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The personal flotation devices market share is expected to increase to USD 1.85 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.78%.
This PFD market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers personal flotation devices market segmentation by product (type I, type II, type III, type IV, and type V) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The personal flotation devices market report also offers information on several market vendors, including Astral Buoyancy Co., Cal June Inc., Confluence Kayaks LLC, Galvanisers India, Hansen Protection AS, Hutchwilco, Hydrodynamic Industrial Co. Ltd., Johnson Outdoors Inc., Kent Water Sports LLC, Kokatat Inc., LALIZAS Group, Marine Rescue Technologies, Mustang Survival Corp., Newell Brands Inc., NRS Inc., SeaSafe Systems Ltd., Spinlock Ltd., Stormy Lifejackets Pty Ltd., Supreme In Safety Services, and Survitec Group Ltd. among others.
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The increasing focus on preventing marine fatalities is notably driving the personal flotation devices (PFD) market growth, although factors such as the selection of the right PFDs may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the personal flotation devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Personal Flotation Devices Market Driver
Key Personal Flotation Devices Market Trend
Key Personal Flotation Devices Market Challenge
This personal flotation devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global personal flotation devices market as a part of the global leisure products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the personal flotation devices market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the personal flotation devices market encompasses successful business strategies deployed by the key vendors. The personal flotation devices market is fragmented and the vendors are deploying growth strategies such as product differentiation and innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The personal flotation devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the personal flotation devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from North America during the forecast period. The US is the key market for personal flotation devices in North America. Market growth in this region will be faster than the growth of the market in Europe and MEA.
The access to digital platforms that boost online retail, growth in the number of swimming pools and other watersports locations, increasing participation and enrollment in watersports and water recreational activities, and expanding prospective end-user base will facilitate the personal flotation devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic adversely affected North American countries. It resulted in the temporary closure of various industries, including those manufacturing PFDs. However, in Q3 2021, the demand for these products rebounded, as retail stores reopened due to the large-scale COVID-19 vaccination drives initiated in this region. These factors will drive the growth of the regional PFDs market during the forecast period.
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The personal flotation devices market share growth by the type I segment will be significant during the forecast period. Offshore life jackets are mainly used to provide safety to the crew on shipping vessels. The growth of the market for type I PFDs is attributed to an increase in demand for ultra-large vessels by shipping companies to achieve fuel efficiency and economies of scale. This demand is being fulfilled by APAC countries such as China, South Korea, and Japan, which are global leaders in shipbuilding and, consequently, the major contributors to the market growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the personal flotation devices market size and actionable market insights on post COVID-19 impact on each segment.
Life Jacket market - The market share has the potential to grow by USD 1 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 6.54%.
Personal Flotation Devices Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.78% |
Market growth 2022-2026 |
$ 1.85 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.4 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key consumer countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Astral Buoyancy Co., Cal June Inc., Confluence Kayaks LLC, Galvanisers India, Hansen Protection AS, Hutchwilco, Hydrodynamic Industrial Co. Ltd., Johnson Outdoors Inc., Kent Water Sports LLC, Kokatat Inc., LALIZAS Group, Marine Rescue Technologies, Mustang Survival Corp., Newell Brands Inc., NRS Inc., SeaSafe Systems Ltd., Spinlock Ltd., Stormy Lifejackets Pty Ltd., Supreme In Safety Services, and Survitec Group Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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