Key players are focusing on improving the product quality and making the personal flotation devices (PFDs) cost-effective to maintain their position in the industry.
NEW YORK, NY / ACCESSWIRE / April 19, 2021 / Personal flotation devices (PFD) sales are set to grow at nearly 4.9% CAGR to reach a valuation of US$ 6 Bn by 2028-end. Increasing use of personal flotation devices due to rise in recreational activities is improving the demand. Demand for flotation aids to reduce the number of drowning fatalities is bolstering the growth. Increasing willingness among consumers to spend on recreational boating activities remains a primary factor driving sales.
According to the study, the market is expected to witness remarkable demand on the back of increasing popularity for water-based tourism across the globe. These PFDs are majorly used in water-based activities such as cruise-ships, boating and surfing. As there's a remarkable rise in number of participants for water-based activities such as surfboarding, rowing, and many more, the market is gaining traction.
Also, the demand for PFDs is improving due to the increasing use in various end-users such as oil & gas and naval industry.
'Demand for personal flotation devices is expected to increase as more travelers show inclination towards adventure sports and recreational activities during their holidays,' says a Fact.MR analyst.
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- United States is expected lead the North American personal flotation devices market
- Flotation aid to remain the dominant segment of the market
- Individual buyers to remain dominant throughout the forecast period followed by institutional
- Recreational activities continue to remain the biggest market opportunity for personal flotation devices manufacturers
- France and Germany to emerge as a potential market through 2021
- Direct-to-customer online channel to gain traction during the forecast period
- Increasing demand from government marine agency is boosting the demand of personal flotation devices
- Rising activities such as fishing, water sports and boating are also driving the growth
- Lack of awareness related to the usage of device such as life jacket fit is likely to hinder the growth
Discover more about the personal flotation devices market with 62 figures and 158 data tables, along with the table of contents.
Survitec Group Limited, Viking Life-Saving Equipment A/S, The Coleman Company, Johnson Outdoors Inc., Mustang Survival ULC, Hansen Protection AS, Bernhardt Apparatebau GmbH, Lalizas, International Safety Products, and Kokatat among others are some of the prominent manufacturers profiled by Fact.MR. As the market seems moderately fragmented, leading players are inclined towards using key strategies such as product innovation to maintain the competitive edge in the industry.
In 2018, US Coast Guard announced that it is seeking public approval to harmonize personal flotation device standards between the States and Canada by accepting a new standard for approval of PFDs.
Also, in 2020, Sea Tow Charleston announced life jacket loaner stand in North Charleston.
More Valuable Insights on Personal Flotation devices Market
In its latest report, Fact.MR provides a detailed segmentation on the global personal flotation devices market through 2021 and beyond. The study divulges essential insights on the personal flotation devices market trends, growth and opportunities. To gain a better perspective, the market is segmented on the basis of end-use vertical (recreational industry, aquaculture industry, oil & gas industry, naval industry, and aviation industry), end-use (adults and kids), sales channel (independent sports outlet, modern trade channels, direct to customer channel, and third party online), buyer types (individual, institutional, and promotional) and region (North America, Latin America, Europe, Asia Pacific, and MEA).
Key Questions Covered in the Report
- Which product type will be the most lucrative segment for personal flotation devices market?
- Which type of sales channel will drive the personal flotation devices sales?
- What are the key drivers and restraints for the personal flotation devices market?
- Why is demand for personal flotation devices accelerating in Europe?
- Which are the prominent players operating in the personal flotation devices market?
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