What Has Been The Evolution of the Marine Life Raft Market in Recent Years?
The marine life raft market has seen considerable growth due to a variety of factors.
• The marine life raft market has seen strong growth in recent years. It will grow from $1.05 billion in 2024 to $1.11 billion in 2025, reflecting a CAGR of 6.1%.
This growth is attributed to stricter maritime safety regulations, increased commercial shipping activities, greater maritime safety awareness, and the development of standardized testing.
What Is the Forecasted Market Size and Growth Rate for The Marine Life Raft Market Size In The Coming Years?
The marine life raft market is expected to maintain its strong growth trajectory in upcoming years.
• The marine life raft market will reach $1.4 billion by 2029, growing at a CAGR of 5.9%.
Factors such as the growth of the leisure boating industry, rescue technology integration, eco-friendly materials, and lightweight raft solutions are driving this market. Trends include GPS tracking, automatic inflation systems, and eco-friendly materials.
What Factors Are Driving Growth In The Marine Life Raft Market?
The rising popularity of water sports is expected to spur the growth of the marine life raft market. As water sports such as surfing, kayaking, and boating become more popular, the need for safety equipment like marine life rafts increases. For example, in 2022, 13.2 million adults in the UK participated in boating, with stand-up paddleboarding showing significant growth, according to the Royal Yachting Association in May 2023. This trend is expected to drive the marine life raft market.
What Are The Main Segments Of The Global Marine Life Raft Market?
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
Subsegments:
1) By Rigid Life Rafts: Hard-Shelled Rigid Life Rafts, Fiberglass Rigid Life Rafts, Composite Material Rigid Life Rafts, Rigid Life Rafts With Canopy Or Shelter, Small-Size Rigid Life Rafts (For Smaller Boats Or Yachts), Rigid Life Rafts For Military And Commercial Use
2) By Inflatable Life Rafts: Single-Chamber Inflatable Life Rafts, Double-Chamber Inflatable Life Rafts, Fully Inflatable Life Rafts With Canopy, Offshore And Open Water Inflatable Life Rafts, Coastal And Inshore Inflatable Life Rafts, Reversible Inflatable Life Rafts (For Easy Boarding), Life Rafts With Automatic Inflation Systems, Manual Inflation Inflatable Life Rafts, Inflatable Life Rafts With Survival Equipment (Water, Flares, First Aid Kits)
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What Trends Are Shaping The Marine Life Raft Market?
Premier companies in the marine life raft market are emphasizing on product enhancements like the cruiser life raft, aiming to increase safety attributes and performance, according to the changing demands of maritime safety. A cruiser life raft is an essential device for emergency evacuation specifically constructed for recreational vessels, furnished with necessary safety aspects, and is ready for quick deployment during maritime emergencies. For example, in April 2023, Seago, a UK-based provider of water sports and marine safety equipment, introduced their new Cruiser Plus life raft, adhering to the newest ISO 2022 standard, specifically ISO 9650-1 Type 2. This upgraded model of the widely popular Sea Cruiser life raft is customized to suit the leisure marine market, featuring a newly designed boarding ramp for easy access. It comes in a range of sizes for 4 to 10 people and is available in a freshly designed valise or thin canister with a sleek finish, improving both operational efficiency and aesthetic value.
Who Are the Key Players In The Marine Life Raft Market?
Major companies operating in the marine life raft market are:
• 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
What Is The Most Dominant Region In The Marine Life Raft Market?
Asia-Pacific was the largest region in the marine life raft market in 2024. The regions covered in the marine life raft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
