Global Wetsuits Market Grows Steadily at a CAGR of 5.6%

Introduction

Wetsuits are commonly worn by individuals participating in water and wind-related sports because of their abrasion resistance, thermal insulation, and buoyancy. Positive market growth is projected due to rising interest in water sports, expanding inland surfing regions, and artificial wave generation technologies.

Market Dynamics

Rising Demand for Women Wetsuits Drives the Global Market

Scuba diving has seen a dramatic transition recently despite being a sport historically dominated by men. According to the Professional Association of Diving Instructors (PAI), female divers have increased significantly in recent years. Due to the rise in the percentage of women actively participating in watersports, wetsuit demand grew globally. The simplicity of use and lightweight contemporary diving equipment has enhanced women's interest in various sport.

Growing Competition among Various Market Players Creates Tremendous Opportunities

Growing brand competition forces suppliers to concentrate on customer requirements and learn how to equip them with water sports equipment better. Neoprene is being replaced with wetsuits made of eco-friendly materials like natural rubber and water-based glue due to stringent regional government guidelines for producing eco-friendly goods. In addition, wetsuits made from recycled plastic and water bottles are also projected to become more popular during the forecast period.

Regional Analysis

North America is the most significant shareholder in the global wetsuit market and is expected to grow at a CAGR of 4.2% during the forecast period. New wave parks and manufactured waves are expected to boost the surfing industry and its supporting sectors. Sales of windsurfing gear are expected to rise across the board due to the Columbia River Gorge and the Maui Islands being recognized as the world's two premier windsurfing locations. Due to increased childhood obesity rates, wetsuit sales in North America are anticipated to increase, forcing schools and other educational institutions to include outdoor activities in their curricula. The popularity of indoor water-wave parks and inland surfing spots, which encourage people, especially millennials, to participate in water-based activities, is driving up demand for wetsuits.

Europe is expected to grow at a CAGR of 5.00%, generating USD 690.5 million during the forecast period. The technology behind wetsuits in the UK improves every year. To counteract the detrimental health effects of increasingly sedentary and stressful lifestyles, a rising number of individuals are taking up sports like swimming and working out in the open air. As surfing and other watersports have gained popularity throughout Europe, so have wetsuits. Wetsuits are becoming more widely available in the United Kingdom, contributing to a rise in commodity prices. In addition, wetsuits made from trash in the ocean, such as plastic bottles and fishing nets, have become increasingly popular due to legislation limiting pollution.

Key Highlights

• The global wetsuits market was valued at USD 1,467.0 million in 2021. It is projected to reach USD 2,395.55 million by 2030, growing at a CAGR of 5.6% during the forecast period (2022-2030). 
• Based on product type, the global wetsuits market is bifurcated into wind sports, surfing, scuba diving, and triathlon. The wind sports segment is the highest contributor to the market and is expected to grow at a CAGR of 7.7% during the forecast period.
• North America is the most significant shareholder in the global wetsuit market and is expected to grow at a CAGR of 4.2% during the forecast period.

Competitive Players

Competitive Players

The global wetsuits market’s major key players are Arena Spa, Aqua Lung, Billabong, Buell Wetsuits & Surf, C-Skins, Glidz Japan, Hyperflex Wetsuits, Surf Isurus, Jmj Wetsuits, and O’Neill.

Recent Developments

Market News

• In April 2022, Aqualung launched a new collection, i.e., the XSCAPE collection, that includes an entirely neoprene-free wetsuit, reflecting Aqualung's dedication to ocean exploration and sustainability in the aquatic realm.
• In June 2022, Billabong launched the new collection, featuring two limited-edition t-shirts, a tote made from organic cotton, and custom boardshorts and wetsuits.

Segmentation

Global Wetsuits Market: Segmentation

By Product

• Wind Sports
• Surfing
• Scuba Diving
• Triathlon

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA