LONDON--(BUSINESS WIRE)--The personal flotation devices (PFD) market is expected to grow by USD 1.63 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Water-based tourism is likely to gain popularity across various countries. Factors driving global water-based tourism are increasing disposable income and rapid urbanization, which is spurring expenditure on tourism and leisure activities. With a great diversity of coasts, Europe is leading the market. The region also offers a wide range of facilities and activities for those who are seeking water-related recreational activities. With the popularity of water sports activities in the country, the demand for PFDs is likely to increase, as their use is mandated by local and regional authorities to prevent aquatic injuries and accidental drowning.
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As per Technavio, the increasing focus on preventing marine fatalities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Personal Flotation Devices Market: Increasing Focus on Preventing Marine Fatalities
Marine fatalities are on the rise, which has prompted an increased focus on preventing such accidental deaths. In Europe, approximately half of the marine casualties were reported to investigative bodies by the shore authorities. Out of various ship vessels such as cargo ships, fishing vessels, passenger ships, and service ships, cargo ships were involved in the maximum number of casualties. With the growth of freight activities, the demand for PFDs designed to reduce the rate of marine fatalities is certain to increase during the forecast period. There is a wide range of PFDs available in the market, from traditional foam floatation devices to inflatable life jackets. These are designed corresponding to a boating activity and water conditions with different performance levels and limitations. Thus, the growing focus on preventing marine fatalities will drive the growth of the market.
“Factors such as the increasing participation in water sports and recreational activities, and the increasing demand for innovative PFDs will have a significant impact on the growth of the personal flotation devices market value during the forecast period,” says a senior analyst at Technavio.
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Personal Flotation Devices Market: Segmentation Analysis
This market research report segments the personal flotation devices market by product (Type I, Type II, Type III, Type IV, and Type V) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the personal flotation devices market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing demand for advanced PFDs, growing water-based tourism and increase in the number of recreational parks.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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