Wetsuits Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI230
Global wetsuits market is projected to accrue phenomenal gains over 2021 to 2027, driven by the growing inclination of people towards under water activities and luxury sports. These garments are generally made of foamed neoprene bubbles, which offer superior thermal insulation, buoyancy, and abrasion resistance.
The market is powered by increasing economic affluence of people across various developed and developing nations. Moreover, ongoing innovations in the business space is also likely to expand the overall wetsuits market share in the upcoming years. Recently, Aqualung, a dive and watersports gear specialist, launched an exclusive sustainable collection that includes a 100% neoprene-free wetsuit. This innovation reflects the firm’s commitment to ocean discovery, innovation, and sustainability.
Wetsuits are being largely worn by people engaging in surfing activities, which makes the surfing wetsuits segment hold a major prominence in the overall industry. In the United States, approximately 1.73 million people go surfing yearly. In this case, the need for wetsuits dramatically rises as these garments help the surfers stay warm in water by trapping a thin layer of water between the skin and the neoprene demand. Surfing wetsuits are much lighter and much flexible, particularly in shoulders and arms. In fact, the neoprene being used in these suits is relatively different than that used in scuba diving.
Semi-dry wetsuits have been witnessing prolonged adoption for under-water diving activities. The neoprene lining found on the inside of a semi-dry wetsuit is quite thick and assures better heat retention. Since these suits are designed for cold water diving, their insulative attributes keep the diver warm underwater.
Geographically, North America is touted to emerge as a remunerative hub for wetsuits market through 2027, credited to the increasing participation of people in leisure sports and various under-water activities. As of 2019, there were nearly 2.7 million scuba divers in the United States. Out of this, about 10.82% scuba diving population hailed from Florida.
Meanwhile, a prolific expansion in water sports activities in the Canadian states would essentially fuel the growth of wetsuits market over the foreseeable time frame.
Asia Pacific will witness substantial growth primarily driven by surging expenditure on leisure activities. Apparently, the capital spent on water sports during the Covid-19 pandemic outbreak subtly increased in APAC economies, given the increased preference of the population to take a break from the WFH monotony.
Some of the prominent vendors partaking in the race of wetsuits industry expansion are Billabong International Limited, O'Neill, Buell Wetsuits and Surf, Quiksilver, Patagonia Inc., Rip Curl (Rip Curl Group Pty Ltd), Helly Hansen (Canadian Tire), and several others. These players have been taking up strategic practices such as acquisitions, mergers, product diversification, facility expansion, and others, to gain a competitive spot in the overall business sphere.
Recently, Rip Curl launched a ‘Wetsuit Take Back Recycling Program’ in partnership with TerraCycle, allowing surfers to recycle their surf branded wetsuits across the Australian states.
Meanwhile, in February 2020, O’Neill released its ‘First Name in the Water’ Campaign, which was a gathering of surf cinematography shots from across all the corners of the world.
Analyzing the Covid-19 impact on wetsuits industry
The coronavirus pandemic has been hard for some businesses and industries, given the mandatory shutdown of production plants and movement restrictions. Nevertheless, the wetsuits industry has been witnessing a decent growth since 2020 as various people jumped off to the sea to take a break from the new normal, Work from Home activity. With huge masses opting for vacationing in and around beaches and indulging in surfing and diving activities, the demand for wetsuits surged accordingly.
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