Personal Flotation Devices Market: Introduction
- A personal flotation device, also known as life jacket, is used as a life saving device in water activities. It is the most important safety equipment for deck suits, canoeing/kayaking, boardsailing, in work vests for commercial vessels, and in ‘man overboard’ situations. Five common types of personal flotation devices (PFD) are available, including Type I PFD, Type II PFD, Type III PFD, Type IV PFD, and Type V PFD. Type I devices are suitable for Open Ocean, remote water, and commercial vessels.
Key Drivers of the Global Personal Flotation Devices Market
- Government laws and regulations regarding work safety in coastal regions and while using boats is anticipated to be the key driver of the personal flotation devices market. For instance, as per the U.S. Coast Guard and federal law, a recreational boat must have approved life vests for each individual aboard.
- Growing consumer preference for recreational boating and water sports is expected to drive the demand for personal flotation devices (PFD).
- Robust economic growth in major marine markets and the growing government investment in advancement of boating infrastructure are identified as important factors contributing to the development of the PFD market.
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Opportunities in the Global Personal Flotation Devices Market
- Increasing consumer awareness about the importance of personal flotation devices is the key market opportunity. Moreover, consumers prefer quality products that meet the specific government standards.
- Technological advancement and continuous introduction of new water sports categories is expected to offer lucrative growth opportunities for the PFD market. Additionally, evolving lifestyles and increasing disposable income in developing economies is likely to boost the market demand during the forecast period.
COVID-19 pandemic has significant impact on the global demand for personal flotation devices
- By geography, the personal flotation devices market is segmented into Europe (EU), North America (NA), Middle East & Africa (MEA), South America (SA), and Asia Pacific (APAC)
- The market research report delivers country level breakdown for each regional segment. On the basis of country, the North America personal flotation devices market is categorized into the U.S., Canada, and Rest of North America. Country-level segmentation of the Europe market provides historical and forecast analysis for the personal flotation devices market in France, the U.K., Germany, and Rest of Europe. Country-level segmentation of Asia Pacific provides analysis and forecast of the market in Japan, India, China, and Rest of Asia Pacific. Country-level segmentation of Middle East & Africa provides analysis and forecast of the personal flotation devices market in South Africa, GCC countries, and Rest of Middle East & Africa. Country-level segmentation of the South America personal flotation devices market includes Brazil, and Rest of South America.
- The COVID-19 pandemic has forced significant fallout in the demand for personal flotation devices in the last few months. The lockdown and complete shutdown of public centers have restricted recreational activities and cross border travel and tourism. However, major economies are now planning a step by step opening of different sectors with all the precaution measures and safety regulations.
Key Companies in the Global Personal Flotation Devices Market
Key industry players are investing in new product development and novel raw materials. Sustainable business models and IoT enabled supply chains are key business strategies in the global personal flotation devices market. Online distribution channels are increasingly preferred for sales and marketing. Moreover, companies are focusing on collaboration and partnerships with regional suppliers to expand in the international market.
In April 2020, Seasafe Systems Ltd, a U.K. based company specializing in marine safety equipment launched “The Junior 150N Lifejacket,” a new line of life vests for kids.
Some of the key companies identified in the global personal flotation devices market are:
- The Coleman Company Inc.
- Absolute Outdoor Inc.
- Marine Rescue Technologies Ltd.
- Aqua Lung International
- National Marine Manufacturer Association
- Erez Europe
- Kent Sporting Goods Co., Inc.
- International Safety Product Ltd.
- Hydrodynamic Industrial Co. Ltd
- Hutchwilco Ltd.
- Galvanisers India
- Supreme In Safety Services
- United Moulders Limited
- Johnson Outdoors Watercraft, Inc.
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Global Personal Flotation Devices Market: Research Scope
Global Personal Flotation Devices Market, by Product
- Offshore Life Jacket
- Near-shore Buoyant Vest
- Flotation Aid
- Throwable Devices
- Special-use Devices
Global Personal Flotation Devices Market, by End-use
- Aquaculture Industry
- Oil & Gas Industry
- Naval Industry
- Others (Water Tourism, etc.)
Global Personal Flotation Devices Market, by Application
- Passenger and Aircraft Crew
- Commercial Vessels
- Cargo Ships
- Passenger Ferries
- Government & Military
- Water Sports
Global Personal Flotation Devices Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Specialty Stores
The report on the global personal flotation devices market delivers comprehensive and first-hand data, macroeconomic and microeconomic analysis, and key inputs from industry professionals and business participants across the value chain. The report comprises exhaustive analysis of parent market developments, governing factors, and macroeconomic indicators. Further, the research report provides insights about market attractiveness for key segments. The research study also considers the qualitative influence of different factors on regional markets and industry segments.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.