Life jacket market 2023-2027; A descriptive analysis of the five forces model, market dynamics, and segmentation

NEW YORK, Jan. 23, 2023 /PRNewswire/ — According to Technavio, the global life jacket market size is estimated to grow by USD 1,097 million from 2022 to 2027. The market is estimated to grow at a CAGR of 7.02% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%. For more Insights on market size, Request a sample report

Technavio has announced its latest market research report titled Global Life Jacket Market 2023-2027

Technavio has announced its latest market research report titled Global Life Jacket Market 2023-2027

Life jacket market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

  • Bargaining Power of Buyers

  • The threat of New Entrants

  • Threat of Rivalry

  • Bargaining Power of Suppliers

  • Threat of Substitutes

  • Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Life jacket market – Customer Landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Life jacket market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (commercial operators, professional users, and swift water rescue users), product (inherent and inflatable), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

  • The market growth in the commercial operators segment will be significant during the forecast period. The growth in purchasing power has increased the number of international travelers worldwide. The rise in the number of international travelers has encouraged commercial operators to offer attractive packages and professional guidance for adventure water sports activities. These factors are driving the growth of the segment.

Geography Overview
By geography, the global life jacket market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global life jacket market.

  • APAC will account for 32% of the market growth during the forecast period. APAC is the fastest-growing market for life jackets among all the geographic regions. The region has over 25,000 islands that attract many international water sports enthusiasts every year. In addition, increasing participation by women in watersports is fostering the growth of the regional market.

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Life jacket marketMarket Dynamics

Key factor driving market growth

  • The market is driven by the growing popularity of watersports tourism.

  • Participation in water sports such as water polo, surfing, wakeboarding, jet skiing, kayaking, boating, river rafting, and river boarding is increasing across the globe.

  • Governments and non-government organizations are encouraging people to participate in these adventure activities through various initiatives.

  • Changes in lifestyles and rising expenditure on recreational activities have also increased people’s participation in water sports.

  • Furthermore, the increase in the number of women enthusiasts in recreational activities is fostering the growth of the global life jacket market.

Leading trends influencing the market 

  • The expansion of water sports infrastructure for a better experience is the key trend in the market.

  • Many countries have water sporting activities in small fragmented units that lack necessary funding.

  • Hence, many initiatives are being undertaken to encourage the growth and expansion of water sporting facilities across the globe.

  • For instance, Europe has been introducing initiatives aimed at strengthening the water sports industry through the Facilities for the Water Sports Industry (FAWI) project. The project focuses on professionalizing and economically strengthening the water sports industry through sustainable development practices, regular upgrades, and cross-border collaborations in the water sports segment.

  • Similarly, Andhra Pradesh, a state in India, introduced novel water sports activities such as seaplanes and amphibious vehicles, jeep parasailing, and para-motoring.

  • With the growing number of initiatives to expand the watersports industry, the demand for life jackets will increase during the forecast period.

Major challenges hindering the market growth

  • The frequent need for maintenance of life jackets is identified as the key challenge in the market.

  • Life jackets need to be regularly inspected to avoid fatal accidents that could happen due to leaks, fabric degradation, or inadequately installed CO2 cylinders.

  • These jackets wear out and lose efficiency with constant use.

  • Besides, vendors are under constant pressure from government bodies and customers to design life jackets that require less maintenance, which is hindering the growth of the market.

Driver, trend, and challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this life jacket market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the life jacket market between 2023 and 2027

  • Precise estimation of the size of the life jacket market size and its contribution to the market in focus on the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the life jacket market industry across North America, Europe, APAC, South America, and Middle East and Africa

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of life jacket market vendors

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Life Jacket Market Scope

Report Coverage

Details

Page number

155

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.02%

Market growth 2023-2027

USD 1,097 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.6

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

APAC at 32%

Key countries

US, China, Australia, UK, and Brazil

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Absolute Outdoor Inc., Aqua Leisure Recreation LLC, Aqua Life, Dongguan City Bestway Sports Goods Co. Ltd., Ganesh Manufacturing, Grand Ocean Marine Co. Ltd., H3O Water Sports, Jiangsu Baizhou Safety Technology Co. Ltd., Johnson Outdoors Inc., Kibo Software Inc., Majestic Marine and Engineering Services, Newell Brands Inc., SeaSafe Systems Ltd., Spinlock Ltd., Stormy Lifejackets Pty Ltd., Survitec Group Ltd., VIKING LIFE SAVING EQUIPMENT AS, Wing Group, Air Liquide SA, and Alliance Marine

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Global Life Jacket Market 2023-2027

Global Life Jacket Market 2023-2027

Cision

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