Personal Floatation Devices Market Soars, Expected to Hit US$ 8,014 Million by 2032

The global personal floatation devices market is expected to be valued at US$ 3,178.7 million in 2022, growing at a CAGR of 9.7% to US$ 8,014 million by the end of 2032.

The personal flotation device market is transitioning from 'distributor-based' sales to direct-to-customer online channels. Catering to the needs of last-mile consumers is a profitable opportunity for manufacturers, and utilising online sales channels can help businesses capitalise on the emerging opportunities, according to a recent study.

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Use of personal floatation devices during recreational activities continues to be the biggest market opportunity for manufacturers. Increasing emphasis on recreational boating safety has been instrumental in driving up sales in many markets. The USGC mandate on having at least one USGC-approved wearable life jacket for each person on board in the US has pushed demand in the country. Stringency in regulations as per the new EU regulation 2016/425 has led to the move from PPE II to PPE III, and led to stricter evaluation requirements for the products. It is highly likely that stringency in mandates will continue to augment sales during the assessment period.

The report finds that manufacturers are focusing on making incremental improvements in their product offerings to consolidate their position in the market. The incremental improvements encompass both technology and materials - integration of GPS, personal locator beacon, low profile chassis, and lifting loops are some of the integrations made by manufacturers.

Floatation Aids and Near Shore Buoyant Vests Dominate Sales

The majority of sales in the personal floatation devices market are still driven by demand for floatation aids and near shore buoyant vests. In 2017, more than $2 billion in floating aids and near-shore buoyant vests were sold globally. The analysis predicts that demand for floatation aids and near-shore buoyant vests will continue strong during the assessment period.

List of Key Companies Profiled in The Report

• 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
• Kokatat
• Others

North America Personal Floatation Device Sales Nearly 2x of Europe

The report finds that North America continues to reign supreme in the personal floatation devices market. The market opportunity in North America is nearly twice as compared to Europe, which is the second largest market for personal floatation devices. The North American personal floatation devices market continues to be heavily concentrated in the US, where state-level and federal mandates have given a fillip to sales. Demand also continues to be supplemented by the relatively high number of boat fleet and boat owners. The report estimates that over US$ 1.7 Bn worth of personal floatation devices were sold in North America in 2017.

Individual and institutional buyers have traditionally remained the target demographic for personal floatation device manufacturers. Demand for personal floatation devices from the individual demographic has traditionally remained higher than institutional demographic, and the status quo is likely to remain unchanged during the period of assessment.

The report finds that key stakeholders are focusing on launching innovative products to consolidate their position. Some of the leading players, including Survitec Group Limited, Johnson Outdoors Inc., Viking Life-Saving Equipment A/S, Mustang Survival ULC, and Bernhardt Apparatebau GmbH have broadened their scope of offerings in the past couple of years.

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Competitive Landscape

Companies in the personal flotation devices market are investing in innovation and unique raw materials, employing sustainable business models and IoT-enabled supply chains as key commercial tactics. Online distribution platforms are gaining popularity for marketing and sales, while businesses focus on partnerships and collaborations with local suppliers to expand globally. In Nov. 2021, leading lifesaving gear producer LALIZAS unveiled a comprehensive safety solution in their new catalog, aiming to grow and retain their consumer base. In Apr. 2020, U.K.-based Seasafe Systems Ltd introduced "The Junior 150N Lifejacket," a new range of life jackets for children, further enhancing their marine safety gear offerings.

The personal floatation devices market plays a pivotal role in ensuring water safety for enthusiasts across various activities. From the foundational overview to insights, future outlook, growth, opportunities, and the value chain, this article provides a comprehensive guide to understanding the multifaceted nature of the personal floatation devices market. As consumer awareness and participation in water-based recreation continue to grow, the market is poised to adapt, offering a range of innovative and safety-compliant solutions for individuals venturing into aquatic environments.

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This release was published on openPR.