Considering the fact that using a personal floatation device can significantly reduce the number of drowning fatalities, government and ombudsmen are working on making it mandatory for players to boost growth.
The personal floatation device market is witnessing a notable shift from ‘distributor-based’ selling to direct-to-customer online channel. Catering to the requirements of last mile consumers is presenting a lucrative opportunity for manufacturers, and leveraging online sales channels can help brands leverage the emerging opportunities, finds a new study. The report projects the direct to customer sales channel to grow at 4.9% CAGR during the assessment period 2018-2028.
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Global sales of personal flotation devices are likely to equate over US$ 6 Bn in revenues by the end of 2028. Sales will remain concentrated in the US, with Western European countries complementing demand during the assessment period.
Use of personal floatation devices during recreational activities continues to be the biggest market opportunity for manufacturers. Increasing emphasis on recreational boating safety has been instrumental in driving up sales in many markets. The USGC mandate on having at least one USGC-approved wearable life jacket for each person on board in the US has pushed demand in the country. Stringency in regulations as per the new EU regulation 2016/425 has led to the move from PPE II to PPE III, and led to stricter evaluation requirements for the products. It is highly likely that stringency in mandates will continue to augment sales during the assessment period.
The report finds that manufacturers are focusing on making incremental improvements in their product offerings to consolidate their position in the market. The incremental improvements encompass both technology and materials – integration of GPS, personal locator beacon, low profile chassis, and lifting loops are some of the integrations made by manufacturers.
Floatation Aids and Near Shore Buoyant Vests Dominate Sales
Demand for floatation aids and near shore buoyant vests continues to account for bulk of sales in the persona floatation devices market. Collectively, over US$ 2 Bn worth of floatation aids and near shore buoyant vests were sold globally in 2017. The report projects demand for floatation aids and near shore buoyant vests to remain robust during the period of assessment.
North America Personal Floatation Device Sales Nearly 2x of Europe
The report finds that North America continues to reign supreme in the personal floatation devices market. The market opportunity in North America is nearly twice as compared to Europe, which is the second largest market for personal floatation devices. The North American personal floatation devices market continues to be heavily concentrated in the US, where state-level and federal mandates have given a fillip to sales. Demand also continues to be supplemented by the relatively high number of boat fleet and boat owners. The report estimates that over US$ 1.7 Bn worth of personal floatation devices were sold in North America in 2017.
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Individual and institutional buyers have traditionally remained the target demographic for personal floatation device manufacturers. Demand for personal floatation devices from the individual demographic has traditionally remained higher than institutional demographic, and the status quo is likely to remain unchanged during the period of assessment.
The report finds that key stakeholders are focusing on launching innovative products to consolidate their position. Some of the leading players, including Survitec Group Limited, Johnson Outdoors Inc., Viking Life-Saving Equipment A/S, Mustang Survival ULC, and Bernhardt Apparatebau GmbH have broadened their scope of offerings in the past couple of years.
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