Personal Floatation Devices Market Growth Inclinations & Development Strategies until 2028

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Rockville, US, 2019-May-02 — /EPR Network/ — Fact.MR has recently updated its massive report catalogue by adding a fresh study titled “Personal Floatation Devices Market Growth Inclinations & Development Strategies until 2028”. This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028.The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated to growth of manufacturers in global market for Personal Floatation Devices Market. Along with these insights, the report provides the readers crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.

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The personal floatation device market is witnessing a notable shift from ‘distributor-based’ selling to direct-to-customer online channel. Catering to the requirements of last mile consumers is presenting a lucrative opportunity for manufacturers, and leveraging online sales channels can help brands leverage the emerging opportunities, finds a new study. The report projects the direct to customer sales channel to grow at 4.9% CAGR during the assessment period 2018-2028.

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.

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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

Demand for floatation aids and near shore buoyant vests continues to account for bulk of sales in the personal floatation devices market. Collectively, over US$ 2 Bn worth of floatation aids and near shore buoyant vests were sold globally in 2017. The report projects demand for floatation aids and near shore buoyant vests to remain robust during the period of assessment.

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.

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