The Life Jacket Market will register a CAGR of close to 6% by 2023
NEW YORK, Dec. 3, 2018 /PRNewswire/ -- 139 pages, November 2018
About this market
Increased emphasis on streamlined and lightweight life jackets to gain traction in the market. Most life jackets are uncomfortable to the users because of their design and bulkiness. These products offer different ranges of buoyancy such as 50 N, 275 N, and 100 N. These are the floatation capacities expressed in Newtons, and with respect to life jackets, it is the buoyant force that a jacket produces. Technavio's analysts have predicted that the life jacket market will register a CAGR of close to 6% by 2023.
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Market Overview
Growing popularity of water sports tourism
With the growing water sports tourism industry, the demand for required equipment, such as life jackets, has increased significantly. The participation in sports such as water polo, surfing, wakeboarding, jet skiing, kayaking, boating, river rafting and river boarding has increased globally.
Frequent need for maintenance of life jackets
Inspection of life jackets on regular intervals is necessary to avoid last minute hassles or fatal accidents, which occur owing to leaks, fabric degradation, or inadequately installed CO2 cylinders. One of the most common reasons for poor failure of life jackets is the use of expired inflation canisters.
For the detailed list of factors that will drive and challenge the growth of the life jacket market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including International Safety Products and Johnson Outdoors, the competitive environment is quite intense. Factors such as the increased emphasis on streamlined and lightweight life jackets and advent of shirt-based life jackets, will provide considerable growth opportunities to life jacket manufactures. International Safety Products, The Coleman Company, VIKING Life-Saving Equipment, Johnson Outdoors, and Survitec Group are some of the major companies covered in this report.
'With the presence of a considerable number of companies, this market appears to be fragmented. The market competitors are focusing on better designs in terms of extra-large armholes, well-fitted products, and added pockets. Many international and regional life jacket manufacturers are vying for their share of the market, and players must differentiate themselves to gain vital traction over their peers.'
Read the full report: https://www.reportlinker.com/p04539070
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