Drowning remains a vital cause of fatal deaths all over the world. Over the past few decades, there has been little change in the annual drowning rate with significant recreational boating drowning deaths. For instance, around 459 people drowned in the U.S. during recreational boating occasions in 2012 and almost 85% of these people were not wearing a life jacket. Boaters like the feel of the sun and water spray and it is always tempting to enjoy a boat ride without a life jacket.
However, it is important to recognize the opportunities for improvement of prevention strategies for recreational sports as non-fatal submersion rates are substantially high. Current life jackets are available in various colors, shapes, and sizes. Some of the life vests are flexible and thin and some are built into fishing vests or hunter coats. Life vests are inflatable and are as compact as a fanny pack or scarf. The vests are automatically filled with air once they hit the water.
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The life vests market is expected to show sustainable growth in the coming years. The demand for life vests is anticipated to rise due to strict regulatory frameworks and policies regarding compulsory usage of personal floatation devices around the globe. Governments of countries such as the U.S., U.K., and Australia are strict in terms of rules to follow while performing recreational activities or for industrial or commercial use of life jackets. Negligence toward safety of individuals in developing economies and underdeveloped countries could hinder the growth of the life vests market.
The cost of personal floatation devices (life vests) might act as a restraint to the market. However, increasing number of people indulging in recreational activities (such as kayakers) is expected to provide substantial opportunities to the life vests market in the next few years.
The life vests market is segregated in terms of end-user, type, size, and region. By type, life vests are classified into inherent and inflatable. Based on size, the life vests market can be segmented into adult, youth, child, and infant. In terms of end-user, the market is segmented into industrial and commercial, and recreational end-users. On the basis of region, the life vests market is divided into Europe, Middle East & Africa, North America, Asia Pacific, and South America. Furthermore, these regions are subdivided into various countries such as the U.S., Canada, U.K., Germany, France, Italy, China, India, Japan, Australia, Saudi Arabia, South Africa, and Brazil.
Some of the key players in the life vests market include Survitec, VIKING Life-Saving Equipment A/S, International Safety Products Ltd., Hansen Protection AS, H3O Water Sports, Aqua Life, Johnson Outdoors, Mustang Survival, Kent Sporting Goods, Stormy Lifejackets, Spinlock, SECUMAR, The Coleman Company, SeaSafe Systems Ltd., and so on. Key players in the market are bound to follow regulatory frameworks announced by governments of specific countries related to life vests. Companies focus on safety of the personal floating devices and add new and exciting features to the products to remain competitive in the market. Furthermore, companies launch exciting offers to promote their products and adopt innovative marketing strategies to attract customers.