Expansion of the construction and maintenance industry, and increase in recreational sports that demand for diving suits have boosted the growth of the global diving suits market
PORTLAND, Oregon, March 23, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Diving Suits Market by Type (Drysuit and Wetsuit), Price Range (Economy, Mid-Range and Luxury), and Sales Channel (Offline Channels and Online Channels): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global diving suits market was pegged at $419.2 million in 2018 and is expected to reach $623.7 million by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Driving factors for the market
Expansion of the construction and maintenance industry and increase in recreational sports that demand for diving suits have boosted the growth of the global diving suits market. However, rising deep-sea diving accidents and the high cost of designing have restrained the growth of the market. On the contrary, technological innovation and expanding coastal tourism are expected to create lucrative opportunities in the near future.
The drysuit segment to manifest the fastest growth through 2026
The drysuit segment is expected to manifest the largest CAGR of 5.9% during the forecast period, due to rise trend for deep-sea diving. However, the wetsuit segment held the largest share in 2018, accounting for nearly three-fourths of the global diving suits market, owing to large demand for wetsuits in activities include sailing, sea rescue operations, underwater diving, river rafting, surfing, whitewater kayaking etc.
The offline channels segment dominated the market
The offline channel segment held the largest share in 2018, contributing to more than four-fifths of the global diving suits market share, as specialty stores and franchisee stores offer a variety of options in diving products that promote the branded and private-labeled segment. However, the online channel segment is anticipated to register the largest CAGR of 7.1% during the study period, due to the easy availability of information about the diving suit, time-saving feature, and the facility of home delivery.
North America held the largest share
The global diving suits market across North America held the lion's share in 2018, accounting for nearly two-fifths of the market, due to rise in interest in water sports coupled with increased disposable income and increase in awareness of eco-friendly diving suit. However, the market across LAMEA is projected to portray the fastest CAGR of 7.3% during the forecast period, owing to the biodiversity in Red Sea, and significant growth of oil explorative as well as sea constriction activities.
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