Technavio analyzes that the Personal Flotation Devices Market is expected to grow at a CAGR of 4.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1884.2 million.There are various factors that contribute to the growth of the market. The Personal Flotation Devices (PFD) market is witnessing significant growth due to increasing prioritization of water safety and the subsequent focus on preventing marine fatalities. With drowning being a leading cause of unintentional deaths worldwide, regulatory bodies and organizations are advocating for the use of PFDs to ensure the safety of recreational boaters and swimmers alike. This heightened awareness is driving market expansion, as manufacturers innovate to create more comfortable, functional, and affordable PFDs to meet the growing demand.
In the maritime industry, Type I Personal Flotation Devices (PFDs) are a crucial safety investment for off-shore vessels and ferries operating in rough, open waters where rescue may be delayed. These flotation solutions, available in sizes for adults and children, offer superior buoyancy of at least 22 pounds and are highly visible due to their bright colors and reflective straps. Notably, they have the capability to turn unconscious wearers face-up in the water. The market growth for Type I PFDs is significantly driven by the increasing demand for larger shipping vessels, as companies prioritize fuel efficiency and economies of scale. These off-shore life jackets, made from materials such as foam and cork, serve as essential flotation gear for crew members on these vessels.
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Personal Flotation Devices Market Segmentation
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Personal Flotation Devices (PFDs) are essential safety equipment for various marine activities, including boating, watersports, and stand-up paddleboarding. These flotation solutions come in different forms such as life jackets and vests, providing safety against drowning while ensuring comfort. The difference between life jackets and vests lies in their buoyancy levels. PFDs are used by lifeboat crews, off-shore vessels, cruise ships, and ferries. Inflatable technology and material development have led to the creation of lightweight and efficient flotation gear. Transport Canada and the US Coast Guard are among the regulatory bodies ensuring the safety standards of PFDs. Foam and cork are common materials used in the production of these devices.
The global leisure products market, a segment of the larger household durables industry, encompasses categories such as sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-focused games. According to Technavio's market analysis, the growth of this market is driven by several key factors. One significant trend is the increasing memberships in health and fitness clubs, which has seen a steady rise in the past decade. This trend is further fueled by the continuous expansion of this industry, presenting lucrative opportunities. Among the various leisure product sub-categories, the demand for personal flotation devices, including life jackets and flotation solutions, is particularly noteworthy for marine activities and watersports.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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