The global life vests market is anticipated to grow at a CAGR of 5.5% during the forecast period (2022-2028). It is a piece of safety equipment worn on the upper body as it makes people float on water and saves them from drowning. The major factor expected to drive the market growth is the increase in popularity of water sports tourism all over the globe such as jet skiing, wakeboarding, and river rafting. In addition, the government has implemented strict rules and frameworks regarding the use of life vests in airplanes, water sports, and places where there is a drowning risk. Furthermore, the introduction of improved quality products, the growth in the adventure tourism industry, the rising awareness about healthy lifestyles, increasing participation in outdoor recreational activities, along with the growing demand for life vests owing to strict regulation are further boosting the global life vests market during the forecast period.
Some major players in the market include Survitec Group, Johnson Outdoors, Inc., and Hansen Protection AS, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in November 2019, H3O Water Sports, a part of Human Bobber an inventor in Fort Lauderdale announced that the company gets a deal with a shark tank. With this deal, the company expands its presence and also supports the company to generate more profit.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product
- By Type
- By End-User
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Survitec Group, Johnson Outdoors, Inc., and Hansen Protection AS, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Life Vests Market is available at: https://orionmarketreports.com/global-life-vests-market/107716/
Global Life Vests Market Report by Segment
By Product
- Inherent
- Inflatable
By Type
- 7lbs Inherent Life Vests
- 7lbs-15.5lbs Inherent Life Vests
- 22lbs Inherent Life Vests
- 34lbs Inflatable Life Vests
By End-User
- Adult
- Youth
- Child
- Infant
By Distribution Channel
- Hypermarket/Supermarket
- Departmental Stores
- Sports Stores
- Others
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