FIREWORKS MARKET REPORT OVERVIEW
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The global fireworks market size is expected to be USD 2687.5 million in 2022 and is projected to touch USD 3792.21 million by 2031, exhibiting a CAGR of 3.9% during the forecast period.
Fireworks are beautiful things that can split various colors and sparkle when lightning is in the air. These are one of the low explosive devices generally used for entertainment and aesthetic purposes. The fireworks are used mainly in a firecrackers display produced by the firework devices. It can take many forms and make smoke, noise, light, and floating materials. The product is designed to split into various colors and spread sparkle in the air like green, yellow, red, blue, silver, and purple. The products are generally used in celebrating festivals or occasions such as weddings or birthdays.
Fireworks were first invented in China and were used to celebrate festivals and the Chinese New Year celebration. They create a beautiful view after bursting in the air and are popular among the population. India and China's general population use firecrackers to celebrate special occasions and festivals. It comes with safety issues and can cause harm to the user. Keeping these concerns in mind, the companies developed military fuzee maps allowing soldiers to light the firecrackers without detecting the matches becoming red instead of evoking a flame.
COVID-19 Impact: Halt on Manufacturing Operations Delayed Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with fireworks experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the fireworks market growth and demand returning to pre-pandemic levels once the pandemic is over.
COVID-19 outbreak affected all the industries such as automotive, transport, manufacturing, and aerospace. The consumer goods sector was no exception. The manufacturing industries were shut down, which impeded the manufacturing rate of the product. The retailers sell consumer goods, and the stores were shut down due to the stringent lockdown laws. Moreover, the festivals were not celebrated with the same zeal, and thus, the market witnessed a downfall. The post-COVID period is anticipated to recover the market loss, but low supply is expected to become a challenge in the market's growth.
LATEST TRENDS
"Availability of Low Polluting and Soundless Fireworks to Drive Trends"
Sound pollution has been a significant concern for the world. Companies introduced soundless fire shots to drive trends in the market. The new advanced products are launched, such as products that cause low pollution as air pollution is increasing, which causes harm to human health and the environmental ecosystem. Low pollution products are introduced to overcome the stringent government laws regarding environmental pollution. Soundless fireworks are also available in the market, which is expected to drive market growth. Moreover, the market has safe products, which are anticipated to gain traction.
FIREWORKS MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into category A, category B, category C, and category D.
- By Application Analysis
Based on application, the market is classified into government, company, individual, and others.
DRIVING FACTORS
"Celebration of Sports Tournaments and Festivals to Boost Product Growth"
Various sports tournaments such as football, cricket, tennis, and others are organized. The tournament winners often celebrate their victory with lightning fire shots and crackers. Firecrackers have become a mandate for every celebration. Victory, happy moments, and festivals are all marked by lighting firecrackers. India uses firecrackers in celebrating Diwali, welcoming the New Year, weddings, welcome parties, and other occasions. At the same time, other countries use firecrackers to celebrate festivals such as Christmas, New year, and other events. These factors are anticipated to drive market growth.
"Increasing Per Capita Income of the Population to Surge the Market Growth"
The rising per capita income of the population is anticipated to escalate the inclination toward firecrackers. The firecrackers are expensive, and the general population could not spend money on firecrackers to celebrate every little occasion. Thus, an increased per capita income is expected to be an additional factor projected to aid growth in the market. The families celebrate festivals, birthdays, and occasions by lighting fire shots, likely to propel market growth.
RESTRAINING FACTORS
"Complex Rules for the Import and Export of Products to Limit Market Growth"
Rising security concerns resulting in complex rules and regulations are estimated to affect the market's growth. The improper storage and inadequate arrangements for shipping may affect the product quality and cause an explosion. Ignoring the safety guidelines may cause a casualty, which is estimated to retard the fireworks market growth. Additionally, the government’s rising concern for air and noise pollution as it can cause respiratory problems and allergies to the population. Thus, it is another factor expected to hinder growth. Furthermore, to avoid any casualty, the government imposed strict laws, anticipating to halt the product demand.
FIREWORKS MARKET REGIONAL INSIGHTS
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"Asia Pacific to Dominate Owing to Higher Consumption of Fireworks "
Asia Pacific is projected to hold a significant part in the fireworks market share owing to the region's cheap labor availability. China is estimated to have a share of about 65% of the total market share due to the significant production of fireworks in the country. Additionally, the presence of India in the region is likely to surge growth in the market due to the celebration of various festivals in the country.
North America is projected to show sizeable growth owing to the higher per capita income of the population. The population is inclined toward celebrating occasions by lighting firecrackers which is anticipated to aid growth in the market.
KEY INDUSTRY PLAYERS
"Industry Players to Emphasize On Developing Long-Term Growth Strategies"
Industry players focus on developing products that cause the least pollution and sound to gain traction in the global market. The key companies are developing strategies to achieve long-term growth. Major players strive to gain acquisitions, mergers, and collaborations in the regional market to boost their global market share further. The companies emphasize safe developing products to extend the product demand. Various analytical approaches are taken under consideration to expand in the global market.
List of Market Players Profiled
- Standard (India)
- Sri Kaliswari (India)
- Ajanta (India)
- Coronation (India)
- Sony (India)
- Diamond Sparkler (U.S.)
- GROUPE F (France)
- Panda (China)
- Lidu (China)
- Zhongzhou (China)
- Liuyang (China)
- Guandu (China)
- Jeeton (China)
- Qingtai (China)
- Bull (China)
- Hekou (China)
- Dahu (China)
- Dancing (China)
- Shenma (China)
- Jinsheng Group (China)
- Sanlink Group (China)
- Fuxiang (China)
- Hefung (China)
- Shenghong (China)
- Shengding (China)
- Meaning (China)
- Juntai (China)
- Shijihong (China)
- Kim TAE (China)
- Qianzi (China)
REPORT COVERAGE
The report is an overview of the market, including the following:
- Key players and their recent development.
- Factors projected to aid fireworks market growth.
- The impact of COVID-19 is also represented in the report.
- Regions are anticipated to lead the global market.
- Factors that may limit the growth of the market.
- The latest trends are also included in the report.
- Segmentation of the market based on application and type.
These aspects give a complete overview of the market and help the stakeholders gain a better understanding of the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2.6875 Million in 2022 |
Market Size Value By |
US$ 3792.21 Million by 2031 |
Growth Rate |
CAGR of 3.9% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Types & Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the fireworks market expected to touch by 2031?
Based on our research, the fireworks market is projected to touch USD 3792.21 million by 2031.
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What CAGR is the fireworks market expected to exhibit by 2031?
The fireworks market is expected to exhibit a CAGR of 3.9% by 2031.
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What are the segments of the fireworks market?
By type, the fireworks market is segmented into category A, category B, category C, and category D. Based on application, the market is classified into government, company, individual, and others.
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Which are the driving factors of the fireworks market?
Various sports tournaments and festivals to boost product growth and increase the per capita income of the population to surge the market growth are the factors driving the fireworks market.
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Which are the top companies operating in the fireworks market?
Standard, Sri Kaliswari, Ajanta, Coronation, Sony, Diamond Sparkler, GROUPE F, Panda, Lidu, Zhongzhou, Liuyang, Guandu, Jeeton, Qingtai, Bull, Hekou, Dahu, Dancing, Shenma, Jinsheng Group, Sanlink Group, Fuxiang, Hefung, Shenghong, Shengding, Meaning, Juntai, Shijihong, Kim TAE, and Qianzi are the top companies operating in the fireworks market.
