Personal Floatation Devices Market to Reach $8.9 Billion by 2032, Driven by Safety Regulations and Aquatic Adventure Sports

Escalating Aquatic Activities Will Uplift the Personal Floatation Devices Market, States Fact.MR

According to Fact.MR, market research and competitive intelligence provider, the global personal floatation devices market is estimated at US$ 3,178.7 Million in 2022 and is expected to expand at an impressive CAGR of 9.7% during the forecast years of 2022-2032.

Rising cases of drowning fatalities along with a growing population create a huge demand for personal floatation devices across the globe. Also, the rules and regulations from government authorities regarding safety standards in aquatic activities has created a huge space for the personal floatation devices market. For instance, the government of the U.S. recommended that every boat shall carry life-saving equipment across the country.

Moreover, growing awareness and participation in frivolous boating around the globe helps in the sales expansion of personal floatation devices. The intensifying popularity of aquatic adventurous activities such as river rafting, para selling, etc., are anticipated to gather more customer base in the market. Adventure camps and tourism industry will also promote the use of personal floatation devices in coming years.

Moreover, in this competitive era, most of the youth population is suffering from heavy stress which influences the demand for float therapy for the reduction of mental and body stress. Hence, an increase in the demand for float therapy among the global population will boost the sale of personal floatation devices.

Additionally, continuous focus on product enhancement from market players will provide better safety and customer compliance to positively influence the market growth in the forecast period.

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Key Takeaways from the Market Study:

• The global personal floatation devices market is projected to expand at an impressive CAGR of 9.7% and be valued at US$ 8,9014.0 Million by 2032.
• The market witnessed a 9.6% CAGR for the period of 2017-2021.
• Under the actuation segment, manually activated dominates the market and is valued at US$ 2,019.2 Million in 2022.
• North America dominated the market with 40.1% market share in 2021.
• Based on region, demand for personal floatation devices is expected to increase at CAGRs of 9.9%, 10.2% & 11.2%respectively, in Europe, Latin America, & MEA.

“Product improvisation and government regulation for use of floatation devices to achieve safety standards will spur market growth during the assessment period,” says a Fact.MR analyst.

Personal Floatation Devices Industry News

Companies in the global personal flotation devices market are focusing on innovation by developing unique raw materials and cutting-edge products. A key trend shaping the industry is the adoption of sustainable business models and IoT-enabled supply chains, which enhance efficiency and reduce environmental impact. Additionally, online distribution platforms are gaining traction as companies leverage digital channels for marketing and sales. To expand their global presence, businesses are increasingly engaging in partnerships and collaborations with local suppliers, ensuring better market penetration and customer reach.

Several industry players have introduced new product lines to strengthen their market position. In November 2021, LALIZAS, a leading manufacturer of lifesaving equipment, launched a new catalog featuring a comprehensive range of safety solutions, aimed at expanding its customer base. Similarly, in April 2020, the U.K.-based Seasafe Systems Ltd unveiled "The Junior 150N Lifejacket," a specialized life jacket designed for children, reinforcing its commitment to marine safety innovation. These strategic product launches reflect the industry's emphasis on safety, customer needs, and market expansion.

Leading Players Driving Innovation in the Personal Floatation Devices Market

Key industry participants like Survitec Group Limited; Viking Life-Saving Equipment A/S; The Coleman Company; Johnson Outdoors Inc.; Mustang Survival ULC; Hansen Protection AS; Bernhardt Apparatebau GmbH.; Lalizas; Kokatat etc. are driving the personal floatation devices industry.

Market Development

Key manufacturers of personal floatation devices have their focus on product development to reduce the risk of inflation and increase sales. They are also notably investing in product launches to boost product awareness. Manufacturers are also making efforts to get certifications and product approval from the government to increase customer faith.

Additionally, potential acquisitions and partnerships will help the market players to generate expected business revenue for further development.

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More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global personal floatation devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the product type (offshore lifejacket, near-shore buoyant vest, flotation aid, throw able device, others), actuation (manually activated, automatically activated), end use vertical (aquaculture industry, oil & gas industry, naval industry, other industry) sales channel (sports outlets, franchised sports outlet, modern trade channels, direct to customer brand outlet, direct to customer online channel, direct to customer institutional channel, 3rd party online) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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