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Japan Life Jackets Market 2021 Analytical Assessment, Key Drivers, Growth and Opportunities to 2027

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. 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.

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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.

Growth Influencers:
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.

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Segments Overview:

The Japan Life Jackets market is segmented into type, technology, size, material type, application, and distribution channel.

By Type,
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 segments volume is estimated to grow at a CAGR of around 5.7% and reach about 1,300 thousand units by 2026.

By Technology,
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.

By Size,
o X Small
o Small
o Medium
o Large
o X Large
o Youth
o Child
o Infant
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.

By Application,
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 segments 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.

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Competitive Landscape
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.

The Japan Life Jackets market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Japan Life Jackets market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

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The Japan Life Jackets market report answers questions such as:

What is the market size and forecast of the Japan Life Jackets Market?
What are the inhibiting factors and impact of COVID-19 on the Japan Life Jackets Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Japan Life Jackets Market?
What is the competitive strategic window for opportunities in the Japan Life Jackets Market?
What are the technology trends and regulatory frameworks in the Japan Life Jackets Market?
What is the market share of the leading players in the Japan Life Jackets Market?
What modes and strategic moves are considered favorable for entering the Japan Life Jackets Market?

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