The wetsuits market will generate sales amounting to USD 1.3 billion by 2022. It had a value of USD 800 million in 2014. Good response towards surfing, canoeing, & other water sports activities favor the market. Water-based activities, artificial wave generation, and inland surfing also benefit the market. Wet suits have numerous advantages like thermal insulation, buoyancy, & abrasion resistance.
They are made from neoprene and worn by sports enthusiasts like divers, windsurfers, & canoeists. Publicity campaigns by manufacturers for water sport events like ISC Rip Curl Cup in Indonesia can increase the worldwide market’s consumers. Opportunities are expected to rise in the Middle East and China due to their higher disposable earnings.
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Preference for dry suits owing to their safety, versatility, warmth, & other benefits would pose a challenge for the wetsuits market. The market has products according to surfing, triathlon, scuba diving, and wind sports. Surfing had a share close to 50% in 2014. It may grow due to wave parks, artificial waves, and other advanced technologies.
Scuba diving accounted for over 30% shares in 2014. It is likely to grow at a CAGR exceeding 4% in the next seven years. This product can protect people from scrapes and water temperature. North America, based on market geographies, occupied over 40% shares in 2014. It is predicted to dominate the market due to rising triathlon events.
Windsurfing gears used for Gorge & Maui Islands would also boost regional revenues. The Asian Pacific market is touted to have great potential. This can be attributed to its association with water sports & other water events. This region held 20% shares in 2014. Increased wages & disposable earnings let its people indulge in leisure.
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The trend favors Asia Pacific. Moreover, regulatory policies supporting water events & sports in some of its nations can drive regional expansion. Notable players of the global wetsuits market comprise Speedo, ScubaPro, Lunasurf, Helly Hansen, and Body Glove. They partner with online retailers like Amazon & eBay to gain shares.
Players also use different distribution mediums and launch clever advertisements to promote their initiatives and widen their reach.
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