Every year, thousands of people die because of drowning in water while participating in sports or swimming. According to the World Health Organization, drowning is the 3rd leading cause of unintentional injury death worldwide, accounting for 7% of all injury-related deaths. In 2019, an estimated 236,000 people died from drowning, making drowning a major public health problem worldwide and injuries accounted for almost 8% of total global mortality. The demand for life jackets has increased as the travel and tourist industry has grown, it has the enthusiasm for water adventure sports among millennials has also increased.
Japan life jacket market is projected to grow at compounded annual growth rate of 5.9% and to record a revenue of US$ 184.5 Mn during the forecast period of 2021 to 2027. In terms, of volume the market is anticipated to grow at a CAGR of 4.4% during 2021-2027.
Japan life jacket market growth is underpinned by several growth factors and opportunities such as rising number of drowning incidents in Japan, according to the research, the rising drowning cases in the country is to increase the demand for life jackets, which is driving the market growth during the forecast period. Furthermore, increasing innovation in life jacket coming up from major key players in the market and their strategic activities has been increased in the market, which drives life jacket market growth in Japan during the forecast period. Despite various growth factors market also faces certain challenges such as regular maintenance of life jackets and inflatable canisters to avoid failure during accidents is one of the majors restrains of the market. As per the study of market, the USCG has issued Safety Alert 13-16, emphasizing the need of maintaining inflatable life jackets on a regular basis. Inflatable life jackets must be serviced and inspected according to manufacturer's guidelines.
Japan Life Jacket Market- By Jacket Type
As per the research report of Astute Analytica, on the basis of type, the life jacket market is segmented into inherent and inflatable.
The inherent-type life jackets segment accounted for the highest market share of 65% in 2021 and projecting a CAGR of 5.3% during the forecast period. The reason behind the growth of inherent life jackets are designed with solid material, such as foam, that enables an individual to float on the water and its cost effectiveness, the demand for inherent life jackets is considerably high across several applications, such as day sailing, paddle sports, search & rescue, and others. Nevertheless, inflatable-type life jackets segment is expected to project the fastest CAGR of 6.9% in Japan Life jackets market during the forecast period, because the inflatable-type life jackets segment is backed by its increasing demand across water sports, airlines, and others.
Japan Life Jacket Market- By Distribution Channel
The life jackets market classified the distribution of life jackets through various channels such as - hypermarkets/ supermarkets, departmental stores, online retail, sport stores, and others.
The sports stores segment contributed the major share of 34% in Japan Life Jacket market in 2021 and expected to reach US$ 65.7 million by 2027 during the forecast period. As the sports stores are primary distribution channel for sports equipment purchasing considered in Japan, backed by the availability of branded equipment present in the sports stores. Further, the online retail segment is expected to project the fastest CAGR of 7.4% in Japan Life Jackets market during the forecast period. The reason behind is rising e-commerce sector in Japan and online branded stores is expected to drive the segmental growth in the country.
Impact of Covid – 19 on Japan Life Jacket Market
The Japan life jacket market has been disrupted by the closure of non-essential enterprises. During the pandemic, social distancing norms were issued by the central government. Each boatman requires a proper maintained and washed jacket. To prevent the spread of corona virus, the government has enforced different rules and regulations, including complete lockdown and quarantine procedures, which have had a significant impact on various commercial sectors.
The COVID-19 outbreak had an adverse impact on the Japan Life Jacket market, the market witnessed a decline of approx. -2.2% in 2020, post the outbreak of COVID-19 pandemic. However, the market is expected to expand during the forecast period 2021-2027, with a CAGR of 5.9%.
Competitors Landscape - Japan Life Jacket Market
Japan life jacket market needs a high capital investment in terms of life jacket’s development cost, R&D setup cost, legal cost, marketing expense, distribution cost, and other related cost. This reduces the overall threat level of new entrant and expected to create an entry barrier for new key players in the regional marketplace.
The life jacket market in Japan is observed to be oligopolistic and is projected to shift towards fragmented nature during the forecast period 2021-2027. Companies such as Fujikura Composites Inc., Survitec Group, Tailwalk, Mitsui O.S.K. Lines. Ltd., Nippon Tansan Gas Co., Ltd., Maritime Progress Ltd. and K.K. Igarashi among others hold the majority of share in the Japan life jacket market, having a cumulative ratio of more than 55%. The majority of market share is dominated by mentioned companies while remaining market share is captured by domestic companies present at regional level.
Segmental Overview of Japan Life Jacket Market
Japan life jacket market report include segmentations based on following segments:
Based on Type Segment, the Market is Segmented into:
Based on Technology, the Market is Segmented into:
Based on Size, the Market is Segmented into:
Based on Material Type, the Market is Segmented into:
Based on Application, the Market is Segmented into:
Based on Distribution Channel, the Market is Segmented into:
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