LONDON–(BUSINESS WIRE)–The global life jacket market is expected to grow at a CAGR close to 5% during the forecast period, according to Technavio’s latest report.
Global life jacket market is expected to grow at a CAGR close to 5% during the forecast period 2016-2020.
In this report, Technavio covers the market outlook and growth prospects of the global life jacket market for 2016-2020. By product type, this market is segmented into inherent life jackets and inflatable life jackets.
Inherent life jackets form the majority segment of this market with a share of 77% of the total market. These are made up of buoyant materials like polyvinyl chloride (PVC) foam and are usually bulky in design. This type of life jacket finds utility in industrial, commercial, and recreational end-user segments.
Technavio’s research study segments the global life jacket market into the following regions:
- North America
Europe: largest life jacket market segment
“The market for life jackets in Europe is forecast to showcase quick growth, posting a CAGR of 4.80% during the forecast period. The primary factor pushing the market growth is an increase in water safety regulations to ensure the safety of water related activities. Additionally, the demand for life jackets in European countries is driven by the growing adventure tourism industry, which is resulting in an increase in water-related recreational activities,” says Sarah Haque, one of the lead market research analysts at Technavio.
The UK maritime industry is witnessing an increase in recreational boating, inland boating, passenger boat trips, coastal charters, and marinas and moorings. They are creating a significant demand for life jackets since water safety is of high concern, and the government mandates the use of safety gear for such activities. In 2014, British Marines, a membership organization for superyacht, leisure, and small commercial vessels in the marine industry announced an increase in leisure boat production by 4.3% in the UK, which will also bring in additional sales.
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North America: innovative vendor offerings attract consumers in the region
Life jackets greatly reduce the chances of fatalities in case of recreational boating accidents. Additionally, since the US government has mandated life jackets for coastal guards and law enforcement personnel, there will be a steady demand for new life jackets and replacement requests for old ones. Vendors in the market who are at the forefront of innovation and offer products with additional features such as whistles, hooks, and emergency light sticks as safety measures, gain a competitive edge in the market.
|In 2015, the US coast guard responded to 19,790 search and rescue operations and saved 3,560 lives. It also conducted 919 escorts and patrols to aid 190 domestic US military cargo out-loads. Vessel traffic service controllers assisted 2,509 commercial ships at US ports. Such high volume of marine operations clearly demonstrates the need for life jackets.|
APAC: fastest growing life jacket market segment
“The life jacket market in APAC is forecast to showcase the highest growth in the market with a CAGR of 5.39% through the forecast period. This is due to the steadily increasing penetration of life jackets in the markets of developing countries such as Bangladesh, China, India, and Sri Lanka. Also, countries such as Australia and New Zealand are contributing significantly to the life jacket market through both recreational and industrial consumption,” says Sarah.
This region is seeing a new demand from commercial and small-scale fisheries for life jackets, driven by the governments in the region pushing for safety awareness for coastal workers. In 2016, Bangladeshi fishermen received 1000 life jackets through the Asia Pacific arm of the International Maritime Rescue Federation. In Australia, there was an initiative ‘old for new life jacket exchange’, to encourage possession of high quality life jackets and promote recreational boating, fishing, and water. Such initiatives are expected to fuel market growth in the region.
ROW: market segment with highest potential for growth
This region has some of the markets with the lowest product penetration. Regions like Africa, Middle East, and South America contribute a very small percent of the total revenue generated by this market. This revenue is mainly generated from the commercial segment, with contributions from offshore activities in the oil and gas industry. Vendors are viewing this segment as a high potential region, where an increased awareness, combined with strategic marketing can result in huge returns.
The top vendors in the global life jacket market highlighted in the report are:
- Survitec Group
- International Safety Products
- VIKING Life-Saving Equipment
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