Wetsuits Market

Market Overview

The global wetsuits market size 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). 

Wetsuits, made of foamed neoprene, are commonly worn by people participating in water and wind-related sports, such as deep-sea divers, surfers, canoeists, and windsurfers because they provide abrasion resistance, thermal insulation, and buoyancy. Increased interest in water sports, the increase of inland surfing areas, and artificial wave creation technologies are anticipated to affect industry growth positively. The wetsuit market is expected to be driven by favorable government initiatives to promote surfing and related sports among the public.

Market Dynamics

Global Wetsuits Market Drivers

Growing Participations in Triathlons

A triathlon is a multi-sport event that combines various swimming, running, and riding distances. A trade association called the Sports & Fitness Industry Association (SFIA) estimates about 2 million triathlon competitors worldwide. In the following years, the number of participants is anticipated to increase significantly. There are different types of triathlons, ranging in difficulty from the shortest (known as a sprint) to the longest (known as an Ironman). The distances covered in the triathlons range from a 500-meter swim, a 19-kilometer bike ride, and a 5-kilometer run to the 42-kilometer run in the Ironman competition. The Asia-Pacific region's economy and population's general health will benefit from the event, according to Ironman Asia. The growing occurrence and participation in various triathlons are expected to drive the global wetsuit market.

Growing Demand for Women Wetsuits

Despite being a male-dominated sport for many years, scuba diving has seen a significant transformation recently. The Professional Association of Diving Instructors (PADI) reported that many more women had been participating in scuba diving in recent years. Since the market for women's diving wetsuits was unexplored until a few years ago, demand has been rising significantly. The need for wetsuits increased worldwide due to the increase in the proportion of women actively participating in watersports. The proportion of female participants in growing Asia-Pacific nations, including Australia, has doubled over the past few years. Modern diving gear has also improved in usability and lightness, which has increased women's interest in the activity. As a result, sales in the industry have increased dramatically.

Global Wetsuits Market Restraint

Rising Adoption of Dry Suits Over Wetsuits

Wetsuits provide warmth by using a layer of neoprene and a tiny layer of water trapped between it and the skin. However, dry suits use a combination of air and undergarments to generate warmth. Additional layers of insulation can be added to dry suits to reduce the loss of body heat. Dry suits allow the diver to add air to compensate for the increased pressure at depth, whereas wetsuits compress as the diver descends and lose some of their intrinsic buoyancy. The wetsuit thins out and loses insulation characteristics as it compresses, whereas the dry suit does not experience the same effects. Due to suit compression, a diver may gain weight as a wetsuit loses buoyancy at depth. As long as the dry suit's buoyancy remains constant, the diver can regulate the increased or decreased pressure. Besides appropriate cleaning, dry suits require relatively little upkeep. In addition, wetsuits typically have a lifespan of 5 to 7 years, although dry suits can last over 15 to 20 years even when used frequently. These factors are anticipated to hinder the global wetsuit market over the forecast period.

Global Wetsuits Market Opportunities

Growing Competition among Various Market Players

Wetsuit sales are fueled by a movement in consumer preference toward cutting-edge designs that offer the most satisfactory experience at affordable rates. Growing brand rivalry encourages suppliers to focus on consumer needs and learn how to provide them with water sports equipment better. As a replacement for neoprene, manufacturers are introducing wetsuits manufactured from eco-friendly materials like natural rubber and water-based adhesive due to the strict regulations by regional governments for producing eco-friendly items. Additionally, wetsuits manufactured from recycled plastic and water bottles are anticipated to gain popularity throughout the forecast period.

Regional Analysis

The global wetsuit market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

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. It is projected that new wave parks and artificial waves will increase the total surfing and related industries. Due to the Maui islands and the Columbia River Gorge, known as the world's centers of windsurfing, windsurfing equipment sales are predicted to increase across the board. The market will also expand due to factors like the significant increase in the popularity of water sports and their low cost.

In addition, the growing number of sports organizations advertising events like triathlons and the preference of a sizeable portion of the teen and millennial population for outdoor activities will contribute to the market's expansion in this area. Wetsuit sales in North America are expected to expand due to rising childhood obesity rates, pushing schools and other educational institutions to incorporate outdoor activities into their curricula. Wetsuit demand is increasing as indoor water-wave parks, and inland surfing spots become increasingly popular, encouraging people, particularly millennials, to engage in water-based activities.

Europe is expected to grow at a CAGR of 5.00%, generating USD 690.5 million during the forecast period. Recently, Rip Curl and TerraCycle introduced the "Wetsuit Take Back Recycling Program," which enables surfers in all Australian states to recycle their wetsuits with the Rip Curl brand. Every year, wetsuit technology advances further in the United Kingdom. More people are taking up sports like swimming and working out in the open air to combat the negative health effects of increasingly sedentary and hectic lifestyles. Wetsuits have become increasingly popular as surfing, and other watersports have grown in Europe. The increasing variety of places to buy a wetsuit in the UK has led to a commodity price surge. Increased interest in pre-owned and brand-new wetsuits is driving up sales in the United Kingdom. British manufacturers may quickly increase output and market share because of the country's many export opportunities. In addition, wetsuits fabricated from ocean debris like plastic bottles and fishing nets have seen a surge in demand thanks to government restrictions on pollution.

The wetsuit apparel business anticipates that the Asia-Pacific would prove to be a lucrative location. The popularity of wetsuit clothing can be related to the rise in interest in events and sports involving water and wind. Additionally, it is anticipated that the demand for wetsuit clothing will increase due to positive government measures supporting water-based sports in nations like China. Significant growth will be seen in the Asia Pacific, primarily due to rising spending on recreational activities. Wetsuit sales are anticipated to be further boosted by the rising popularity of recreational activities in China and high-quality water sports accessories. The development of the wetsuit industry in China is also anticipated to be increased with new water sports activities and competitions. For instance, the China-based Asia Water Recreational Sports Expo offered several chances for the wetsuit industry's players to expand. This expo established an international exchange and trade network for manufacturers of water sports items to take advantage of trends and boost sales.

Segmental Analysis

The global wetsuits market is segmented by product

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. Any sport that uses wind power, frequently using a non-rigid airfoil like a sail or power kite, is called a wind sport. The activities can occur on dry land, water, snow, and ice. The skin's smooth surface is excellent in deflecting wind and, more critically, water. To prevent the wind from penetrating the wetsuit's core and making the surfer cold, one often notices smooth skin covering the area.

Additionally, neoprene obstructs wind, considerably reducing any wind chill factor. A wetsuit for windsurfing or kiteboarding that is at least 30% super stretch neoprene is preferable because of the variability in the quality of this material across brands. Expert surfers and boarders typically prefer wetsuits made of super stretch neoprene, which ranges in percentage from 60% to 100%.

A triathlon is a strenuous sport that puts a competitor's swimming, cycling, and running prowess to the test. The entire race comprises three parallel legs and begins with a swim (often in open water), then moves on to a bike leg and a run. Triathlon layouts vary, but the most popular variant includes a 1.5-km open-water swim, a 40-km cycle ride, and a 10-km run. Smooth skin material is used in triathlon wetsuits to increase their hydrodynamic properties. They are typically not as robust as surf wetsuits and are also designed for speed.

Recent Developments

• 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.
• June 2022- Billabong launched the new collection, featuring two limited-edition t-shirts, a tote made from organic cotton, and custom boardshorts and wetsuits.