Personal Flotation Devices Market: Top Challenges to Face in 2020-2030

 

• 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.

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• 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.