LONDON--(BUSINESS WIRE)--The life jacket market size is poised to grow by USD 870.38 million during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The demand for water sports equipment such as life jackets has increased significantly over the years, owing to the rising popularity of water sports such as water polo, surfing, river rafting, and river boarding. Also, multiple initiatives undertaken by governmental and non-governmental organizations have increased participation in water sports. For instance, over the last few years, Kenya has been promoting itself as a water sports destination, which has significantly contributed to the growth of the country’s tourism industry. Moreover, lifestyle evolution and increasing expenditure on recreational activities contribute to the increased popularity of water sports, which has increased sales in the global life jacket market.
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As per Technavio, the expanding water sports infrastructure for a better experience will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Life jacket Market: Expanding Water Sports Infrastructure for a Better Experience
The recreational water sports market has been growing at a rapid rate, providing a novel business opportunity to many coastal cities or regions with water bodies. Thus, many initiatives have been undertaken to promote the proper growth and expansion of water sporting facilities across the globe. For instance, the Facilities for the Water Sports Industry (FAWI) project aims at improving facilities for the water sports industry. The project is focusing on cross-border collaborations in the water sports segments which are mainly concentrated in the Flemish-Dutch border, Northwest France and Southeast England. Such initiatives and the introduction of novel water sports activities such as jeep parasailing, para-motoring, and seaplane rides are driving the growth of the overall global life jacket market at large.
“Factors such as the advent of shirt-based life jackets, and the increased emphasis on streamlined and lightweight life jackets will have a positive impact on the growth of the life jacket market value during the forecast period,” says a senior analyst at Technavio.
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Life Jacket Market: Segmentation Analysis
This market research report segments the life jacket market by product (inherent and inflatable), end-user (commercial operators, professional users, and swift water rescue users), and geography (Americas, APAC, and EMEA).
The Americas led the life jacket market in 2018, followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to factors such as the growing popularity of water sports tourism and the advent of shirt-based life jackets.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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