Lifejacket Market Forecast For 2022

25/10/2021
Developed regions such as Europe and North America have witnessed a considerable rise in terms of participation in watersports, over the past few years.
Core boating activities such as kayaking or rafting are gaining popularity, and with that, propelling the need for effective and basic protective gear such as life jackets.
As majority of watersports professionals fall under the younger demographics, higher tendency of accidental tripping and falling overboard has necessitated the use of life jackets.
Although, manufacturers of life jackets are struggling to balance their annual net gains due to seasonal participation in watersports industry.
Moreover, activities such as sailboat racing, yacht cruising, canoeing and motor boating are gaining commercialization due to involvement of owners of private water bodies.
Overall, increasing popularity of a majority of watersport events is likely to translate impressive revenues in the global market for life jackets.
Being a sleeveless, inflatable and buoyant vest that keeps the wearer afloat in water, a life jacket is personal flotation device that is the single-most important piece of protective gear used in watersports and other aquatic activities.
Life jackets are worn over the upper body, and are designed to hold up the torso of the wearer above water, eliminating the risk of drowning.
According to Fact.MR, the global market for life jackets will soar at a moderate CAGR, raking revenues worth over US$ 2,500 Mn by the end of 2022. Demand for life jackets is expected to witness promising growth on the account of rising use in nautical tourism.