LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global personal flotation devices (PFDs) market predicts a CAGR of more than 4% during the period 2017-2021.
The report segments the global personal flotation devices market by products (life jackets, buoyant vests, flotation aids, throwable devices, and special use devices) and by geography (the Americas, EMEA, and APAC). It also provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global PFDs market, according to Technavio energy researchers:
- Growing popularity of water-based tourism: a major market driver
- Increasing focus on preventing marine fatalities to boost the PFD market
- In 2016, the Americas was the dominating region in the global PFDs market
- Mustang Survival, Astral, Survitec Group Limited, The Coleman Company, Kokatat, NRS (Northwest River Supplies), and MTI – Marine Technology, are the leading players in the market
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Market growth analysis
Increase in water-based tourism will is one of the major factors driving the global personal flotation devices market during the forecast period. Water-based tourism is likely to gain popularity across various countries owing to factors such as increasing disposable income and rapid urbanization, which is spurring expenditure on tourism and leisure activities.
According to Neelesh Prakash Singh, a lead analyst at Technavio, “Over 65% of water-based tourism originates from Europe and the Americas. In addition, emerging economies are also expected to witness a surge in water-based tourism during the forecast period, driven by rising per capita income. For instance, India, with 8000 kilometers of coastline weighs as a potential tourist hotspot in APAC.”
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Geographical analysis
Technavio researchers anticipate high growth for the global personal flotation devices market in the Americas due to growing water-based tourism and the increasing number of recreational parks. PFDs are used in swimming pools, recreational parks, and coastal areas as they are associated with several hazards.
Another factor likely to impact the growth of the PFDs market in the Americas is the stringent safety regulations issued by OSHA (Occupational Safety and Health Administration). According to OSHA's 1926.106, there is a requirement of ring buoys, life jackets, and other USCG approved personal flotation devices for workers and paddlers working in areas where the risk of drowning is high.
Competitive vendor landscape
The global PFDs market is highly fragmented due to the presence of several global and regional players. The key players are trying to capture market share through promotional activities and by competing on prices. The PFDs have maximum applications in rescue operations and recreational water activities. Increased spending and participation in water recreational activities are likely to create a demand for PFDs during the forecast period as their use is mandated by local and regional authorities to prevent aquatic injuries and drowning. The introduction of women-centric life jackets in the market will encourage female participation in water sports in the coming years and is likely to fuel the global PFDs market, during the forecast period.
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