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Life Vest Market is anticipated to grow at a CAGR of 5.10% from 2022 to 2028
By: axiom market research & consulting
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.
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.
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.
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