Personal Floatation Devices Market

Personal Floatation Devices Market Outlook (2022-2032)

The global personal floatation devices market is set to enjoy a valuation of US$ 3,178.7 Million in 2022 and further expand at a CAGR of 9.7% to reach US$ 8,014 Million by the end of 2032.

North America leads the personal floatation devices market and is expected to contribute more than one fourth of revenue generated from the sales of pool floats worldwide.

Report Attributes	Details
Personal floatation devices Market Size (2021A)	US$ 2,900.4 Million
Estimated Market Value (2022E)	US$ 3,178.7 Million
Forecasted Market Value (2032F)	US$ 8,014 Million
Global Market Growth Rate (2022-2032)	9.7% CAGR
North America Market Share (2021)	~40.1%
East Asia Market Growth Rate (2022-2032)	~9.7% CAGR
United States Market Growth Rate (2022-2032)	~8.3% CAGR
Market Share of Top 5 Companies	~21.9%
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

Sales Analysis of Personal Floatation Devices (2017-2021) Vs. Market Forecast Outlook (2022-2032)

The market for personal flotation devices has been significantly driven by the growing emphasis on minimizing marine fatalities. Other elements that have helped the market gain traction include government regulations that compensate the use of personal flotation devices in coastal areas and while operating boats.

As a result of the aforementioned reasons, the personal flotation device market grew from 2017 to 2021 at a compound annual growth rate of 9.6%.

Additionally, the growth trajectory of the personal floatation devices market is being positively influenced by factors like the expanding number of swimming pools and water sports venues, as well as the rising participation and enrolments in watersports and water recreational activities.

The target market is anticipated to experience robust expansion under the influence of technological developments and the ongoing introduction of new water sports categories. Additionally, during the projected period, changing lifestyles and rising disposable income in developing nations are likely to increase market demand.

According to Fact.MR, the market for personal flotation devices will be worth US$ 8,014 Million by 2032, representing a CAGR of 9.7% since 2022.

• Short Term (2022 Q2 to 2025): Increasing consumer awareness towards standard water sports safety measures to positively impact personal floatation devices market growth.
• Medium Term (2025-2028): Rising water adventure tourism industry likely to boost the growth trajectory of the personal floatation devices market during the medium term.
• Long Term (2028-2032): Increasing per capita disposable income and substantial increase in expenditure on fun activities will drive personal floatation devices demand in long term.

Over the 2017-2021 historical period, the global personal floatation devices market registered a CAGR of 9.6%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 9.7% CAGR between 2022 and 2032.

Market share analysis of personal floatation devices based on product and region is provided in a nutshell in the above image. Under the product segment, the near-shore buoyant vest sub-segment dominates with 29.4% market share in 2022.

What’s Driving Demand for Personal Floatation Devices?

“Inclination Towards Thrilling and Risky Adventures to Upsurge the Market Revenue Growth”

People all across the world are more eager to participate in exciting and perilous adventures than in dull trips with few activities. Global tourism growth has augmented due to rising disposable income and increase in life monotony. Increased purchasing power is driving up interest of population in aquatic adventure tourism, which is positively impacting the expansion of the market.

The introduction of new and improved technology and other advancements in water sports equipment have improved individual safety. As a result of which there is an increase in participation in water adventure activities. This has increased the appeal of water sports around the world, which also has a favorable impact on the target market.

“Governmental Enforcement to Use Personal Flotation Devices in Coastal Regions’ to Boost the Market Sales”

Increasing reports of fatal water-borne incidents has motivated stringency in government regulations that ensure safety of the individual in coastal areas. Such regulations have significantly favored the sales of personal floatation devices. For instance, a recreational boat must be equipped with approved life vests for every person on board in accordance with federal law and the U.S. Coast Guard.

One of the key variables influencing the growth of the target market and its potential for expansion throughout the forecast period is the increasing government expenditure in the construction of boating infrastructure. The growing consumer understanding of the significance of personal flotation devices and preference such as high-quality goods that adhere to strict regulatory regulations is favorably enhancing the growth trajectory.

What Do Personal Floatation Devices Manufacturers Need to Watch Out for?

“Chances of Product Recall Is a Huge Threat to the Manufacturers Operating in this Sector”

Risks to businesses can be both internal and external. While some hazards are straightforward to recognize initially and may be taken into consideration and removed through strategic planning, others are more difficult. One of these is the recall, which typically occurs after a good or service has been released to the market. Recalls have the potential to ruin a company's reputation and causes loss of billions of dollars. For instance, eleven different life jacket types with the brand names NILIPEI, FLOATTOP, LIXONG, etc. that were sold via Amazon have been pulled off the market. Due to the fact that these products do not comply with the necessary regulations and do not exhibit any evidence of having their conformance evaluated.

Such product recalls jeopardize consumers’ faith in all available products in the market, notably anchoring the market growth.

Country-wise Insights

Will the Increasing Water Sports Activity in North America Boost the Revenue Growth?

Due to people's propensity to engage in exciting water activities, North America now holds a dominant regional position in the personal flotation device industry. It has been observed in the area that people of all ages, including older folks, enjoy risky water activities for the excitement and adventure.

Eventually, the market for personal flotation devices in North America is estimated to reach a value worth US$ 2,669.2 Million in 2032 by expanding at a CAGR of 7.8%.

Why will Asia Pacific Emerge and Gain Good Market Share in Target Market?

Asia Pacific is expected to emerge and take up a sizable portion of the market because of the growing disposable income in the developing economies of the region. As a result, more money will be spent on expensive holidays for a range of activities. Stats suggest that residents of developing economies avail vacation at least twice or thrice an year out of which one invariably involves aquatic adventure activities.

By the end of 2022, it's anticipated that the Asia Pacific market for personal flotation devices would be worth US$ 738.6 Million.

Category-wise Insights

What Factors Contribute to the Higher Share of Near-shore Buoyant Vest in the Target Market?

Due to its lightweight and applications in quick rescue operations, the near-shore buoyant vest sub-segment is contributing a higher share. Turning many unconscious users face-up in water is one of the key feature promoting the popularity of near-shore buoyant vest. Additionally, it is frequently utilized in recreational boating, which is in high demand right now.

The above-mentioned advantages of the sub-segment provides it with higher market share throughout the assessment period.

Which End Use Vertical is Dominating the Market?

Due to the industry's heavy reliance on maritime trade for shipping, the oil and gas sector dominates the end use vertical. Additionally, to lessen the chances of workers getting into trouble by falling into the sea or to abandon their container in an emergency, the usage of the personal floatation devices is encouraged in the industry.

Therefore, it is expected that the oil & gas sub-segment would dominate the global market in terms of end-user by the end of 2022, holding a 42.1% share.

Competitive Landscape

Prominent personal floatation devices manufacturers are 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, and Kokatat.

Companies are investing in the creation of innovative products and unique raw materials. Key commercial tactics in the global market for personal flotation devices include sustainable business models and IoT-enabled supply chains. Online distribution platforms are becoming more and more popular for marketing and sales. In order to grow in the global market, businesses are now concentrating on partnerships and collaboration with local suppliers.

• In Nov. 2021, the top producer of lifesaving gear, LALIZAS, has unveiled their new catalogue, which offers a complete safety solution. This will aid the business in growing or keeping its consumer base.
• In Apr. 2020, a new range of life jackets for children called "The Junior 150N Lifejacket" was introduced by Seasafe Systems Ltd, a U.K.-based business that specializes in marine safety gear.

Fact.MR has provided detailed information about the price points of key manufacturers of personal floatation devices positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

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