In 2022, it was estimated that the worldwide wetsuit market would be worth close to US$ 1.72 billion. Advances in surfing, coordinated product design & production, and the general population’s growing affluence levels in some areas are projected to boost industry development. By 2023, it is expected to have generated US$ 3.55 billion, with a CAGR of 6.6% from 2023 to 2033.
Triathlons are now perceived by the general public as an endurance sport rather than as an extreme competition for an eccentric, small minority, which has increased demand for wetsuit clothing throughout the world. On the basis of the rise in average disposable income of a rising and huge population, it is anticipated that by 2033, the demand will be amplified by the substantial potential for growth throughout unexplored regions, such as China as well as the Middle East.
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The general population’s increasing financial levels in some regions, advancements in surfing, and coordinated product design & manufacture are likely to fuel industry expansion. The importance of leading healthy lifestyles and ongoing efforts to combine work and play have increased demand for outdoor sporting activities. It is predicted that an increase in Southeast Asians participating in water sports and various technological advancements would fuel business expansion.
Key Takeaways from the Market Study
- From 2018 to 2022, the wetsuit market grew at a 3.8% CAGR.
- In 2022, it is anticipated that the full sleeves market would have a commanding share of 71.4%.
- In 2022, the surfing market category is anticipated to hold 38.1% of the overall market share.
- In 2022, it is anticipated that sales of men’s wetsuits would hold a commanding 51.5% of the worldwide wetsuit market.
- Sales of these wetsuits as water sporting accessory stores are anticipated to increase at a CAGR of 5.3% over the course of the forecast year.
- In 2022, it is anticipated that the United States would hold a market share of more than 83.3% for wetsuits in North America.
- India is estimated to represent more than 28.2% of the South Asia wetsuit market in 2022.
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“A beneficial impact on industry growth is projected from growing interest in various water sports, the expansion of inland surfing regions, as well as artificial wave production technology,” remarks an FMI analyst.
Competitive Landscape
Leading companies in the worldwide wetsuit market are putting a lot of effort into research and development in order to introduce cutting-edge goods and services. Major firms want to strategically work with local distributors and end consumers to increase their market share. Prominent players in the wetsuit market are:
- O’Neil Inc.
- Quicksilver Inc.
- Billabong International Limited
- Aqua lung
- Gullewa Limited
- Shieco Group Co. Ltd.
- Xcel
- Patagonia, Inc.
- Vissla
- Rip Curl
- Sisstrevolution
- Speedo
- BARE Sports
- Decathlon S.A.
Some key developments of the leading companies in this market are:
- Billabong’s new Furnace Natural wetsuit is one they produce that is sustainable and may be among the most eco-friendly suit on the globe. The Natural has undoubtedly established a new standard for wetsuit ethics since it is made of CICLO® fibers (which prevent plastic microfibre contamination and accumulation in dumps), new and enhanced YULEX natural rubbers (derived from FSC certified ranches), and 100% recycled fibers.
- Aqualung will hasten Carbon Capture, Utilization and Sequestration (CCUS) projects by offering affordable solutions for a variety of industrial emitters as well as fuel sources across the board, from natural gas to cement manufacturing. Aqualung uses a tolling concept to try to add value while reducing financial risk for their clients. The proprietary membrane technology has undergone 20 years of devoted study and testing, and is now prepared for commercialization and implementation.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global wetsuit market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the wetsuit market, the market is segmented on the basis of product type (full sleeves and short sleeves), application (surfing, underwater diving, sailing river, rafting, and others), consumer orientation (men, women and unisex), price range (under US$ 100, US$ 100- US$ 200, and US$ 200 & above) and sales channel (wholesalers/distributors, supermarkets/hypermarkets, specialty stores, water sporting accessories stores, online retailers, and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Profiled in the Global Wetsuit Market
By Product Type:
- Full Sleeves
- Short Sleeves
By Application:
- Surfing
- Underwater Diving
- Sailing
- River Rafting
- Others
By Consumer Orientation:
- Men
- Women
- Unisex
By Price Range:
- Under US$ 100
- US$ 100- US$ 200
- US$ 200 & Above
By Sales Channel:
- Wholesalers/ Distributors
- Supermarkets/ Hypermarkets
- Specialty Stores
- Water Sporting Accessories Stores
- Online Retailers
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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