The global wetsuits market size was valued at USD 1.29 billion in 2022 and is expected to surpass USD 2.12 billion by 2031, expanding at a CAGR of 5.7% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing international events of water sports and high spending on recreational or outdoor sports activities.
A wetsuit is a type of special suit primarily designed for the use of explorers in deep sea. The suits are very thin layer of garment worn by divers, surfers, and swimmers, who spend more time in cold water. Although the suits are mostly designed as streamer that covers the whole body, some suits are available as spring suit that covers just some parts of the body.
Additional items such as jackets, hoods, and vests can be tailored to the suit to provide more comfort and for extra protection. One key feature of the suit is that it retains body heat during the swimming or diving in deep sea, which easily avoid the chance for hypothermia, a health condition of dangerously low body temperature. Neoprene, a type of rubber, is the key material used for manufacturing wetsuits, which allow to trap body heat even the swimmers are going deeper in the ocean.
The outbreak of COVID-19 pandemic had adversely affected the market due to movement restriction and sudden closure of beaches or recreational activities, imposed by emergency lockdown across countries. Moreover, many of the international water sport events had been postponed in a view to curb the virus spread.
Since the COVID-19 cases are rapidly subsiding across the globe, governments started allowing to open beaches and sea for recreational activities with certain limitation. This provides a key opportunity for the market to return back to its normal operation.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing awareness regarding the health benefits of outdoor sport activities and surge in sport tourism present key factors driving the market.
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Favorable governments’ initiatives for encouraging water sports such as scuba diving and surfing sports to boost the income of the inhabitants near sea or beaches are anticipated to drive the market during the forecast period.
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Rising demand for deep sea exploration and increasing number of people who love to explore aquatic life as shown in Geographic Channels are another key drivers of the market.
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Limited use of the products as the diving and swimming require certain skill and good health condition acts as a major challenge that can restrain the market growth.
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Rapid introduction of suits to ensure better experience for seasonal swimmers and surfers are creating immense growth opportunities of the market.
Scope of Wetsuits Market Report
The report on the global wetsuits market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wetsuits Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Surfing, Wind Sports, Scuba Diving, and Triathlon)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Rip Curl; Shieco Group; O’Neill; Carapace Wetsuits; Quiksilver Inc.; Arena Italia SPA; Billabong; Pittasoft, Body Glove; Glidz Wetsuits; Glidz Wetsuits; and Aqua Lung
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Wetsuits Market Segment Insights
Surfing segment is expected to grow at a rapid pace
Based on products, the global wetsuits market is divided into surfing, wind sports, scuba diving, and triathlon. The surfing segment is expected to grow at a rapid pace during the forecast period owing to wide popularity of surfing among several young adults and increasing several sports events based on surfing globally.
However, the wind sports segment is anticipated to hold a key share of the market in the coming years due to the acceleration of innovative wind sports models and introduction of safety gears for the use in wave parks and artificial waves.
North America to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to numerous events of water sports and wide establishment of novel technology for wave parks in the region.
Outdoor sport activities especially water sports are very popular in the US and various water sport events are organized in the country annually. However, the market of Asia Pacific is anticipated to register a high CAGR during the forecast period owing to increasing participations in surfing and other recreational activities such as scuba diving in countries of sea connected in the region such as Australia and Indonesia.
Segments
The global wetsuits market has been segmented on the basis of
Products
- Wind Sports
- Surfing
- Scuba Diving
- Triathlon
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Rip Curl
- Shieco Group
- O’Neill
- Carapace Wetsuits
- Quiksilver Inc.
- Arena Italia SPA
- Billabong
- Pittasoft
- Body Glove
- Glidz Wetsuits
- Glidz Wetsuits
- Aqua Lung
Competitive Landscape
Key players competing in the global wetsuits market are Rip Curl; Shieco Group; O’Neill; Carapace Wetsuits; Quiksilver Inc.; Arena Italia SPA; Billabong; Pittasoft, Body Glove; Glidz Wetsuits; Glidz Wetsuits; and Aqua Lung. Some of these players have adopted several strategies to link with giant e-commerce and retailers such as Amazon.com and eBay to expand their geographical reach and expand their consumer base worldwide.
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