marine business of Stearns to expand their product offering of life jackets, personal floatation devices and various other life-saving appliances.
Fact.MR has provided detailed information about the price points of key manufacturers of life jacket positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Life Jacket Industry Research
By Product Type:
- 7lbs Inherent Life Jackets
- 7lbs-15.5lbs Inherent Life Jackets
- 15.5lbs-22lbs Inherent Life Jackets
- 22lbs Inherent Life Jackets
- 22.5lbs-34lbs Inflatable Life Jackets
- 34lbs Inflatable Life Jackets
- Day Sailing
- Offshore Sail
- Offshore Power
- Commercial Vessels
By Material Type:
By Distribution Channel:
- Departmental Stores
- Online Retail
- Sport Stores
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Worldwide demand for life jacket is anticipated to reach US$ 3,938.1 Million by 2032-end.
Foam life jackets will account for a 40% share of global sales by 2022.
Europe tops the global life jacket market and will account for 30.5% market share by end of 2022.
The global life jacket market is valued at US$ 2,546.4 Million in 2022.
During 2017-2021, sales of life jacket increased at 4.4% CAGR.