Global Personal Floatation Devices Market Size, Share, Growth Analysis, By Product, By Application, By Actuation, By End use, By Sales Channel - Industry Forecast 2023-2030

Personal Floatation Devices Market size was valued at USD 2.9 billion in 2021 and is poised to grow from USD 3.17 billion in 2022 to USD 7.5 billion by 2030, growing at a CAGR of 13.06% in the forecast period (2023-2030).

The market for personal flotation devices (PFDs) is poised for substantial growth, driven by advancements in technology and the emergence of new water sports categories. Notably, inflatable PFDs equipped with lights and other safety features have become integral to the mainstream maritime industry.

The heightened emphasis on reducing maritime fatalities has significantly bolstered the adoption of personal flotation devices. Local authorities at coastal areas now enforce safety protocols, necessitating the use of PFDs and safety equipment before venturing into deep waters. Consequently, the widespread usage of PFDs has been greatly encouraged.

Moreover, the rising participation and interest in water sports and recreational activities, alongside the increasing number of swimming pools and water sports venues, are all contributing positively to the industry's growth trajectory.

Top-down and bottom-up approaches were used to estimate and validate the size of Personal Floatation Devices and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Personal Floatation Devices Market Segmental Analysis

Personal Floatation Devices Market is segmented based on the product, application, actuation, end user, sales channel, and region. Based on product, the market is segmented into offshore life jacket, near-shore buoyant vest, flotation aid, throwable devices, special-use devices.

Based on the application personal floatation devices market into passenger and aircraft crew, commercial vessels (cargo ships, tugboats, passenger ferries), government & military, water sports. Based on actuation, the market segmentation comprises manually activated, automatically activated. Based on end-use the market segmentation comprises aquaculture industry, oil & gas industry, naval industry, and other industry.

Personal Floatation Devices Market Analysis by End User

The personal flotation devices market is heavily influenced by the oil and gas industry, which is the dominant end-use vertical. This sector's reliance on maritime trade for transportation gives it a significant advantage, making it the leading market shareholder. Moreover, maritime businesses actively encourage the adoption of personal flotation devices to enhance worker safety while operating in open seas, thereby mitigating potential hazards.

Personal Floatation Devices Market Analysis by Application

The dominant force within the near-shore buoyant vest sub-category arises from its exceptional buoyancy, swift rescue capabilities, and lightweight design, making it a prominent choice for both emergency situations and leisurely boating activities, which are currently experiencing a surge in popularity. This sub-segment has consistently garnered a larger market share than the overall industry owing to these distinct advantages observed over an extended evaluation period.

Global Personal Floatation Devices Market Regional Insights

North America holds a dominant position in the personal flotation device sector, mainly due to its large population actively participating in exhilarating water sports. People of various age groups, including seniors, enthusiastically engage in deep water sports for the thrill and excitement they offer. The United States, in particular, commands a significant portion of the personal floatation device industry owing to its extensive coastline availability and stringent safety regulations for divers. The considerable number of boat fleets and owners further contribute to the sustained demand.

In the Asia Pacific region, a rise in disposable income is anticipated to drive market growth significantly. This region is expected to capture a substantial market share because a considerable proportion of adventure enthusiasts are willing to invest more in their exploration endeavors, thereby meeting the increasing demands of the industry.

Global Personal Floatation Devices Market Dynamics

Personal Floatation Devices Market Driver

Improved Infrastructure and Increase in Purchasing Power to Boost Market Growth

The significant factors propelling the expansion of the PFD industry are twofold: robust economic growth in vital marine sectors and increased public spending on boating infrastructure development. Moreover, the surge in global tourism can be attributed to two key elements: the rise in life monotony and an increase in disposable income. These factors, coupled with the growing purchasing power of the population, have led to a heightened interest in aquatic adventure tourism, thereby fostering the market's growth and development.

Personal Floatation Devices Market Restraints

Lack of Awareness and Seasonal Demand to Impact the Market Growth

The worldwide personal flotation devices market could face limitations due to insufficient awareness about their various applications, weight restrictions, and proper life jacket fitting. Moreover, the market growth may be impacted by seasonal fluctuations since the demand for PFDs tends to surge predominantly during summers. As a result, manufacturers might encounter difficulties in maintaining consistent business cycles throughout the year.

Global Personal Floatation Devices Market Competitive Landscape

We are conducting an analysis of the key vendors in the Personal Flotation Devices Market to gain insights into the competitive landscape. Our assessment involves comparing various aspects, including revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and industry-related news.

To ensure the credibility of our conclusions and validate our market ecosystem hypothesis, we have conducted a comprehensive Porter's Five Forces analysis. This analysis includes an in-depth examination of Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry, each subject to a meticulous step-by-step evaluation.

Personal Floatation Devices Market Top Player's Company Profiles

Survitec Group Limited

Mustang Survival Corp.

Johnson Outdoors Inc.

The Coleman Company, Inc.

Kent Sporting Goods Company, Inc.

MTI Life Jackets

Astral Buoyancy Company

Aqua Lung International S.A.

Kokatat, Inc.

NRS (Northwest River Supplies)

Stohlquist WaterWare

Harmony Gear

Salus Marine Wear Inc.

O'Neill Wetsuits, LLC

Mustang Survival Corp.

Stearns, Inc.

Extrasport

Plastimo SAS

International Safety Products

Viking Life-Saving Equipment A/S.

Personal Floatation Devices Market Recent Developments

In March 2022, LALIZAS, the leading manufacturer of lifesaving equipment, has revealed a new catalogue that provides a total safety solution. This will help the company maintain or develop its customer base.

In July 2022, The U.K.-based company Sea safe Systems Ltd, which specialises in marine safety equipment, has unveiled a new line of life jackets for kids named "The Junior 150N Lifejacket."

Global Personal Floatation Devices Key Market Trends

The future of the Personal Floatation Devices (PFD) market is being shaped by sustainable business models and Internet of Things (IoT) enabled supply chains. These factors are contributing to the industry's growth on a global scale. Online distribution platforms are gaining popularity for sales and marketing purposes, while businesses are actively fostering alliances and collaborations with local suppliers to expand their presence internationally.

Moreover, the PFD industry is expected to benefit from the changing trends in lifestyle and the increase in disposable income. The ongoing development of new water activities and technical advancements further support the positive outlook for the market during the forecast period. These lifestyle changes and higher levels of disposable income are likely to drive the market demand for PFDs.

Global Personal Floatation Devices Market SkyQuest Analysis

SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

SkyQuest analysts have thoroughly examined the global personal flotation devices market to conduct a risk analysis, aiming to assess the influence of external factors on the industry. The market holds promising prospects in the forthcoming years, given the rising popularity of sports activities. Additionally, the growth of marine infrastructure will serve as a catalyst, providing an extra edge to market players.