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What is the current market size and future outlook for the marine life raft market?
The marine life raft market size has grown strongly in recent years. It will grow from $1.05 billion in 2024 to $1.11 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the implementation of stricter maritime safety regulations, increasing commercial shipping activities globally, growing awareness of maritime safety among vessel operators, rising incidents of marine accidents and emergencies, and the and the development of standardized testing.
The marine life raft market size is expected to see strong growth in the next few years. It will grow to $1.4 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the expansion of the global leisure boating industry, the integration of advanced rescue and communication technologies, the adoption of eco-friendly and sustainable life raft materials, rising demand for lightweight and compact life raft solutions, and continued investment in offshore energy exploration and production. Major trends in the forecast period include the integration of GPS tracking, automatic inflation systems, the integration of lightweight materials for enhanced safety, innovation in design, and the and the increasing adoption of eco-friendly materials.
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What are the key drivers behind the rapid expansion of the marine life raft market?
The increasing popularity of water sports is expected to propel the growth of the marine life raft market going forward. Water sports are recreational activities conducted on or in the water, such as swimming, surfing, kayaking, and sailing. The increasing popularity of water sports is driven by a growing interest in outdoor recreational activities, health and fitness benefits, and the thrill and adventure they offer. The use of marine life rafts in water sports ensures safety for participants, providing essential emergency equipment in case of accidents or unforeseen incidents while engaging in activities on the water. For instance, in May 2023, the Royal Yachting Association, a UK-based sports association, revealead that in 2022, 13.2 million adults in the UK took part in boating activities. Stand-up paddleboarding experienced notable growth, attracting an additional 536,000 participants. Overall, over 10 million people engaged in boating at least once or twice throughout the year. Therefore, the increasing popularity of water sports will drive the growth of the marine life raft market.
What is the segmentation for the 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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Who are the most influential companies 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 are the most influential trends expected to drive the marine life raft market forward?
Major companies operating in the marine life raft market are focusing on product innovation, such as the cruiser life raft, to enhance safety features and functionality, meeting evolving customer needs in maritime safety. A cruiser life raft is a vital emergency evacuation device designed for recreational vessels, equipped with essential safety features, and capable of rapid deployment in maritime emergencies. For instance, in April 2023, Seago, a UK-based supplier of marine safety and water sports equipment, launched the new Cruiser Plus life raft, compliant with the latest ISO 2022 standard, specifically ISO 9650-1 Type 2. This updated version of the popular Sea Cruiser life raft is tailored for the leisure marine market and features a redesigned boarding ramp for easier access. Available in sizes ranging from 4 to 10 people, it is offered in a newly designed valise or slimline canister with a polished finish, enhancing both functionality and aesthetic appeal.
What are the major regional insights for the marine life raft market, and which region holds the top position?
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.
What Does The Marine Life Raft Market Report 2025 Offer?
The marine life raft market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A marine life raft is an emergency inflatable raft designed for use in maritime emergencies. It’s typically stored on ships or offshore platforms and is deployed when abandoning the vessel is necessary due to fire, sinking, or other emergencies. These rafts are equipped with survival essentials like food, water, signaling devices, and sometimes even a canopy for protection from the elements. They are crucial for ensuring the safety and survival of crew members in maritime disasters.
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