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The personal flotation devices market size is forecast to increase by USD 1.88 billion, at a CAGR of 4.8% between 2023 and 2028. The market is witnessing significant growth due to the increasing focus on preventing marine fatalities. According to the World Health Organization, approximately 323,000 people drown each year, and three-quarters of these fatalities occur in low- and middle-income countries. In response, governments and organizations worldwide are promoting the use of PFDs to enhance water safety. Moreover, the market is witnessing a shift towards stylish and comfortable PFDs to encourage greater adoption. Traditional life vests were often bulky and uncomfortable, deterring many from using them regularly. However, advancements in materials and designs have led to the creation of lightweight, flexible, and fashionable PFDs. These new offerings cater to various activities, including fishing, water sports, and recreational swimming. Despite these advancements, challenges remain. One significant challenge is ensuring the correct selection and usage of PFDs based on individual needs and water conditions. Proper education and awareness campaigns are essential to address this issue and promote the importance of wearing PFDs to prevent drowning. Additionally, ongoing research and development efforts aim to create more advanced PFDs that can adapt to different situations and provide enhanced safety features.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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