Survival tools market valuation is expected to reach US$2 billion in
DUBAI, United Arab Emirates, March 24, 2022 (GLOBE NEWSWIRE) — According to a recent report by Future Market Insights (IMF), global sales of survival tools are set to soar to CAGR of 7.4% through 2030. Growth will be driven by a growing sense of self-protection in a rapidly changing environment.
|Estimated Survival Tools Market Size 2022||US$1.1 billion|
|CAGR Based on Survival Tools Market Value (2022-2030)||~7.7%|
|Projected Survival Tools Market Size 2030||US$2 billion|
In the survival tools industry, which has seen moderate growth and expansion in the mainstream market, it is imperative that players recognize their consumers and design future-proof strategies (and products) to stand out from their peers.
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Since January 2020, three significant events have increased the demand for survival kits: the COVID-19 epidemic, the bushfires in Australia and the assassination of the Iranian military leader.
- Pocket tools will remain consumer favorites
- Manufacturers continue to use stainless steel to develop survival tools
- Adoption of survival tools to stay predominant in hiking activities
- Players will invest in multi-brand stores for substantial survival tool sales
- North America and Europe will represent the most lucrative opportunities for players in the survival tools market
“Generation X (Xers) has been a key factor driving survival tools market revenue over the past few years. The demographic cohort has essentially transformed the concept of “survivalism” from a hobby to a way of life. Additionally, Xers prioritize self-reliance and resilience and are drawn to ‘survival schools’ to learn to live with the basics,” an IMF analyst says.
Impact of COVID-19 on the Survival Tools Market
As many industries struggle to meet revenue targets as several countries around the world grapple with the COVID-19 pandemic, the market for survival tools is booming. Although the survival tools industry is unprepared for a disaster of this magnitude, sales are unaffected by the onset of the pandemic.
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The demand for survival tools is increasing following the contagion of COVID-19. Consumers are increasingly buying pocket tools, first aid kits and ropes to prepare for doomsday scenarios.
The COVID-19 pandemic has triggered drastic changes in consumer lifestyle. Consumers are constantly looking for ways to stock up on essentials such as medicine, survival kits and food.
As parts of hard-hit countries open up, consumers are still facing shortages of odds and ends of all kinds. Additionally, as various regions are exposed to the second wave of the COVID-19 pandemic, there are uncertainties regarding further tightening of lockdown restrictions.
The COVID-19 recession has reset the bars for how manufacturers interact with suppliers and consumers. As these trends sweep the market landscape, survival tool manufacturers must rethink existing operating models and supply chains.
Survival Tools Market – Competitive Intelligence
The global survival tools market is highly fragmented with several players striving to capture a prominent value share. In an effort to survive the increasing market competition, manufacturers are focusing on new launches and acquisitions, for example,
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- UST has developed new camping gear that accentuates excellent durability and functionality. Additionally, the company has started using 100% recyclable packaging for its new offerings and will phase out conventional packaging.
- Tender Corporation has acquired Bushwacker Backpack & Supply, which is the manufacturer of the Counter Assault brand of personal defense items such as bear bombs and self-defense and law enforcement tools.
Want to know more about Survival Tools market?
Future Market Insights in its new study provides compelling insights on the Survival Tools Market which includes industry analysis for 2015 – 2019 and opportunity assessment for 2020 – 2030. The report offers an unbiased assessment of the market survival tools across five different categories – product type, material type, application, sales channel and region.
The global Survival Tools market study provides insights on pricing by different life cycle analyses, product life cycle, key market trends and technologies used in the development of Survival Tools and adoption of products in various end-user industries.
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