The Japan Life Jackets market held a market value of USD 123.5 Million in 2020 and is forecasted to reach USD 184.5 Million by the year 2027. The market is anticipated to witness a growth rate of 5.9% over the projected period. Approximately 5,198.3 thousand units were sold in Japan in 2020.
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Life jackets are a sleeveless buoyant or inflatable jacket for keeping a person afloat in water. They are worn on the upper body and are designed for holding up the torso of the person above the water. The market is majorly driven by the rising number of drownings, which drives the demand for life jackets In addition, innovations in life jackets by major players are also factors leading to positive influence on the market.
However, regular maintenance of life jackets are expected to restrain the market growth. During the COVID-19 pandemic, many vendors which require life jackets, such as companies dealing in water sports activities and tourism activities, among others, cancelled their previous orders, which led to decline in revenues. The manufacturers also slowed down and stopped manufacturing life jackets, owing to low demand by their customers.
Rising drownings leads to increase in demand for life jackets
The number of drowning cases in Japan is increasing rapidly, which is leading to their high demand, hence boosting the market growth. According to the World Health Organization, as of 2018, the number of deaths due to drowning in Japan was 7,314, which accounted to 0.68% of the total number of deaths in the country. According to the same source, in 2019, the total number of deaths due to drowning was 8,400 in the country. Hence, the rising drownings leads to increase in demand for life jackets.
Innovations in life jackets by major players
Market players are continuously investing in research and development for innovative life jackets in order to provide more effective and efficient safety for its wearers. For instance, in 2018, a life jacket was launched in the market which would allow people to turn their necks. Such innovations in life jackets by major players are anticipated to drive the market growth.
The Japan Life Jackets market is segmented into type, technology, size, material type, application, and distribution channel.
The inherent segment is anticipated to hold the largest market share of about 65% owing to their high demand from professional users, commercial operators, and swift water rescue users. The inflatable segment’s volume is estimated to grow at a CAGR of around 5.7% and reach about 1,300 thousand units by 2026.
• Smart Life Jackets
The regular segment is expected to account for the largest market share owing to its increasing demand. The smart life jackets segment is estimated to witness significant growth owing to various technological advancements.
o X Small
o X Large
The adult segment is anticipated to account for the largest market share of around 80%. Within this segment, the small size sub-segment is expected to account for a market volume of around 1,066.6 thousand units by 2027. Within the kids segment, the child sub-segment is estimated to witness a growth rate of about 5.4%.
By Material Type
The foam segment is expected to hold the largest market share, as they are majorly used for manufacturing life jackets. The plastic segment is anticipated to witness the fastest growth rate.
• Water Sports
• Day Sailing
• Offshore Sail
• Offshore Power
• Paddle Sports
• Commercial Vessels
• Search & Rescue
In the fishing segment, around 1600 thousand units of life jackets are expected to be consumed by 2027 due to rising number of cases of drowning during fishing activities. The search and rescue segment’s volume is expected to witness a growth rate of approximately 5.6%.
By Distribution Channel
• Departmental Stores
• Online Retail
• Sport Stores
The online retail segment is anticipated to grow at the fastest growth rate of about 7.4% during the projected period owing to growing penetration of e-commerce sites in the country. The sport stores segment is also expected to witness significant growth rates during the forecast period.
Key players operating in the Japan Life Jackets market include Mitsui O.S.K. Lines, Ltd., Fujikura Composites Inc., K.K. Igarashi, Tailwalk, Fuji Trading Co. Ltd., Kobe Tonghin Pte Ltd., International Safety Products, Takashina Life Preservers Co., Ltd., VIKING Life-Saving Equipment A/S, The Coleman Company, and Other Prominent Players.
The cumulative market share of the seven major players is near about 56%. These key players are involved in new product launches, collaborations, and mergers & acquisitions to strengthen their market presence. For instance, in July 2021, Mitsui O.S.K. Lines Ltd signed a strategic partnership with Methanex Corporation. Methanex Corporation has a fleet of around 800 vessels. Mitsui acquired 40% minority interest in Methanex for about USD 145 million.
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Table Of Content
Chapter 1. Research Framework
1.1 Research Objective
1.2 Product Overview
1.3 Market Segmentation
Chapter 2. Research Methodology
2.1 Qualitative Research
2.1.1 Primary & Secondary Sources
2.2 Quantitative Research
2.2 Quantitative Research
2.2.1 Primary & Secondary Sources
2.3 Breakdown of Primary Research Respondents, By Region
2.4 Assumption for the Study
2.5 Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Japan Life Jacket Market
Chapter 4. Japan Life Jacket Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Material Provider
4.1.4. End Users
4.2. Industry Outlook
4.2.1. Cost estimation of various Life Jackets
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 – 2027
4.7.2. Market Volume Estimates and Forecast (Mn Units), 2017 – 2027
4.7.3. Pricing Analysis
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2020
4.8.3. Competitor Mapping
Chapter 5. Japan Life Jacket Market, By Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017 – 2027 (US$ Mn & Mn Units)
Chapter 6. Japan Life Jacket Market, By Technology
6.1. Key Insights
6.2. Market Size and Forecast, 2017 – 2027 (US$ Mn & Mn Units)
6.2.2. Smart Life Jackets
Chapter 7. Japan Life Jacket Market, By Size
7.1. Key Insights
7.2. Market Size and Forecast, 2017 – 2027 (US$ Mn & Mn Units)
18.104.22.168. X Small
22.214.171.124. X Large
Chapter 8. Japan Life Jacket Market, By Material Type
8.1. Key Insights
8.2. Market Size and Forecast, 2017 – 2027 (US$ Mn & Mn Units)
Chapter 9. Japan Life Jacket Market, By Application
9.1. Key Insights
9.2. Market Size and Forecast, 2017 – 2027 (US$ Mn & Mn Units)
9.2.1. Water Sports
9.2.2. Day Sailing
9.2.4. Offshore Sail
9.2.5. Offshore Power
9.2.6. Paddle sports
9.2.7. Commercial Vessels
9.2.9. Search & Rescue
Chapter 10. Japan Life Jacket Market, By Distribution Channel
10.1. Key Insights
10.2. Market Size and Forecast, 2017 – 2027 (US$ Mn & Mn Units)
10.2.2. Departmental Stores
10.2.3. Online Retail
10.2.4. Sport Stores
Chapter 11. Company Profile (Company Overview, Financial Matrix, Sales Composition Ration, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
11.1. Takashina Life Preservers Co., Ltd.
11.2. Mitsui O.S.K. Lines, Ltd.
11.3. Fujikura Composites Inc.
11.4. K.K. Igarashi
11.6. Fuji Trading Co. Ltd.
11.7. Kobe Tonghin Pte Ltd.
11.8. International Safety Products
11.9. VIKING Life-Saving Equipment A/S
11.10. The Coleman Company
11.11 Other Prominent Players
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