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Wetsuits Market Size, Share, Analysis, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2024 – 2032
- Report ID: GMI230
Wetsuits Market Size
Wetsuits Market size is anticipated to register noteworthy gains from 2024 to 2032, owing to surging inclination of people towards water sports, underwater activities and the growing economic affluence in developed and developing economies. According to GITNUX MARKETDATA Report 2024, in 2021, adults aged between 25 to 34 years of age accounted for the maximum share of surfers in Australia, with 161 thousand participants.
Moreover, rising innovations are expected to further pave the way for wetsuits market progression. To cite an instance, in June 2022, Billabong introduced a new collection comprising two limited-edition t-shirts, an organic cotton tote, and customized boardshorts and wetsuits. However, the higher costs of advanced wetsuit technologies, limited availability of eco-friendly materials may hinder the market expansion to some degree.
Wetsuits Market Trends
The rising interest in water sports, growing awareness of fitness activities like surfing and diving, and the rapid advancements in wetsuit technologies for enhanced performance and comfort. will drive the industry development. Sustainable and eco-friendly wetsuit materials are gaining popularity as they align with environmental consciousness. Additionally, customization options, innovative designs, and the rising popularity of thermal wetsuits is leading to their high appeal. The increasing purchases of wetsuits from e-commerce channels.
Wetsuits Market Analysis
The market share from the semi-dry wetsuits type segment is estimated to witness substantial expansion through 2032. This is owing to the increasing adoption of semi-dry wetsuits for underwater diving activities as they are lined with a fabric that enhances strength, making it easier to slide. The thickness of the neoprene lining on the inside of the semi-dry wetsuit also ensures enhanced heat retention. The insulating properties of these apparels also help the diver to stay warm underwater as they are made specifically for cold water and deep diving.
The wetsuits market from the surfing segment is slated to grow up to 2032. Annually, nearly 1.73 million people go surfing in the U.S. alone, presenting a substantial customer pool for the market. Wetsuits are generally worn by surfers, swimmers, and divers to insulate and retain the body heat, limiting the occurrence of hypothermia. The lightweight and flexible nature of surfing wetsuits, specifically around the shoulders and arms to cater to rigorous activities will further drive the product usage.
Asia Pacific wetsuits market is anticipated to show notable gains through 2032, on account of the growing spending on leisure activities in the region. As per IBEF (India Brand Equity Foundation), the tourism industry in India is expected to expand by over USD 125 billion by 2027. With beaches being the most popular tourist attractions in APAC, and water sports turning more affordable, the adoption of wetsuits is likely to soar in the region. The increasing water sports participation, growing awareness of health and fitness activities, rising trend of adventure tourism along with favorable climate and expanding popularity of surfing and diving will also fuel the adoption of wetsuits in the region.
Wetsuits Market Share
Some of the major wetsuits companies are:
- O'Neill
- Quiksilver
- Patagonia Inc.
- Buell Wetsuits and Surf
- Rip Curl (Rip Curl Group Pty Ltd)
- Billabong International Limited
- Helly Hansen (Canadian Tire)
Eminent companies operating in the wetsuits industry are emphasizing facility expansions, product diversification, and mergers & acquisition strategies to gain competitive advantages. For instance, Billabong International Limited is actively specializing in the manufacturing of surfing clothing like wetsuits and accessories.
Wetsuits Industry News:
- In March 2023, ZONE3, a triathlon apparel and equipment company, became the official wetsuit and swimwear partner for DATEV Challenge Roth, powered by hep, an electric power organization.
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