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global wetsuit market

Wetsuit Market Share, Size, Trends, Industry Analysis Report, By End-Use (Male, Female, Kids); By Application (Surfing, Scuba Diving, Triathlon, Others); By Product; By Thickness; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 113
  • Format: PDF
  • Report ID: PM1141
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global wetsuit market was valued at USD 1.80 billion in 2021 and is expected to grow at a CAGR of 6.4% during the forecast period. The increased use of technology and design has contributed significantly to improving everyone's winter experience. The industry demand has increased as a result of climate change and the demand for warmer clothes.

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The popularity of water sports such as surfing, waterskiing, wakeboarding, windsurfing, kiteboarding, paddleboarding, swimming, SCUBA, kayaking, and triathlons has bolstered the demand for the market. They have grown in popularity as the economy has improved and disposable income has increased.

Furthermore, new technologies for creating artificial wave parks are increasing product demand. Manufacturers are concentrating their efforts on developing environmentally friendly wetsuits that use natural rubber and water-based glue instead of neoprene. Various product advancements, such as the introduction of shark repellent wetsuits with the Shark Attack Mitigation System (SAMS), have influenced market growth significantly. It uses disorienting color to disguise the diver and portrays him as a potential threat to the predator.

Additionally, favorable regulations to promote health management through surfing and diving activities, as well as increased disposable incomes, are projected to have a beneficial impact on the industry in the next years. The demand is also being driven by government laws on the environmentally friendly product. However, the market's growth is limited by the high number of people who die while diving.

Industry Dynamics

Growth Drivers
Important factors such as rising innovations in the industry and rising deaths due to not wearing wetsuits are driving the market growth during the forecast period. In May 2021, Aqualung introduced a new sustainable collection that includes a wetsuit that is 100% neoprene-free. Also, in April 2022, SRFACE, a European wetsuit manufacturer, announced the addition of a spring/summer-friendly 3/2mm suit to its Eco collection, joining the likes of Patagonia. Besides the abrupt cardiac death, many deaths were attributed to drowning.

These products are often used during the swim leg of triathlons due to their multiple benefits to swimming performance. However, whether or not wearing a wetsuit affects the risk of cardiac incidents is unknown. Proposing an explanation for the high number of triathlon swimming deaths has been difficult, and at this stage is purely hypothetical. Wetsuits, particularly those with a tight fit, may have an impact. This activation occurs via changing the function of the arterial baroreflex, resulting in a blood pressure dysregulation.

Further, the demand for the wetsuit market has increased as the travel and the tourist industry has grown, as has the enthusiasm for water adventure sports among millennials also increased. Every year, thousands of people die as a result of drowning in the water while participating in sports or swimming.

As per statistics from the World Health Organization, drowning in water bodies is the 3rd largest cause of unintentional injury, causing death across the globe, accounting for around 7 percent of all injury-related deaths. According to the WHO, in 2019, an estimated 2,36,000 people died from drowning. Thus, the rising drowning's in the country are increasing the demand for the product, which is driving the market growth during the forecast period.

Wetsuit Market
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Report Segmentation

The market is primarily segmented based on product, thickness, end-use, application, and region:

By Product

By Thickness

By Application

By End-Use

By Region

  • Hooded
  • Full
  • Convertible
  • Sleeveless
  • Shortly/Spring
  • Others
  • 1mm-2mm
  • 1mm-3mm
  • 1mm-4mm
  • 1mm-5mm
  • > 5mm
  • Surfing
  • Scuba Diving
  • Triathlon
  • Others
  • Male
  • Female
  • Kids
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Product

Based on the product segment, the full wetsuit segment is expected to be the most significant revenue contributor in the global wetsuit market. Wetsuits with full sleeves are not only more comfortable, but they also safeguard users from slight bodily harm. The popularity of safe, comfortable, and flexible products is projected to increase as leisure and water sports activities become more popular.

Furthermore, over the projected period, the introduction of the Shark Attack Mitigation System in the industry will continue to boost sales. The surfing segment dominated the market growth. This is the most important famous water sport that can be practiced by people of all ages. Surfing is also a soothing activity as well as an adventure sport.

Geographic Overview

North America had the largest revenue share. The market is expected to develop due to rising demand for water activities and growth initiatives from various organizations to assist diving and surfing. Artificial wave and wave park technologies are expected to benefit the overall surfing and aligned sector. The existence of the Columbia River Gorge and Maui Islands, known as the world windsurfing capital, is expected to improve overall business sales.

Individuals, particularly millennials, are being influenced to participate in water-based activities by the surge in the popularity of the inside platforms with artificial water waves parks, thereby driving the demand for the product. PADI (Professional Association of Diving Instructors) announced an open event in 2021 for the PADI dive centers and professionals to join and celebrate adventure, enthusiasm, and ocean advocacy.

Moreover, Asia Pacific is expected to witness a high CAGR in the global market. The product sales are likely to continue to rise in China, owing to the increasing popularity of recreational activities and the availability of high-quality water sports accessory businesses. In addition, the introduction of new water sports activities and events will boost the wetsuit market in China.

For instance, in 2020, China hosted the Asia Water Recreational Sports Expo, which provided several potential prospects for the product manufacturers. This expo provided a global interchange and trading platform for water sports equipment manufacturers to capitalize on trends and increase sales.

Competitive Insight

Some of the major players operating in the global market include Helly Hansen, Hyperflex Wetsuits, Isurus, O’Neill, Patagonia, Quiksilver, Rip Curl, and Typhoon, among others.

Wetsuit Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 1.80 Billion

Revenue forecast in 2030

USD 3.09 Billion

CAGR

6.4% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Product, By Thickness, By End-Use, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Helly Hansen, Hyperflex Wetsuits, Isurus, O’Neill, Patagonia, Quiksilver, Rip Curl, and Typhoon

Key Take-Away
Polaris Market Research
Wetsuit Market Size Global Report, 2022 - 2030