As per a recent market analysis by Future Market Insights (FMI), the global wetsuits market is expected to surpass a valuation of US$ 3.35 Bn, expanding at a 6.5% CAGR through 2031.
Global Wetsuit Market will gain from the increasing participation in outdoor recreational activities, including watersports. Future Market Insights (FMI) has forecast sales of wetsuits to grow by 5.9% year-over-year in 2021..
To cater the surging demand, manufacturers are providing premium and comfortable wetsuits customized for various sports activities. As per the FMI analysis, the wetsuit market is expected to surpass a valuation of US$ 1.78 Bn in 2021. Between 2021 and 2031, demand for wetsuits is projected to soar at a 6.5% CAGR.
Growth in number of water sports and recreational activities like surfing, diving, and water skinning is expected to continue pushing sales of wetsuits. In addition to this, increasing number of women participation in water sports is compelling manufacturers to launch stylish yet comfortable wetsuits. For instance, in 2018, Sisstrevolution brand launched their product line of wetsuits only for women.
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A large number of millennial consumers are actively spending on recreational activities during vacations. Besides this, the availability of rental water sporting accessories in coastal regions is spurring demand for quality wetsuits, which is compelling manufacturers offer premium products to improve sales.
This has enabled the wetsuits brands to diversify their product portfolios. Moreover, with growing demand for eco-friendly materials, sales of wool and lycra-based wetsuits are projected to rise over the forecast period.
Further, wetsuits designing has shifted from traditional methods such as seam taping and seam gluing to blind stitching. Blind stitching allows manufacturers to stitch the material completely from one side without making holes directly through the material.
This technique potentially gives more flexibility to the wetsuit and stops continuous flow of water through the material. These developments are expected to continue augmenting growth of the wetsuit market over the forecast period.
“Introduction of safety technologies such as Shark Attack Mitigation System (SAMS) in wetsuits, along with emergence of indoor artificial water waves activities are projected to augment growth of the global wetsuit market through 2031,” says an FMI analyst.
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Impact of the COVID-19 Crisis on the Wetsuit Market
The unprecedented COVID-19 pandemic resulted in shutting down of manufacturing plants, restriction on public gathering, employee layoffs, and supply chain disruptions. These factors have had a negative impact on the global wetsuit market.
Besides this, temporary decline in recreational sports has further dampened sales prospects of wetsuits. However, vacation spots, recreational activities and other commercial sectors are opening again with limited capacity. This is expected to augment recovery of the global wetsuit market over the forthcoming years.
- Based on product type, the full sleeves wetsuits segment is expected to hold 70.4% of the total market share in 2021.
- Surfing as an application of wetsuits is likely to dominate the market with a share of 37.3% in 2021.
- Men wetsuits are highly in demand among the consumers. This is likely due to the availability of wetsuits for men in various sizes, designs, and colors. The segment is projected to hold 50.1% of the total wetsuit market share in 2021.
- In terms of price range, under US$ 100 is projected to hold the highest market share in 2021, at around 51.2%.
- Sales of wetsuits through water sporting accessories stores are expected to grow at a 5.4% CAGR through 2031.
- The U.S. is expected to dominate the North America wetsuit market, holding 83.9% of the market share in 2021.
- India will emerge as an attractive wetsuit market, accounting for 27.25 of the South Asisa market share in 2021.
- China is projected to account for 43.9% of the East Asia wetsuit market share in 2021.
- Japan and South Korea will account for 23.5% and 32.6% of the global wetsuit market share over the forecast period.
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Prominent players present in the global wetsuits market are O’Neil Inc., Quicksilver Inc., Billabong International Limited, Aqualung, Gullewa Limited, Shieco Group Co., Ltd., Xcel, Patagonia Capital Ltd., Vissla, Rip Curl, Sisstrevolution, Speedo, BARE Sports, and Decathlon S.A. among others. Top 5 players in the wetsuit market are projected to account for 15-25% of the total market share over the forecast period.
Leading manufacturers of wetsuits are focusing on upon product development and implementing eco-friendly and new material that are more flexible, reliable, and provide better insulation to protect user from catching hyperthermia. For instance:
- In 2020, Billabong introduced their new line-up of Eco-Conscious wetsuits that are made with recycler tech- meaning the graphene is infused with 100% P.E.T. recycled fibers.