The personal floatation devices market continues to be influenced by a range of broader and industry-specific factors. Government regulations mandating the use of personal floatation devices on all vessels have been instrumental in promoting use among end-users. According to United States Coast Guard’s annual report, ‘Recreational Boating Statistics’, 80% of 701 deaths in the US in 2016 were on account of drowning – a staggering 83% of victims who drowned were not wearing a life jacket. Considering the fact that using a personal floatation device can significantly reduce the number of drowning fatalities, government and ombudsmen are working on making it mandatory for players to boost growth.
Demand has also witnessed an increase on account of increasing participation in recreation boating. While recreational boating has traditionally remained the biggest draw for manufacturers, sustained demand from oil & gas, and naval industry has also created sustained opportunities for manufacturers.
Innovation Key to Sustenance in the Highly Competitive Personal Floatation Device Landscape
In a bid to consolidate their position in the market, personal floatation device manufacturers are focusing on making incremental improvement to their product offerings.
- Sunshine Innovation announced the launch of its multi-use floatation device, which can also be used by people with personal disabilities. Sensing the gaps in the market for people with personal disabilities, Sunshine Innovations’ Float'n & Boat'n Thang® is targeting at helping everyone enjoy floating.
- Survitech has broadened its lifeboat inspection programme by adding XD Quick Release Belt and Atacama Pro drysuit. These products are aimed at boosting the safety of emergency service personnel during flood rescue operations. These products can help rescue teams with the option of opting for inflatable life jackets as their personal floatation device of choice.
- ‘OneUp’ floatation device promises next level of automation, as it has the provision of automatic inflation upon contact with water, owing to the use of replaceable CO2 cartridge. The inflation time for ‘OneUp’ floatation devices has been kept at two seconds, to ensure users get immediate assistance.
- Johnson Outdoors, the company behind the brand Old Town brand announced in 2017 that it will be expanding into the popular day touring kayak category. The day touring kayaks will be offered to fit paddler shapes, sizes, and performance levels.
- Mustang Survival unveiled the Khimera™ Personal Flotation Device, a PFD that offers enhanced buoyancy in lightweight and low profile shape. The company has claimed that the PFD offers 30% more buoyancy as compared to the traditional foam PFDs.
Use of personal floatation devices is mandatory for both adults and kids, however, in spite of effective regulation, implementation has been lax in many countries. Many developing countries have adequate laws in place that mandate the use of personal floatation devices, however, in view of lax implementation, penetration has remained moderate. The personal floatation devices market can witness robust growth in developing countries in Asia Pacific and Latin America if regulations and mandates on boating recreation are strictly implemented. The growing pervasiveness and popularity of e-commerce as a sales channel can help manufacturers in reaching last mile consumers in tier II and suburban areas.
Fact.MR study offers a 10-year forecast on the personal floatation devices market for the period 2018-2028. The comprehensive and holistic study on the personal floatation devices market studies the personal floatation devices market in detail, and offers comprehensive analysis on the key factors that are likely to influence the market during the assessment period.
Personal Floatation Devices Market: Taxonomy
The report offers a qualitative and quantitative analysis to give readers a 360 degree view on the market. The market forecast has been offered on the basis of US Mn. The qualitative analysis section of the report studies the macroeconomic, microeconomic, and industry-specific factors that are impacting this market. Holistic insights on the key drivers, restraints, opportunities, and threats impacting the market have been covered in detail in the report.
The report offers segment-wise analysis and insights on the personal floatation devices market to offer readers clear and accurate insights. The report has segmented the market on the basis of product type, end use, sales channel, end users, buyer types, and region.
By product type, the key segments include,
- Type 1
- Type 2
- Type 3
- Type 4
- Type 5
On the basis of end use verticals, the key segments include,
- Recreational industry
- Aquaculture industry
- Oil & gas industry
- Naval industry
- Aviation industry
By sales channel, the key segments include,
- Independent sports outlet
- Modern trade channels
- Direct to Customer Channel
- Third Party Online
Segmentation on the basis of end users includes,
The key buyer type segments include,
The research study has also profiled the personal floatation devices market on the basis of region into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA).
Competitive Landscape Tracking and Analysis
The research study profiles the business and product strategies of some of the leading players in the market, and offers holistic insights that can help existing and new entrants in formulating effective strategies. The competitive landscape tracking and analysis section in the report can be of paramount importance to players who are looking to gain in-depth insights into the existing status quo in the market.
Some of the key companies profiled in the report include Johnson Outdoors Inc., Viking Life-Saving Equipment A/S, Bernhardt Apparatebau GmbH Survitec Group Limited, and Mustang Survival ULC have been profiled in detail in the report.
The competitive landscape section of the report also offers a detailed SWOT analysis that offers the strengths, weaknesses, opportunities, and threats in this landscape. Information on new product developments, mergers and acquisitions, and impact of regulatory changes has also been included for the perusal of the readers.
Robust Research Methodology to Provide Authentic Market Intelligence
A tested & proven research approach is employed by analysts at Fact.MR for evaluating key industry dynamics and offering precise and authentic market intelligence. A blend of primary & secondary research has been implemented for offering estimates and forecasts on the personal flotation devices market. Secondary research forms initial phase of our research, wherein the analysts conduct extensive information mining by referring to up-to-date and verified data resources that include technical journals, regulatory and government published material, and independent studies, which forms the basis of the market estimates.
All the market estimates and forecast offered are further verified via an exhaustive primary research, wherein interviews are conducted with leading market participants, and industry experts. These comprehensive primary interviews aid in validating the information procured and gain significant industry insights, estimations and key developments.
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