The personal floatation device market is witnessing a notable shift from ‘distributor-based’ selling to direct-to-customer online channel. Catering to the requirements of last mile consumers is presenting a lucrative opportunity for manufacturers, and leveraging online sales channels can help brands leverage the emerging opportunities, finds a new study. The report projects the direct to customer sales channel to grow at 4.9% CAGR during the assessment period 2018-2028.
Global sales of personal flotation devices are likely to equate over US$ 6 Bn in revenues by the end of 2028. Sales will remain concentrated in the US, with Western European countries complementing demand during the assessment period.
Use of personal floatation devices during recreational activities continues to be the biggest market opportunity for manufacturers. Increasing emphasis on recreational boating safety has been instrumental in driving up sales in many markets.
Floatation Aids and Near Shore Buoyant Vests Dominate Sales
Demand for floatation aids and near shore buoyant vests continues to account for bulk of sales in the personal floatation devices market. Collectively, over US$ 2 Bn worth of floatation aids and near shore buoyant vests were sold globally in 2017. The report projects demand for floatation aids and near shore buoyant vests to remain robust during the period of assessment.
North America Personal Floatation Device Sales Nearly 2x of Europe
The report finds that North America continues to reign supreme in the personal floatation devices market. The market opportunity in North America is nearly twice as compared to Europe, which is the second largest market for personal floatation devices.
The North American personal floatation devices market continues to be heavily concentrated in the US, where state-level and federal mandates have given a fillip to sales. Demand also continues to be supplemented by the relatively high number of boat fleet and boat owners. The report estimates that over US$ 1.7 Bn worth of personal floatation devices were sold in North America in 2017.
Personal Floatation Devices Market: Taxonomy
The report has segmented the market on the basis of product type, end use, sales channel, end users, buyer types, and region.
On the basis of end use verticals, the key segments include,
• Recreational industry
• Aquaculture industry
• Oil & gas industry
• Naval industry
• Aviation industry
Individual and institutional buyers have traditionally remained the target demographic for personal floatation device manufacturers. Demand for personal floatation devices from the individual demographic has traditionally remained higher than institutional demographic, and the status quo is likely to remain unchanged during the period of assessment.
The report finds that key stakeholders are focusing on launching innovative products to consolidate their position. Some of the leading players, including Survitec Group Limited, Johnson Outdoors Inc., Viking Life-Saving Equipment A/S, Mustang Survival ULC, and Bernhardt Apparatebau GmbH have broadened their scope of offerings in the past couple of years.