Personal Flotation Devices Market Poised for Strong Growth with 9.7% CAGR by 2032

The personal flotation devices market is expected to grow at a compound annual growth rate (CAGR) of 9.7%, reaching US$ 8,014 million by the end of 2032 from its projected worth of US$ 3,178.7 million in 2022.

The market for personal flotation devices is led by North America, which is also predicted to account for more than 25% of global pool float sales revenue.

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The increasing focus on reducing maritime mortality has been a major driver of the personal flotation device industry. Government laws that reward the use of personal flotation devices in coastal regions and when operating boats are other factors that have contributed to the market's growth.

The personal flotation device market expanded at a compound annual growth rate of 9.6% between 2017 and 2021 as a consequence of the above listed factors.

In addition, the growing number of swimming pools and water sports facilities, along with the increased participation and enrollment in watersports and water recreational activities, are all contributing favorably to the growth trajectory of the personal floatation devices market.

Key Companies Profiled

• 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

It is projected that the target market would grow significantly as a result of technology advancements and the continuous introduction of new water sport categories. Furthermore, during the anticipated term, emerging countries' growing disposable income and evolving lifestyles are probably going to drive up market demand.

Predisposition for Exciting and Dangerous Experiences to Accelerate Market Revenue Growth

Globally, people are more willing to take part in thrilling and dangerous adventures than in boring vacations with little to do. Increased life boredom and increased disposable money have contributed to the expansion of global travel. The population's interest in aquatic adventure tourism is being piqued by increased spending power, which is helping the sector to grow.

Individual safety has increased as a result of the introduction of new and improved technologies as well as other developments in water sports equipment. Consequently, more people are taking part in aquatic adventure activities. As a result, water sports are now more popular worldwide, which benefits the target market as well.

To increase market sales, governmental enforcement should use personal flotation devices in coastal areas

Government restrictions aimed at ensuring public safety in coastal regions have become more stringent due to an increase in the number of deadly water-borne events reported. Personal flotation device sales have benefited greatly from these rules. For example, federal law and the U.S. Coast Guard mandate that every passenger aboard a recreational boat has access to an authorized life vest.

The increased government spending on boating infrastructure building is one of the major factors impacting the target market's growth and potential for expansion over the course of the forecast period. The growth trajectory is being positively augmented by the increasing consumer awareness of the importance of personal flotation devices and demand for high-quality products that comply with stringent standards.

The possibility of a product recall poses a serious risk to the manufacturers in this industry

Businesses may be exposed to both internal and external risks. Some risks are easier to identify at first and may be taken into account and eliminated with strategic planning, but others are more challenging. Recalls are one of them; they usually happen after a product or service is introduced to the public. Recalls have the power to destroy a business's brand and result in billion-dollar losses. For example, eleven distinct varieties of life jackets marketed on Amazon under the brand names NILIPEI, FLOATTOP, LIXONG, etc. have been withdrawn from distribution.

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Competitive Landscape

Leading producers of personal flotation devices include Johnson Outdoors Inc., Mustang Survival ULC, Hansen Protection AS, Bernhardt Apparatebau GmbH, Lalizas, Viking Life-Saving Equipment A/S, Survitec Group Limited, and Johnson Outdoors Inc.

Businesses are putting money into developing novel goods and distinctive raw resources. In the worldwide market for personal flotation devices, IoT-enabled supply chains and sustainable business models are important marketing strategies. The use of online distribution channels for sales and marketing is growing in popularity. Businesses are now focusing on alliances and cooperation with regional suppliers in order to expand in the global market.

• The leading manufacturer of lifesaving equipment, LALIZAS, debuted their new catalog in November 2021 and provides a comprehensive safety solution. This will help the company maintain or increase its customer base.
• A new line of life jackets for kids dubbed "The Junior 150N Lifejacket" was unveiled in April 2020 by Seasafe Systems Ltd., a maritime safety equipment company located in the United Kingdom.

Segmentation of Personal Floatation Devices Industry Research

• By Product:
• Offshore Lifejacket
• Near-shore buoyant vest
• Flotation Aid
• Throw able device
• Others
• By Actuation:
• Manually activated
• Automatically activated
• By End Use Vertical:
• Aquaculture industry
• Oil & Gas industry
• Naval industry
• Other industry
• By Sales Channel:
• Sports Outlets
• Franchised Sports Outlet
• Modern Trade Channels
• Direct to Customer Brand Outlet
• Direct to Customer Online Channel
• Direct to Customer Institutional Channel
• 3rd Party Online
• By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

As the market evolves, manufacturers are likely to focus on innovation and customization to cater to diverse consumer needs, ensuring sustained growth and enhancing safety standards worldwide. The future of the personal flotation devices market looks promising, with significant opportunities for expansion and development.

FAQ:

How has the market performed in recent years?

During 2017-2021, sales of personal floatation devices increased at 9.6% CAGR.

Which regional market for personal flotation devices holds the largest market share?

North America tops the global personal floatation devices market accounting for 39.5% market share by the end of 2022.

Which type of personal flotation device currently dominates the market share?

Near-shore buoyant vest personal floatation devices account for 29.3% share of global sales in 2021.