According to the latest report by IMARC Group, titled "Wetsuit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global wetsuit market reached a value of US$
1,215 Million in 2021. Wetsuits are garments that are typically worn by divers, swimmers, canoeists and individuals engaging in water sports and activities. They are generally made from foamed neoprene bubbles that offer buoyancy, thermal insulation and abrasion resistance to the wearers. They also provide insulation to the users by assisting them in retaining their body heat and ensuring that the wearers do not develop a severe condition named hypothermia that is characterized by extremely low body temperatures. Widely available in a vast array of styles and thicknesses, their use further aids in protecting the wearers against jellyfish stings and cuts and bruises from rocky reefs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wetsuit Market Trends:
The global market is majorly driven by the increasing participation in water-based sports activities. The rapid development of inland surfing grounds is also providing an impetus to the uptake of wetsuits across the globe. Moreover, an enhanced focus on sustainable development has impelled numerous key players to introduce wetsuits made from eco-friendly materials, including natural rubber and water-based glue. They also involve the use of recycled plastics, water bottles and fishing nets, which are gaining widespread prominence among the end users. The market is further driven by the continual integration of advanced technologies for manufacturing wetsuits. For instance, Shark Attack Mitigation Systems (SAMS) are increasingly being equipped with these garments that aid the wearers in camouflaging using disruptive coloration. Some of the other factors contributing to the market growth include the inflating disposable income levels of the masses and considerable growth in the global tourism industry. On account of the aforementioned factors, the market is expected to grow at a CAGR of 5.84% during 2022-2027.
- On the basis of the product type, the market has been divided into hooded wetsuits, full wetsuits, convertible wetsuits, sleeveless wetsuits, shortly/spring wetsuits, and others.
- Based on the thickness, the market has been classified into 1mm-2mm, 2mm-3mm, 3mm-4mm, 4mm-5mm, and > 5mm.
- On the basis of the end-user, the market has been segmented into male, female and kids.
- Based on the application, the market has been categorized into surfing, scuba diving, triathlon, and others.
- On the basis of the distribution channel, the market has been divided into sport variety stores, third party online channels, direct to customer channels, franchised stores, and modern trade channels.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include O'Neill, Billabong, Rip Curl, Body Glove, Quiksilver, Helly Hansen, Boz Wetsuits, Arena Italia SPA, Hurley, Patagonia, Hyperflex Wetsuits, Speedo, GUL, Typhoon, and Isurus.
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