Global Life Jacket Market Witnessed to Grow at a Strong CAGR of 4.64% during 2016-2020
Global life jacket market is anticipated to grow at a steady rate and will post a CAGR of close to 5% during the forecast period.
Albany, New York, December 28, 2016: In the recent years, the global market for life jackets has driven by a heavy demand from coast guards and marine agencies. This driving demand has lead the market to rise in the upcoming years, as stated in a new report that has been added to the vast repository of Market Research Hub (MRH). The report has been studied based on an in-depth market analysis from industry experts during the forecast of 2016 to 2020. This report has been titled as “Global Life Jacket Market 2016-2020”.
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It is very well known that life jackets greatly reduce the risk of fatalities and accidents in case of recreational boating accidents. According to the research, the prime driver of the market is the demand from coast guard because the responsibilities of coast guards include rescue, border control, the safety of vessels, enforcement of maritime law etc. All of these require a proper safety measure because they work in a high-risk environment. And this is the key factor which is accelerating the market growth to safeguard water related activities. Research analysts have forecasted the global market for life jacket to grow at a CAGR of 4.64% until the end of 2020.
Additionally, since the U.S. government has made life jackets mandatory for the coastal guards & law enforcement personals, there will be a sturdy increase in the demand for new life jackets. The growth in boating industry has also boosted the requirement for water safety regulations which is a major market driver. Also, one of the important market driving trends is the demand for light weighted and streamlined jacket which is more comfortable.
Furthermore, the report has segmented the market into the following key regions: APAC, North America, Europe and Rest of the world. Apart from that, it segments the market by end user such as industrial and commercial; and by type of product which includes-Inherent life jacket Inflatable life jacket
Inherent life jackets hold the majority segment with a share of 77% of the whole market. With the increasing enthusiasm for water sports among the people in APAC, it is the most prime contributing factor for the increased consumption. Also, to calculate the market size, the report mainly considers the revenue i.e. caused from the sales of life jackets. APAC and European countries are likely to experience the rapid growth during the forecast period, as observed by the study.
Moreover, the competitive scenario of the key vendors is also underlined in the report. Key vendors are:International Safety Products Survitec VIKING Life-Saving Equipment
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Other prominent vendors are Marine Safety Products, Stormy Lifejackets, H3O Water Sports, Spinlock, The Coleman Company, Mustang Survival, Hansen Protection, Aqua Life, Kent Sporting Goods, SECUMAR, Johnson Outdoors and Sea Safe Systems.
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Global life jacket market is anticipated to grow at a steady rate and will post a CAGR of close to 5% during the forecast period. The increasing popularity and preference for water sports across the globe will drive the growth prospects for the global lif
Dec 28, 2016