Personal Flotation Devices Market Size, Global Trends, Business Profiles and Forecasts to 2028

Posted on 2022-04-30 by Fact.MR in Sports // 0 Comments

Rockville, US, 2022-Apr-29 — /EPR Network/ —

The personal flotation device market is witnessing a noticeable shift from ‘distributor-based’ sales to online channels that sell directly to customers. Meeting the needs of last-mile consumers provides lucrative opportunities for manufacturers, and leveraging online sales channels can help brands capitalize on new opportunities, a new study finds. This report forecasts that Direct Customer Sales Channel will grow at a CAGR of 4.9% during the evaluation period 2018-2028.

Global sales of personal flotation devices will amount to more than US$6 billion in revenue by the end of 2028. Sales will be concentrated in the US during the evaluation period, with Western European countries supplementing demand.

The use of personal flotation devices during recreational activities continues to be the largest market opportunity for manufacturers. Increased emphasis on recreational boat safety has boosted sales in many markets. Demand in the United States has increased due to the USGC mandate that each person on board in the United States must carry at least one USGC-approved wearable life jacket. Strict regulations under the new EU Regulation 2016/425 have moved from PPE II to PPE III and made the evaluation requirements for products more stringent. The rigor of the obligation is likely to continue to increase sales during the evaluation period.

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According to the report, manufacturers are focusing on progressively improving their products to solidify their position in the market. Progressive improvements involve both technology and materials. The integration of GPS, personal locator beacons, low-profile chassis and lifting loops are some of the manufacturers’ integrations.

Flotation aids and coastal buoyancy vests dominate sales.

The demand for flotation aids and coastal buoyancy vests continues to account for the majority of sales in the personal flotation device market. In total, more than $2 billion in flotation aids and shore flotation vests were sold worldwide in 2017. The report expects demand for flotation aids and shore flotation vests to remain robust during the evaluation period.

North American personal flotation device sales nearly double that 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.

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Individual and institutional buyers have traditionally remained the target demographic for manufacturers of personal flotation devices. Demand for personal flotation devices in individual demographics has traditionally remained higher than institutional demographics, and the current status is unlikely to change during the evaluation period.

According to the report, key stakeholders are focusing on launching innovative products to solidify their position. Some major players, including Survitec Group Limited, Johnson Outdoors Inc., Viking Life-Saving Equipment A/S, Mustang Survival ULC and Bernhardt Apparatebau GmbH, have expanded their product range over the past few years.

For more information – https://www.newswire.co.kr/newsRead.php?no=941361

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