Global Personal Floatation Devices Market Excessive Growth Opportunities EstimatPosted by Arslan on February 6th, 2019 FactMR study offers a 10-year forecast on the personal floatation devices market for the period 2018-2028. The comprehensive and holistic study on the personal floatation devices market studies the personal floatation devices market in detail, and offers comprehensive analysis on the key factors that are likely to influence the market during the assessment period. The personal floatation devices market continues to be influenced by a range of broader and industry-specific factors. Government regulations mandating the use of personal floatation devices on all vessels have been instrumental in promoting use among end-users. According to United States Coast Guard’s annual report, ‘Recreational Boating Statistics’, 80% of 701 deaths in the US in 2016 were on account of drowning – a staggering 83% of victims who drowned were not wearing a life jacket. Considering the fact that using a personal floatation device can significantly reduce the number of drowning fatalities, government and ombudsmen are working on making it mandatory for players to boost growth. Demand has also witnessed an increase on account of increasing participation in recreation boating. While recreational boating has traditionally remained the biggest draw for manufacturers, sustained demand from oil & gas, and naval industry has also created sustained opportunities for manufacturers. Innovation Key to Sustenance in the Highly Competitive Personal Floatation Device Landscape In a bid to consolidate their position in the market, personal floatation device manufacturers are focusing on making incremental improvement to their product offerings.
Use of personal floatation devices is mandatory for both adults and kids, however, in spite of effective regulation, implementation has been lax in many countries. Many developing countries have adequate laws in place that mandate the use of personal floatation devices, however, in view of lax implementation, penetration has remained moderate. The personal floatation devices market can witness robust growth in developing countries in Asia Pacific and Latin America if regulations and mandates on boating recreation are strictly implemented. The growing pervasiveness and popularity of e-commerce as a sales channel can help manufacturers in reaching last mile consumers in tier II and suburban areas. Request 100 Page Sample Report Now - https://www.factmr.com/connectus/sample?flag=S&rep_id=740 Like it? Share it!More by this author |