DUBAI, United Arab Emirates, November 16, 2021 / PRNewswire / – According to the latest IMF study, the global wetsuits market is on the way to surpass 3.3 billion US dollars in 2031, in comparison with the US $ 1.6 billion registered in 2020.
Growing awareness of the dangers and risks associated with water sports, such as hypothermia, is driving the demand for wetsuits in the market. For this reason, the market is expected to grow at a CAGR of 6.5% during the forecast period 2021-2031.
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A rapid increase in the number of young people participating in leisure and water sports activities such as surfing, scuba diving, skinning and rafting is driving the growth of the market.
Increased government promotional activities and growing number of water sports events across Brazil, China, India, and others are expected to create lucrative sales opportunities in the market.
In addition, the growing trend of customers to adopt wetsuits due to their better insulation and thermal protection compared to drysuits is driving the demand for wetsuits.
In addition, the integration of innovative technologies such as the Shark Attack Mitigation System (SAMS) in wetsuits is expected to drive sales to an annual growth of 5.9%, totaling US $ 1.78 billion until 2021.
Based on consumer orientation, men’s suits are expected to eclipse women’s ones, accounting for over 50.1% of total sales in 2021. The large product portfolio and the availability of different colors, sizes and types of suits for men are the attributes driving the growth of the segment.
âMajor manufacturers are emphasizing the introduction of eco-friendly suits made from green materials such as natural rubber to comply with strict regulations implemented by regional governments. This should bode well for the growth of the market â says an IMF analyst.
Key points to remember from Combination Market research
- The United States is expected to hold the largest share of revenue in the North America market, representing more than 83.9% of sales in 2021.
- China should become the most profitable market of East Asia, contributing almost 43.9% of the market share until 2021.
- India is expected to have a substantial market share in South Asia, representing more than 27.2% of global sales by 2021.
- Based on product type, long sleeve suits are expected to experience the fastest growing segment in the segment, with a CAGR of 5.9% from 2021 to 2031.
- In terms of application, surfing, being one of the most popular water activities, is expected to account for around 37.3% of global sales in 2021.
- The increasing participation of women in leisure and water sports activities and the increasing availability of wetsuits specially designed for women are driving sales in the customer-oriented female segment.
- The growing popularity of indoor water sports activities in man-made wave parks and indoor surf fields, as well as the launch of new water recreation parks across the United States, India, China, and others are expected to propel the demand for wetsuits.
- Growing availability of water sports rental accessories such as wetsuits in coastal areas such as Brazil, India, Japan, and others hamper the sales of new combinations.
- The high cost of wetsuits and the availability of cheaper substitutes such as drysuits are expected to hamper sales in the market.
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According to the IMF, the top five players in the global wetsuit market are cumulatively expected to account for nearly 15-25% of revenue in 2021.
Major manufacturers aim to develop products using environmentally friendly materials that are more reliable, flexible and provide better insulation to protect the user. For example,
- In 2021, Aqualung, a manufacturer of marine diving equipment, announced the launch of a new collection of eco-responsible wetsuits, XSCAPE, made of 100% neoprene and a rashguard made from sustainable materials.
- In 2020, Billabong, a lifestyle and technical clothing brand, announced the launch of a new line of eco-friendly coveralls made from grapheme infused with 100% polyethylene terephthalate (PET) fibers.
Some of the major players operating in the market presented by IMF are:
- O’Neil Inc.
- Quicksilver Inc.
- Billabong International Limited
- Aqua lung
- Gullewa Limited
- Shieco Group Co. Ltd.
- Patagonia, Inc.
- Rip Curl
- NU Sports
- Decathlon SA
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More valuable information on Combinations Marlet
The latest report from IMF provides a detailed analysis of the global wetsuit market, providing credible information on the key factors driving the market through 2021 and beyond. The study also revealed growth projections in the wetsuit market with detailed segmentation:
By product type:
- Full Sleeves
- Short sleeves
- Scuba diving
By consumer orientation:
By price range:
- Under 100 USD
- 100 USD– 200 USD
- 200 USD & Above
By sales channel:
- Wholesalers / Distributors
- Supermarkets / Hypermarkets
- Specialty stores
- Water sports accessories stores
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (AEM)
Key questions addressed in the report
- The report provides an overview of the demand outlook of the bodysuits market for the forecast period 2021-2031
- The market study also highlights the forecasted sales growth for the wetsuits market between 2021 and 2031.
- The Wetsuits market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancements within Of the industry
- Analysis of the wetsuits market share, covering key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships etc.
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