Global Personal Floatation Devices Market Will Register a CAGR of 4.90% Through 2028
New York, NY -- (SBWire) -- 10/23/2018 --The personal floatation devices market continues to be influenced by a range of broader and industry-specific factors. Government regulations mandating the use of personal floatation devices on all vessels have been instrumental in promoting use among end-users. According to United States Coast Guard's annual report, 'Recreational Boating Statistics', 80% of 701 deaths in the US in 2016 were on account of drowning – a staggering 83% of victims who drowned were not wearing a life jacket. 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.
Demand has also witnessed an increase on account of increasing participation in recreation boating. While recreational boating has traditionally remained the biggest draw for manufacturers, sustained demand from oil & gas, and naval industry has also created sustained opportunities for manufacturers.
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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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