A detailed survey published by Future Market Insights (FMI) on the wetsuitmarket divulges exclusive insights into driver, opportunities, and challenges along with their consequent impact on market in more than 20 countries. It uncovers growth prospects of the market across various segments in terms of product type, application, consumer orientation, price range, and sales channel for the assessment period
DUBAI, UAE, Nov. 16, 2021 /PRNewswire/ -- As per the latest study conducted by FMI, the global wetsuit marketis poised to surpass US$ 3.3 Bn in 2031, in comparison with the US$ 1.6 Bn registered in 2020.
Growing awareness regarding the dangers and risks involved in water-based sports, such as hypothermia, is propelling the demand for wetsuits in the market. On account of this, the market is projected to surge at a CAGR of 6.5% during the forecast period 2021-2031.
A swift rise in number of young participants in recreation and water-based sports activities such as surfing, scuba diving, water skinning, and river rafting is boosting the growth of the market.
Increasing government promotional activities and rising number of water sports events across Brazil, China, India, and others are expected to create lucrative sales opportunities in the market.
Also, growing customer inclination towards adoption of wetsuits owing to their better insulation and excellent thermal protection compared to dry suits is pushing the demand for wetsuits.
Additionally, integration of innovative technologies such as Shark Attack Mitigation System (SAMS) in wetsuits is expected to spur the sales at a year-on-year growth of 5.9%, totaling US$ 1.78 Bn through 2021.
On the basis of consumer orientation, men's wetsuits are anticipated to overshadow women's ones, accounting for more than 50.1% of the total sales in 2021. Vast product portfolio and availability of various colors, sizes, and types of wetsuits for men are the attributes favoring the growth in the segment.
"Key manufacturers are emphasizing on introducing eco-friendly wetsuits made using green material such as natural rubber to comply with the stringent regulations implemented by regional governments. This is expected to bode well for the market growth," says a FMI analyst.
Key Takeaways from WetsuitMarket Study
The U.S. is anticipated to hold the largest revenue share in the North America market, accounting for more than 83.9% of the sales in 2021.
China is projected to emerge as the most remunerative market in East Asia, contributing nearly 43.9% of market share through 2021.
India is expected to hold a substantial market share in South Asia, accounting for over 27.2% of the overall sales by 2021.
Based on product type, full sleeves wetsuits are forecast to witness the fastest growth in the segment, surging at a CAGR of 5.9% from 2021 to 2031.
In terms of application, surfing, being one of the most popular water sport activities, is forecast to account for around 37.3% of the global sales in 2021.
Growing participation of women in recreational and water sports activities and increasing availability of wetsuits specifically designed for women is spurring the sales across the women consumer orientation segment.
Rising popularity of indoor water sports activities in artificial water wave parks and inland surfing grounds along with the launch of new water recreational parks across the U.S., India, China, and others is expected to propel the demand for wetsuits.
Increasing availability of rental water sporting accessories such as wetsuits in coastal regions such as Brazil, India, Japan, and others is hampering the sales of new wetsuits.
High cost of wetsuits and availability of cheaper substitutes such as dry suits are expected to hinder the sales in the market.
As per FMI, the top five players in the global wetsuit market are estimated to cumulatively account for nearly 15-25% revenue share in 2021.
Prominent manufacturers are aiming at product development using eco-friendly material that are more reliable, flexible, and provide better insulation to protect user. For instance,
In 2021, Aqualung, a marine diving equipment manufacturer, announced launching a new collection of eco-responsible wetsuits, XSCAPE, featuring 100% free of neoprene and a rash guard made using sustainable materials.
In 2020, Billabong, a lifestyle & Technical apparel brand, announced introducing a new line-up of Eco-friendly wetsuits made using grapheme which is infused with 100% polyethylene terephthalate (PET) recycled fibers.
Some of the key players operating in the market profiled by FMI are:
The latest report by FMI provides a detailed analysis of the global wetsuits market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in wetsuits market with detailed segmentation:
By Product Type:
By Consumer Orientation:
By Price Range:
Under US$ 100
US$ 100- US$ 200
US$ 200 & Above
By Sales Channel:
Water Sporting Accessories Stores
Middle East and Africa (MEA)
Key Questions Covered in the Report
The report offers insight into wetsuit market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for wetsuit market between 2021 and 2031
Wetsuit market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Wetsuit market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.