As per the latest study conducted by FMI, the global wetsuit market is 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.
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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 Wetsuit Market 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.
Key Drivers
- 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.
Key Restraints
- 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.
Competitive Landscape
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:
- O’Neil Inc.
- Quicksilver Inc.
- Billabong International Limited
- Aqua lung
- Gullewa Limited
- Shieco Group Co. Ltd.
- Xcel
- Patagonia, Inc.
- Vissla
- Rip Curl
- Sisstrevolution
- Speedo
- BARE Sports
- Decathlon S.A.
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More Valuable Insights on Wetsuits Market
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:
- 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 Sales Channel:
- Wholesalers/ Distributors
- Supermarkets/ Hypermarkets
- Specialty Stores
- Water Sporting Accessories Stores
- Online Retailers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- 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