The marine life raft market has seen significant growth, rising from $0.99 billion in 2023 to $1.05 billion in 2024, achieving a CAGR of 5.8%. This growth is driven by stricter maritime safety regulations, growing commercial shipping activities, increased maritime safety awareness, rising marine accidents, and standardized testing. The market is projected to continue growing, reaching $1.32 billion by 2028 at a CAGR of 5.9%, supported by the expansion of the global leisure boating industry, advanced rescue technologies, eco-friendly life raft materials, lightweight solutions, and investment in offshore energy. Key trends include GPS tracking integration, automatic inflation systems, lightweight materials for safety, innovative designs, and eco-friendly materials.
Major Driver In The Marine Life Raft Market
The marine life raft market is set to grow with the increasing popularity of water sports. Activities such as swimming, kayaking, and sailing are gaining popularity as people seek outdoor recreation. Marine life rafts are essential for safety during these activities, providing emergency equipment. The Royal Yachting Association reported that approximately 11.8 million people engaged in boating activities in 2021, nearly doubling participation from 2020. This growing interest in water sports is expected to drive the marine life raft market.
Request A Free Sample Of The Marine Life Raft Market Report
Marine Life Raft Market Competitive Landscape
Viking Life-Saving Equipment A/S, Survitec Group Limited, Fujikura Composites Inc., Brastech Inc., Solas Marine Services Pvt Ltd, LALIZAS HELLAS SA, SHM Shipcare, Crewsaver, Arimar S.p.A., Datrex Inc., ShipServ Ltd, Switlik Survival Products LLC, Ocean Safety Ltd, Wing Inflatables Inc., Plastimo SAS, MIZUNO MARINE Co. Ltd., Vanguarde Ltd., Liferaft Systems Australia, Ovatek Inc., Life Raft and Survival Equipment Inc., Hellas Marine Services S.A., Safety Marine Australia Pty Ltd, Sea Safe Systems Pty Ltd, Inflatables International Inc., Jiangsu Huayan
Key Marine Life Raft Market Trend
In the marine life raft market, companies are focusing on product innovation to enhance safety and functionality. Cruiser life rafts are essential emergency devices for recreational vessels, equipped with essential safety features for rapid deployment. For instance, in April 2023, Seago, a UK-based marine safety equipment supplier, launched the Cruiser Plus life raft, compliant with ISO 9650-1 Type 2 standards. It features a redesigned boarding ramp for easier access and is available in sizes for 4 to 10 people.
Purchase The Global Marine Life Raft Market Report Directly And Get A Swift Delivery
Marine Life Raft Market Segmentation
The marine life raft market covered in this report is segmented –
1) By Product Type: Rigid, Inflatable
2) By Capacity: Less Than 5 people, 5 to 10 People, 10-18 People, More Than 18 People
3) By Application: Fishing Boats, Cruise Ship, Other Applications
4) By End User: Leisure, Commercial
By Geography:The regions covered in the marine life raft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the marine life raft market in 2023.
The Marine Life Raft Global Market Report 2024 furnishes information about the global marine life raft market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
