The global wetsuit market is projected to soar at a 6.5% CAGR. and surpass a valuation of US$ 1.78 Bn in 2021.
To fulfil the growing demand, manufacturers are providing high-quality, cosy wetsuits that are tailored for various sports activities. According to the FMI analysis, the wetsuit market is projected to reach a valuation of US$ 1.78 Bn in 2021. Between 2021 and 2031, the market for wetsuits is projected to grow at a CAGR of 6.5 percent.
Wetsuit sales are being fueled by a shift in consumer tastes toward innovative designs that offer the best experience at competitive prices. Growing brand competition motivates participants to understand and prioritise customers’ needs in order to give them better water sports equipment.
Manufacturers are launching wets s comprised of green materials such as natural rubber and water-based adhesive as a substitute for neoprene as a result of tough standards established by regional governments to make eco-friendly items. Furthermore, the introduction of wetsuits produced from recycled plastics and water bottles is projected to gain popularity during the projection period.
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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.
Key Takeaways:
- 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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Competitive Landscape
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.
Wetsuit Market by Category
By Product Type:
- Full Sleeves
- Short Sleeves
By Application:
- Surfing
- Underwater Diving
- Sailing
- River Rafting
- Others
By Consumer Orientation:
- Men
- Women
- Unisex
By Price Range:
- Under US$ 100
- US$ 100- US$ 200
- US$ 200 & Above
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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