A life vest, also called personal floatation device is a safety equipment worn on the upper body as it makes people float on water and saves them from drowning. Life vest comes in different categories, sizes, and colors. Some life jackets inflate by themselves and others need to be filled with air manually. These are available in different sizes and in different colors. Life jackets have a waist belt, adjustable chest strap, and zipper. Government has implemented strict rules and framework regarding the use of life vests in airplanes, water sports, and places where there is a drowning risk.
COVID-19 Scenario Analysis:
Amusement parks and water sports are shut down due to COVID-19 pandemic, which has led to a shutdown of places where people tend to gather. This has decreased the demand for life vests among the people, thus decreasing the growth of the market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The increase in popularity of water sports all over the globe is the biggest growth driver of the market. Most of the people are now interested in jet skiing, wake boarding, river rafting instead of simple holidays of just being at the place, which boosts the growth of the market.
Strict regulations and policies regarding the use of life vests also drive the market growth. Government of many countries are very strict about not using life jackets wherever it is compulsory. This has increased its usage and raised the demand.
The global life vests market trends are as follows:
Water sports like river rafting, water skiing, rowing, and fishing are gaining popularity. People prefer sports than a simple holiday. Water sports is another field which has gained popularity and people tend to opt for these whenever possible. Government has made the use of life jackets mandatory for a person indulging in any activity that involves drowning. This boosts the demand for life vests among the people, thus driving the market growth.
Key Benefits of the Report:
- This study presents the analytical depiction of the global life vests industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global life vests market share.
- The current market is quantitatively analyzed to highlight the global life vests market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global life vests market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Life Vests Market Research Report:
- What are the leading market players active in the life vests market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Life Vests Market Report Highlights
By End Users
Key Market Players
H3O Water Sports, Kent Sporting Goods, Mustang Survival, Aqua Life, Stormy Lifejackets, International Safety Products Ltd, Survitec, SECUMAR., Johnson Outdoors, Hansen Protection AS