Life Vest Market is anticipated to grow at a CAGR of 5.10% from 2022 to 2028

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COVID19 is an unparalleled global public health emergency affecting almost every industry, and long-term impacts are expected to impact industry growth during the forecast period. The COVID-19 pandemic has certainly affected the global life vest market due to disruption in the global supply chain across the globe. As the pandemic has majorly caused the shutdown of manufacturing, as well as the number of applications stopped working for days due to strict lockdown regulations. Reduction activities of life jackets stopped completely due to lockdown restrictions imposed by governments in many countries.  Furthermore, amusement parks and water sports have been shut down due to the 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 people, thus decreasing the growth of the market.

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MARKET OVERVIEW- GLOBAL LIFE VEST MARKET

MARKET DRIVERS

The increased participation in adventure water sports and use in military and safety operations drives the growth of the global life jacket market. With rising awareness of safety standards issued by governments for water adventure sport and other water-based activities of people, the use of life jackets for commercial vessels, day sailing and fishing activities. Also, increased social media and advertising has made it possible for the water adventure tourism sector to reach people across the globe. Furthermore, the rise in population across the globe is mainly driven towards safety standards and rules by governments on the safety of people in various industries, including commercial shipping, offshore and other end-user industries. Moreover, a rising number of players in the life vest market has increased investment in the research and development of innovative life vest products.

MARKET OPPORTUNITY

A surge in participation in adventure water sports and use in military and safety operations drive the growth of the global life vest market. On the other hand, stringent government rules & regulations and development of life jackets with high-quality material, durability, and comfort create new opportunities in the coming years.

MARKET RESTRAINT

The rising number of drawings drives the demand for the life vest. However, the cost of a personal floatation device acts as a restraint for the market.

MARKET GROWTH CHALLENGES

The Covid-19 pandemic hampered the growth of market to major extent which has created a major challenge for the market growth. Also, the high cost of the life vest is expected to be major hampering for the market growth over the forecast the period.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of the global life vest market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. An increasing demand for life vests in various industries has led the increasing demand for the market and is expected to witness it a growth at a CAGR at a specific CAGR from 2021-2028.

LIFE VEST MARKET SEGMENTAL OVERVIEW

The global life vest market comprises of different market segment like type, end-user and geography.

LIFE VEST MARKET BY TYPE

By type, the life vest includes key segment of

  • Inherent
  • Inflatable

Inherent life jackets form the majority segment of this market with a share of 77% of the total market. The inherent jacket does not require any procedure to operate it, which is attributed towards the largest share. These are made up of buoyant materials like polyvinyl chloride (PVC) foam and are usually bulky in design. Furthermore, the inherent life jacket has a wide application in various areas such as construction sites, fire safety as well as airplanes. Moreover, its reasonable price has high demand and it is expected to fuel a huge growth rate of the life jacket market.

LIFE VEST MARKET BY END-USERS

By type, the life vest includes key segment of

  • Defense
  • Commercial
  • Shipping
  • Offshore
  • Yachting
  • Others

The watersports segment is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. In 2021, the water sport segment was valued at $395.2 million. With the rise in water sports activities, demand for life vests has increased. The rise in water sport tourism, owing to a rise in the travel and tourism sectors and the craze for water adventure, helps to boost the market growth. The rise in the population across the globe is mainly driven towards safety standards and rules by governments on the safety of people in various industries, including adventure sports. There are various laws for the safety of people. The law says, while in water sports, boat owners or skippers must give each person on board information about their life vest.

LIFE VEST MARKET BY GEOGRAPHY

The global life vest market is studied for the following region

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the world (RoW)

Europe is anticipated to witness increasing demand for life vests owing to the presence of well-established market players. In 2021, Europe accounted for the highest share by contributing to around one-third of the total market share. Additionally, due to the huge number of water parks in Germany and other countries, including France and the UK. Moreover, the scope for the travel industry contributes towards growth of the life vests in this region. Moreover, the development of micro-films and small and medium-sized enterprises in the life vest industry has a positive impact on demand.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of life vest market is majorly focused on expanding the global growth of life vest with new product innovation, business expansion, increasing presence of range of manufacturer operating in life vest has led the growing demand for the market.  Besides, the market offers range of products in different industry to fulfill the required demand of consumer which is further contributing healthy growth in the market. 

The key players studied in market are

  • International Safety Products Ltd
  • Survitec Hansen Protection AS
  • H3O Water Sports
  • Aqua Life
  • Johnson Outdoors
  • Kent Sporting Goods
  • Mustang Survival
  • Stormy Lifejackets

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