Wetsuits Market will Surpass US$ 1.78 Bn in 2021; FMI Projects Key Players to Command over Quarter of Wetsuit Sales through 2031
As per a recent market analysis by Future Market Insights (FMI), the global wetsuits market is expected to surpass a valuation of US$ 3.35 Bn, expanding at a 6.5% CAGR through 2031.
A recent market study published by Future Market Insights on the wetsuit market offers glo...
Consistent growth of recreational water sports activities is spurring demand for wetsuits, with eco-friendly wetsuits emerging as the most popular products in the global wetsuits market.
Initially, the brand O’Neil Inc., manufactured the first wetsuit using neoprene. However, with technological advancements and the availability of modern machines has enabled brands to offer wetsuits made from other materials such as wool, lycra, synthetic rubber, and spandex.
This has enabled the wetsuits brands to diversify their product portfolios. Moreover, with growing demand for eco-friendly materials, sales of wool and lycra-based wetsuits are projected to rise over the forecast period.
Further, wetsuits designing has shifted from traditional methods such as seam taping and seam gluing to blind stitching. Blind stitching allows manufacturers to stitch the material completely from one side without making holes directly through the material.
This technique potentially gives more flexibility to the wetsuit and stops continuous flow of water through the material. These developments are expected to continue augmenting growth of the wetsuit market over the forecast period.
“Introduction of safety technologies such as Shark Attack Mitigation System (SAMS) in wetsuits, along with emergence of indoor artificial water waves activities are projected to augment growth of the global wetsuit market through 2031,” says an FMI analyst.
- Based on product type, the full sleeves wetsuits segment is expected to hold 70.4% of the total market share in 2021.
- Surfing as an application of wetsuits is likely to dominate the market with a share of 37.3% in 2021.
- Men wetsuits are highly in demand among the consumers. This is likely due to the availability of wetsuits for men in various sizes, designs, and colors. The segment is projected to hold 50.1% of the total wetsuit market share in 2021.
- In terms of price range, under US$ 100 is projected to hold the highest market share in 2021, at around 51.2%.
- Sales of wetsuits through water sporting accessories stores are expected to grow at a 5.4% CAGR through 2031.
- The U.S. is expected to dominate the North America wetsuit market, holding 83.9% of the market share in 2021.
- India will emerge as an attractive wetsuit market, accounting for 27.25 of the South Asisa market share in 2021.
- China is projected to account for 43.9% of the East Asia wetsuit market share in 2021.
- Japan and South Korea will account for 23.5% and 32.6% of the global wetsuit market share over the forecast period.
Prominent players present in the global wetsuits market are O’Neil Inc., Quicksilver Inc., Billabong International Limited, Aqualung, Gullewa Limited, Shieco Group Co., Ltd., Xcel, Patagonia Capital Ltd., Vissla, Rip Curl, Sisstrevolution, Speedo, BARE Sports, and Decathlon S.A. among others. Top 5 players in the wetsuit market are projected to account for 15-25% of the total market share over the forecast period.
Leading manufacturers of wetsuits are focusing on upon product development and implementing eco-friendly and new material that are more flexible, reliable, and provide better insulation to protect user from catching hyperthermia. For instance:
- In 2020, Billabong introduced their new line-up of Eco-Conscious wetsuits that are made with recycler tech- meaning the graphene is infused with 100% P.E.T. recycled fibers.
More Insights into the Wetsuit Market Report
Future Market Insights, in its new offering, provides an unbiased analysis of the global wetsuits market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the wetsuits market based on by product type (full sleeves & short sleeves), application (surfing underwater diving, sailing, river rafting, others), consumer orientation (men, women, unisex), price range (under US$ 100, US$ 100- US$ 200, US$ 200 & above), and sales channel (wholesalers/ distributors, hypermarkets/ supermarkets, specialty stores, water sporting accessories stores, online retailers and others) across seven major regions.
About Consumer Products division of FMI
Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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