COVID-19 Impact analysis

At the start of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Personal Flotation Devices industries have been greatly affected. The COVID-19 pandemic has compelled significant fallout in the demand for personal flotation devices in the last few months. The lockdown and complete shutdown of public centers have restricted recreational activities and cross border travel and tourism. Nevertheless, major economies are now planning a step by step opening of various sectors with all the precaution measures and safety regulations.

Top Impacting Factors

Rising demand from government marine agency and coast guards are boosting the demand for global personal floatation devices market. The liability of coast guards includes safety of vessels, maintenance of sea-marks, and enforcement of maritime law, search and rescue. These life jackets are within easy reach to them in their boats and nearby places of work and include some additional features such as whistles, emergency lights, and others. Furthermore, increasing activities such as fishing, boating and water sports are also boosting the demand for personal floatation devices market.

Market Trends

• Government laws and regulations concerning work safety in coastal regions and while using boats is anticipated to be the main driver of the personal flotation devices market. For instance, as per the U.S. Coast Guard and federal law, a recreational boat must have sanctioned life vests for each individual aboard.
• Increasing consumer preference for recreational boating and water sports is expected to boost the demand for personal flotation devices (PFD).
• Robust economic growth in major marine markets and the growing government investment in development of boating infrastructure are recognized as important factors contributing to the development of the PFD market.
• Rising consumer understanding about the significance of personal flotation devices is the key market opportunity. 
• In addition to this, consumers prefer quality products that meet the specific government standards.
• Technological evolution and constant introduction of new water sports categories is anticipated to offer lucrative growth opportunities for the PFD market. 
• Additionally, evolving lifestyles and increasing throwaway income in developing economies is likely to spurt the market demand during the forecast period.

Key Benefits of the Report

• This study presents the analytical depiction of the personal flotation device industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the personal flotation device market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the personal flotation device market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed personal flotation device market analysis based on competitive intensity and how the competition will take shape in coming years.