USD 1.63 Bn growth opportunity in Personal Flotation Devices Market | High demand expected in North America | Technavio
NEW YORK, April 15, 2022 /PRNewswire/ -- The global personal floatation devices market size is expected to increase by USD 1.63 billion between 2019 and 2024. The market observed a YOY growth of 4.32% in 2020 and the growth momentum is expected to accelerate at a CAGR of 5% during the forecast period. The report North America as the key market for personal floatation devices. Factors such as the rising number of swimming pools and watersports locations and the increasing participation and enrollment in watersports and water recreational activities are creating significant growth opportunities for market players.
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The global personal floatation devices market is fragmented in nature. The market is characterized by the presence of several global, regional, local, and domestic vendors. Vendors are focusing on various aspects such as R&D, labor, technology, and branding, to compete in the market. Some vendors are making significant investments in procuring good-quality raw materials and focusing on product-related R&D to manufacture high-quality PFDs.
Technavio identifies Astral Buoyancy Co., Hutchwilco Ltd., Johnson Outdoors Inc., Kent Water Sports LLC, Kokatat Inc., Marine Technologies International, Mustang Survival ULC, Newell Brands Inc., NRS Inc., and Survitec Group Ltd. as dominant players in the market. Although the growing popularity of water-based tourism will offer immense growth opportunities, the difficulty in the selection of the right PFDs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Personal Flotation Devices Market 2020-2024: Segmentation
The global personal flotation devices market is segmented as below:
- Product
- Type I
- Type II
- Type III
- Type IV
- Type V
- Geography
- APAC
- Europe
- MEA
- North America
- South America
The Type-I segment will have the largest share of the market during the forecast period. Type-I life jackets are highly visible owing to their bright color and the presence of reflective straps. Hence, they are widely used to provide safety to the crew on shipping vessels. These jackets are also considered best for rough, open, and remote water where rescue comes slowly. Such factors are driving the growth of the segment.
By geography, North America will have the largest share of the market. The region currently holds 32% of the global market share. The launch of innovative products and the availability of easy access to digital platforms are driving the growth of the regional market. In addition, the increasing number of international tourists will be contributing to the growth of the personal floatation devices market in North America. The US is the key country for personal floatation devices in North America.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our personal flotation devices market report covers the following areas:
- Personal Flotation Devices Market size
- Personal Flotation Devices Market trends
- Personal Flotation Devices Market industry analysis
Personal Flotation Devices Market 2020-2024: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the personal flotation devices market. Backed with competitive intelligence and benchmarking, our research report on the personal flotation devices market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Personal Flotation Devices Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist personal flotation devices market growth during the next five years
- Estimation of the personal flotation devices market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the personal flotation devices market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of personal flotation devices market vendors
Related Reports:
Personal Flotation Devices Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2019 |
Forecast period | 2020-2024 |
Growth momentum & CAGR | Accelerate at a CAGR of 5% |
Market growth 2020-2024 | USD 1.63 billion |
Market structure | Fragmented |
YoY growth (%) | 4.32 |
Regional analysis | APAC, Europe, MEA, North America, and South America |
Performing market contribution | North America at 32% |
Key consumer countries | The US |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | Astral Buoyancy Co., Hutchwilco Ltd., Johnson Outdoors Inc., Kent Water Sports LLC, Kokatat Inc., Marine Technologies International, Mustang Survival ULC, Newell Brands Inc., NRS Inc., and Survitec Group Ltd. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table Of Contents :
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Type I - Market size and forecast 2019-2024
- Type II - Market size and forecast 2019-2024
- Type III - Market size and forecast 2019-2024
- Type IV - Market size and forecast 2019-2024
- Type V - Market size and forecast 2019-2024
- Market opportunity by Product
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Astral Buoyancy Co.
- Hutchwilco Ltd.
- Johnson Outdoors Inc.
- Kent Water Sports LLC
- Kokatat Inc.
- Marine Technologies International
- Mustang Survival ULC
- Newell Brands Inc.
- NRS Inc.
- Survitec Group Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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