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Innovation Key to Sustenance in the Highly Competitive Personal Floatation Device Landscape
In a bid to consolidate their position in the market, personal floatation device manufacturers are focusing on making incremental improvement to their product offerings.
- Sunshine Innovation announced the launch of its multi-use floatation device, which can also be used by people with personal disabilities. Sensing the gaps in the market for people with personal disabilities, Sunshine Innovations’ Float'n & Boat'n Thang® is targeting at helping everyone enjoy floating.
- Survitech has broadened its lifeboat inspection programme by adding XD Quick Release Belt and Atacama Pro drysuit. These products are aimed at boosting the safety of emergency service personnel during flood rescue operations. These products can help rescue teams with the option of opting for inflatable lifejackets as their personal floatation device of choice.
- ‘OneUp’ floatation device promises next level of automation, as it has the provision of automatic inflation upon contact with water, owing to the use of replaceable CO2 cartridge. The inflation time for ‘OneUp’ floatation devices has been kept at two seconds, to ensure users get immediate assistance.
- Johnson Outdoors, the company behind the brand Old Town brand announced in 2017 that it will be expanding into the popular day touring kayak category. The day touring kayaks will be offered to fit paddler shapes, sizes, and performance levels.
- Mustang Survival unveiled the Khimera™ Personal Flotation Device, a PFD that offers enhanced buoyancy in lightweight and low profile shape. The company has claimed that the PFD offers 30% more buoyancy as compared to the traditional foam PFDs.
Use of personal floatation devices is mandatory for both adults and kids, however, in spite of effective regulation, implementation has been lax in many countries. Many developing countries have adequate laws in place that mandate the use of personal floatation devices, however, in view of lax implementation, penetration has remained moderate. The personal floatation devices market can witness robust growth in developing countries in Asia Pacific and Latin America if regulations and mandates on boating recreation are strictly implemented. The growing pervasiveness and popularity of e-commerce as a sales channel can help manufacturers in reaching last mile consumers in tier II and suburban areas.
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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.
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.
Table of Content:
- Executive Summary
1.1. Summarizing Key Findings
1.2. Wheel of Fortune
1.3. Opportunity Assessment
1.4. Mega Trends
- Global Personal Flotation Device Market Introduction
- Global Personal Flotation Device Industry Overview
3.1. Global Personal Flotation Device Market Value (US$ Mn) Forecast and Analysis
3.2. Forecast Factors and Relevance of Impact
3.3. Supply Chain Analysis and Operating Margins
3.4. Market Dynamics
3.5. PEST Analysis
3.6. Pricing Analysis by Region
3.7. Opportunity Analysis
3.8. Investment Feasibility Analysis
3.9. Market Players Competition Matrix
3.10. Key Players Market Presence (Intensity Map) by Regions
- Global Personal Flotation Device Market Historical Analysis 2013-2017 and Forecast 2018-2028, By Product Type
4.1. Revenue (US$ Mn), 2018-2028
4.2. Market Share Comparison
4.3. Y-o-Y growth Comparison
- Global Personal Flotation Device Market Historical Analysis 2013-2017 and Forecast 2018-2028, By End Use Vertical
5.1. Revenue (US$ Mn), 2018-2028
5.2. Market Share Comparison
5.3. Y-o-Y growth Comparison
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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