Personal Flotation Device Market Is Likely to Experience a Tremendous Growth by 2031

The global personal flotation device market is anticipated to grow at a CAGR of 4.5% during the forecast period. One of the core driving forces is the growing people’s interest in outdoor recreational activities and increasing participation across all sections of people around the globe. One of the activities is watersports, which have been becoming more and more popular not just for the adrenaline rush or excitement of getting fit, however, also due to several benefits in health. Such increasing health benefits accompanying fun water sports are also contributing to the personal flotation device market growth globally. As per the study by North Carolina State University, nature-based activities and outdoor play supported buffering some of the negative impacts on the mental health of the COVID-19 pandemic for adolescents. For instance, in 2020, the COVID-19 pandemic fueled the demand for recreational boat which was reflected in the sales volume during 2021 and were presumed to continue in 2022 as well. 

Female and new age group boat buyers played a significant role in the progression which is further capitalized by market players of the boat and personal flotation device by increasing their product portfolio and introducing new innovative technologies. For Instance, in July 2022, Tiaga began deliveries of its all-electric personal watercraft (PWC) named Orca. The Ocra comes with a 23-kWh battery pack. Its electric powertrain can generate more than 134 kW and reach its top speed up to 104km/h. While, in March 2022, at the Irish Skipper Expo 2022, an enhanced version of the Mullion Compact Supreme to the 275N Standard complete with Personal Locator Beacon (PLB) was launched. It has a heavy-duty wipe-clean shield for use for fishing in heavy commercial, lobster fishermen, and crabbers, and is suitable for many other marine industrial workers.

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Market Coverage

• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031

Segment Covered- 

• By Product
• By End-User
• Distribution Channel

Regions Covered-

• North America
• Europe
• Asia-Pacific
• Rest of the World
• Competitive Landscape- Helly Hansen AS, Johnson Outdoors Inc., Kent Water Sports, LLC (Onyx), Marine Rescue Technologies, and Newell Brands, Inc. (The Coleman Company Inc.)

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Personal Flotation Device Market Report by Segment

By Product

• Offshore Life Jacket
• Near-Shore Buoyant Vest
• Flotation Aid
• Throwable Devices
• Special-Use Devices

By End-User

• Aquaculture Industry
• Oil & Gas Industry
• Naval Industry
• Others (Water Tourism)

By Distribution Channel

• Specialty Stores
• Company-Owned Outlets
• Online Channels

Personal Flotation Device Market Report by Region

North America 

• United States
• Canada

Europe

• UK
• Germany
• Spain
• France
• Italy
• Rest of Europe

Asia-Pacific

• India
• China
• Japan
• South Korea
• Rest of APAC

Rest of the World

• Latin America
• Middle East and Africa 

Company Profiles 

• Absolute Outdoor, Inc. 
• EREZ Thermoplastic Products 
• Galvanisers India 
• Ganesh Manufacturing 
• Grand Ocean Marine Co., Ltd.
• Hutchwilco Ltd. 
• Kibo Software, Inc. 
• LALIZAS Group 
• National Marine Manufacturers Association, Inc. (NMMA) 
• Stormy Lifejackets Pty Ltd.

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Article source: https://article-realm.com/article/Business/61030-Personal-Flotation-Device-Market-Is-Likely-to-Experience-a-Tremendous-Growth-by-2031.html