Japan Life Jacket Market to Cross 184.5 Million by 2027 – Astute Analytica
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The Japan life jacket market growth will witness a potential boom in terms of revenue due to the rapidly growing cases of drowning incidents, which is driving up the demand for life jackets. The World Health Organization reports that drowning is the 3rd foremost cause of unintended injury death on a global basis. In 2019, around 236,000 deaths were caused due to drowning globally.
Strict government regulations pertaining to the use of life jackets will have a favourable impact on the market. For instance, the USCG introduced Safety Alert 13-16, mandating the need to maintain inflatable life jackets. Therefore, it raises the high need for users to service and inspect life jackets as per the guidelines stated by manufacturers. Additionally, the growing rate of innovations by industry players, along with the strategic initiatives, will outline the scope of the Japan life jacket market. The Japan life jacket market may confront challenges due to the high need for regular maintenance of life jackets.
Japan Life Jacket Market, By Jacket Type
On the basis of jacket type, the inherent segment is leading with the highest share of 65% in 2021 and will also exhibit a CAGR of 5.3% because of the high durability of inherent life jackets. The jacket is manufactured through solid material, such as foam, which will allow users to float on the water. Moreover, they are also cost-effective and high being used in day sailing, paddle sports, search & rescue, and other applications. However, the inflatable-type life jackets segment will exhibit the highest growth rate of 6.9% due to the growing demand for these jackets in water sports, airlines, etc.
Japan Life Jacket Market, by Technology
On the basis of technology, the regular segment leads with the highest market share of 79.7% in 2021, while the smart life jackets segment will exhibit the highest growth rate of 7.4%. The regular life jackets market is expected to grow to US$ 143.2 million by 2027 from US$ 98.4 million in 2021 by exhibiting a growth rate of 5.5%, owing to the factors like the high cost associated with smart life jackets.
Japan Life Jacket Market, by Distribution Channel
In terms of distribution channels, the Japan life jacket market is segmented into departmental stores, hypermarkets, online retail, sports stores, etc., wherein the sports segment leads with the highest share of 34%. The sports distribution channel is expected to grow to US$ 65.7 million by 2027 because of the reason sports stores are the primary distribution channel for sports equipment in Japan. However, the online retail segment will exhibit the highest CAGR of 7.4% because of the reasons like the rising e-commerce sector in Japan.
Japan Life Jacket Market, by Size
On the basis of size, the adult segment leads with the lion's share of 79.7% in 2021, while the smart life jacket segment is expected to exhibit a compound annual growth rate of 7.4%. The growth of the adult segment in the Japan life jacket market is attributable to the growing adult participation in offshore sailing, water sports, airlines, etc.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively influenced the Japan life jacket market in Japan as governments put a ban on most outdoor activities. Additionally, people were more concerned about going out as it may affect them. Social distancing norms were announced by the central government, forcing companies to maintain the cleaning and storing of Personal Floating Devices (PFD). As per the analysis, the Japan life jacket market fell by 2.2% in 2020.
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Competitors Landscape - Japan Life Jacket Market
Some of the key players analyzed in the Japan life jacket marker include K.K. Igarashi, Maritime Progress Ltd., Fujikura Composites Inc., Tailwalk, and Mitsui O.S.K. Lines. Ltd., Nippon Tansan Gas Co., Ltd., Survitec Group, and others. These competitors hold a cumulative share of more than 55%.
Market Segmentation
By Type
Inherent
Inflatable
By Technology
Regular
Smart Life Jackets
By Size
Adult
o X Small
o Small
o Medium
o Large
o X Large
Kids
Youth
Child
Infant
By Material Type
Foam
Nylon
Plastic
By Application
Water Sports
Day Sailing
Fishing
Offshore Sail
Offshore Power
Paddle sports
Commercial Vessels
Airlines
Search & Rescue
By Distribution Channel
Hypermarket/ Supermarket
Departmental Stores
Online Retail
Sport Stores
Others
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Aamir Beg
Astute Analytica
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