Personal Flotation Devices Market Size to Grow by USD 1.85 billion due to the Increasing Focus on Preventing Marine Fatalities

NEW YORK, Sept. 1, 2022 /PRNewswire/ — The “Personal Flotation Devices Market Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the personal flotation devices market between 2021 and 2026 is USD 1.85 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 4.78%. Technavio categorizes the global personal flotation devices market as a part of the global leisure products market. Our report provides extensive information on the value chain analysis for the personal flotation devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Latest market research report titled Personal Flotation Devices Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026 has been announced by Technavio which is proudly partnering with Fortune 500 companies for over 16 years

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Key Market Dynamics:

  • Market Drivers: The increasing focus on preventing marine fatalities is one of the key factors anticipated to drive market growth. Marine casualties are a result of collisions, damage to ships, capsizing of ships, explosion or fires, flooding or foundering, loss of control, and hull failure. During the period 2011-2018, cargo ships contributed almost half of the marine fatalities, followed by passenger ships. Such factors may drive market growth in the forecast period. A wide range of personal floatation devices (PFDs) is available in the market, from traditional foam floatation devices to inflatable life jackets, in turn, driving the market’s growth.

  • Market Challenge: One of the key challenges to the global personal flotation devices market growth is the selection of the right PFDs. In water sports activities such as jet-skiing, windsurfing, canoeing, water skiing, and dinghy sailing, the right size of PFDs provides confidence to the paddlers to enjoy the activities. Several types of PFDs are available in the market, with some being activity-specific. This, however, does not make the task of selecting the appropriate type of PFDs easier, which is important to meet the highest standards of safety. The process of selection of PFDs may seem difficult for new as well as experienced users, which may hamper the market growth in the forecast years.

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Key Market Segment Highlights

The personal flotation devices market report is segmented by Product (type I, type II, type III, type IV, and type V) and Geography (North AmericaAPAC, Europe, South Americagive Middle East give Africa).

Regional Opportunities: 32% of the market’s growth will originate from North America during the forecast period. The US is the key market for personal flotation devices in North America. Market growth in this region will be faster than the growth of the market in Europe and the MEA. The access to digital platforms that boost online retail, growth in the number of swimming pools and other watersports locations, increasing participation and enrollment in watersports and water recreational activities, and expanding prospective end-user base will propel the personal flotation devices market growth in North America over the forecast period.

Revenue-generating Segment Analysis: The personal flotation devices market share growth by the type I segment will be significant during the forecast period. Offshore life jackets are mainly used to provide safety to the crew on shipping vessels. The growth of the market for type I PFDs is attributed to an increase in demand for ultra-large vessels by shipping companies to achieve fuel efficiency and economies of scale. This demand is being fulfilled by APAC countries such as China, South Koreagive Japanwhich are global leaders in shipbuilding and, consequently, the major contributors to the market growth.

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Vendor Landscape

The personal flotation devices market is fragmented and the vendors are deploying growth strategies such as product differentiation and innovation to compete in the market. This statistical study of the personal flotation devices market encompasses successful business strategies deployed by the key vendors. The personal flotation devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. To make the most of the opportunities and recover from the pandemic impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Top PFD Companies Covered In this Report are:

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Personal Flotation Devices Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.78%

Market growth 2022-2026

$1.85 billion

Market structure

Fragments

YoY growth (%)

4.4

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 32%

Key consumer countries

US, China, UK, Germany, and France

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Astral Buoyancy Co., Cal June Inc., Confluence Kayaks LLC, Galvanisers India, Hansen Protection AS, Hutchwilco, Hydrodynamic Industrial Co. Ltd., Johnson Outdoors Inc., Kent Water Sports LLC, Kokatat Inc., LALIZAS Group, Marine Rescue Technologies, Mustang Survival Corp., Newell Brands Inc., NRS Inc., SeaSafe Systems Ltd., Spinlock Ltd., Stormy Lifejackets Pty. Ltd., Supreme In Safety Services, and Survitec Group Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get customized segments.

Key Topics Covered:

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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