PORTLAND, Ore., Aug. 11, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, “Survival Tools Market by product type (Pocket tools, First Aid Kit, Compass and Others), Application (Hiking, Hunting & Fishing, Camping, and others), and Distribution Channel (Specialty Store, Supermarket/Hypermarket, Online Store, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”. As per the report, the global survival tools industry generated $1.27 billion in 2020, and is estimated to reach $2.48 billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
Major determinants of the market growth
Surge in use of survival tools for safety, ease in availability, and surge in number of recreational activities among enthusiasts drive the global survival tools market. However, low penetration in developing countries and availability of counterfeit products hinder the market growth. On the contrary, product innovations and rapid growth of online retail platformsare expected to open lucrative opportunities for the market players in the future.
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- The Covid-19 outbreak hampered the sale of survival tools as the pandemic resulted in closure of tourism industry and retail stores.
- Moreover, the decline in participation in regular physical and sporting activities hampered the demand for survival tools.
- The prolonged lockdown hindered the manufacturing processes and disrupted the supply chain.
The hikingsegment dominated the market
By application, the hikingsegment held the lion’s share in 2020, accounting for nearly two-fifthsof the global survival tools market, due to rise in popularity of outdoor activities among people and busy and hectic lifestyle coupled with surge in popularity of recreational activities. However, the campingsegment is projected to manifest the highest CAGR of 10.0% from 2021 to 2030, owing torise in popularity of survival camping and increase in demand for survival kits.
The online store segment to manifest the highest CAGR through 2030
By distribution channel, the online store segment is estimated to register the highest CAGR of 9.0% during the forecast period, due to easy availability of survival tools and benefits offered by online stores such as information of product and directions to use. However, the specialty store segment dominated the market in terms of revenue in 2020, contributing to more than one-third of the global survival tools market, as consumers prefer to analyze and evaluate the product before purchases and rise in retail sales of survival tools.
North America held the largest share
By region, the global survival tools market across North Americaheld the largest share in 2020, contributing to nearly two-fifths of the market, due to popularity of hunting & fishing among other popular recreational activities and rise in adoption of healthy lifestyle. However, the market across Asia-Pacific is expected to register the highest CAGR of 9.9% during the forecast period, owing torise in urbanization and disposable income and increase in participation in recreational activities in China, Japan, and India.
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Major market players
- Coleman Company, Inc.
- Fenix Outdoors International AG
- Exxel Outdoors, LLC
- Johnson & Johnson
- Fiskars Group
- SOG Specialty Knives & Tools
- Leatherman Tool Group, Inc.
- UST Brands
- Surefire, LLC
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SOURCE Allied Market Research