Personal Flotation Devices Market

The global Personal Flotation Devices market was valued at USD 5.9 Billion in 2020 and is projected to reach USD 7.53 Billion by 2028, growing at a CAGR of 3.10%% from 2021 to 2028.

A personal flotation device also referred to as a life jacket, is a flotation device in the form of a vest or suite that is put on and fastened to a user to prevent the wearer from drowning in a body of water or falling into the water from losing the grip. They are the most important part of safety equipment on the boat.

The global Personal Flotation Devices market is segmented based on by Product, End use verticals, Regions, and Countries. This report provides an analysis of the global Personal Flotation Devices market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Personal Flotation Devices industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

COVID-19 pandemic led to government of numerous countries across the globe to impose stringent lockdown measures during the primary stages. This led to numerous challenges owing to the supply chain. However, the market witnessed steady growth over the later stages as the governments lifted restrictions on construction activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The implementation of stringent laws and regulations by the government is anticipated to augment the growth of the personal flotation devices market over the forecast period. This is due to the work safety concerns in the coastal regions while using boats. For example, a recreational boat must have approved life vests for each individual aboard according to U.S. Coast Guard and federal law.

The increasing consumer inclination for recreational boating and water sports is expected to propel the growth of the personal flotation devices market in the upcoming years. This is attributable to the growing numerous boating events and shows that are hosted in various parts of the world. The rising demand for recreational boating in countries such as Japan, China, and Australia, is further supporting the growth of the personal flotation devices market.

The lack of awareness about the types of personal flotation devices, life jacket size and fit, its weight capacity and performance rating may hamper the global personal floatation devices market. It is significant to know by the customers the differences between the types of life jackets and life vests since each one has its own specific purpose. Moreover, the personal floatation devices are categorised with a "Type" and a descriptive name, which can be helpful to the customer to select the appropriate PFD for their chosen activity.

Product Analysis: Preview

On the basis of Product, the market is segmented into Offshore Life Jacket,Near-shore Buoyant Vest, Flotation Aid, Throwable Devices, Special-use Devices. Offshore Life Jacket held the highest share in the global Personal Flotation Devices market and is projected to witness the same trend during the forecast period. Companies in this sector are opting to advanced technologies in their supply chain to cater the end user requirements effectively.

End use verticals Analysis: Preview

Based on End use verticals, the market is segmented into Aquaculture Industry, Oil & Gas Industry, Naval Industry, Others. accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Based on region, the global Personal Flotation Devices market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. Developing economies in the Asia Pacific region such as China and India are expected to make notable contributions in the growth over the coming years. Thus, it is expected that the Personal Flotation Devices market is anticipated to rise over the forecast timespan.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Personal Flotation Devices market are LALIZAS, Kokatat, International Safety Product Ltd., Erez Europe, GALVANISERS INDIA, United Moulders Limited, Survitec Group Limited, Marine Rescue Technologies Ltd., Hutchwilco Ltd., ABSOLUTE OUTDOOR INC., Astral, NRS (Northwest River Supplies), Hydrodynamic Industrial Co. Ltd, Mustang Survival.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• The global Personal Flotation Devices market was valued at USD 5.9 Billion in 2020
• The global Personal Flotation Devices Market is projected to reach USD 7.53 Billion by 2028
• North America held the highest share of the Personal Flotation Devices market in 2020
• Some of the major companies operating in the Personal Flotation Devices market are LALIZAS, Kokatat, International Safety Product Ltd., Erez Europe, GALVANISERS INDIA, United Moulders Limited, Survitec Group Limited, Marine Rescue Technologies Ltd., Hutchwilco Ltd., ABSOLUTE OUTDOOR INC., Astral, NRS (Northwest River Supplies), Hydrodynamic Industrial Co. Ltd, Mustang Survival.