Wetsuit Market is Estimated to Cross of Revenue of US$ 1.78 Bn in 2021. Ever Growing Demand for Market is Expected to Soar Worth of US$ 3.35 Bn at a CAGR of 6.5% during 2021 - 2031 - Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / November 30, 2022 / The global wetsuit market was worth US$ 1.68 Bn in the year 2020 and is expected to reach US$ 3.35 Bn by the year 2031 at a CAGR of 6.5% between 2021 and 2031.

Wetsuit apparels consist of foamed neoprene and are worn on frequent basis by canoeists, surfers, deep-sea divers, windsurfers, and likewise, as they are there to promote resistance against abrasion and provide thermal insulation.

Industrial bellwethers like Samsung are sponsoring World Surf League, which have opened doors for a new source of income for them. Plus, activities like ISC tour event Rip Curl Cup that implies competition amongst the international surfers at Indonesia's Padang Padang Beach are keeping the key market players on the toes.

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There is another angle to these developments - and that is the realization amongst individuals to strike a balance between work and leisure. This realization is actually pushing the market for wetsuits and the status quo is expected to remain the same even going forward.

Surfing wetsuit apparel is in greater demand as compared to its counterparts. It holds more than 40% of the market share. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Wetsuit Market'. With both - macros and micros in sync, there won't be anything to hinder the wetsuit market going forward. The analysts and consultants are all set to serve their in-depth research piece.

Key Takeaways from Wetsuit Market

• North America holds the largest market share with the US being subject to growing demand for water-oriented activities outdoors as well as indoors. It needs to be noted that growing popularity of the indoor platforms with inland surfing grounds and artificial water waves parks are encouraging the millennials to take an active part in various water-based activities, which is likely to accelerate the wetsuit market going forward.
• Coming to the Asia-Pacific, India and China are the torchbearers. China is witnessing a spike in recreational activities. Also, novel water sports activities are comping up. The year 2020 witnessed staging of Asia Water Recreational Sport Expo in China. As far as India is concerned, it holds more than 25% of the revenue generated by the Asia-Pacific. On these grounds, it should be known that the Water Kingdom (Esselworld) located in Maharashtra, India, is the biggest water theme park in the continent. Also, Leo Splash Water Park was opened in Hyderabad (Telangana, India) in the year 2020. The social media platforms are also being efficiently used to propagate these water parks.

Competitive Landscape

• Aqualung, in the year 2021, did launch novel XSCAPE collection comprising eco-responsible wetsuits that are completely free of neoprene and aa rash guard that is made out of sustainable materials.
• Buy4Outdoors website, in June 2021, did expand the collection consisting of wetsuits for women and men.
• A Newcastle start-up, in October 2021, did design wetsuit that renders better protection against attacks by sharks. Aqua Armour does intend launching Kickstarter campaign for raising US$ 40K through crowdfunding platform. Hunter would be used for assembling the wetsuits, so as to provide employment herein.
• O-Neill, in February 2020, did release its ‘First Name in the Water' campaign, which implied gathering surf cinematography shots across every corner worldwide.
• Rip Curl recently launched a ‘Wetsuit Take Back Recycling Program' in collaboration with TerraCycle, thereby letting surfers recycle the surf-branded wetsuits in Australian states.

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What is the Report up to?

• The research study is based on product type (full sleeves and short sleeves), by application (surfing, underwater diving, sailing, river rafting, and likewise), by consumer orientation (men, women, and unisex), by price range (under US$ 100, US$ 100 - US$ 200, and US$ 200 & above), and by sales channel (wholesalers/distributors, supermarkets/hypermarkets, specialty stores, water sporting accessories stores, online retailers, and likewise).
• With increase in frequency of water-based sports activities coupled with developing inland surfing grounds, the global wetsuit market is bound to substantiate in the forecast period.

What is the Impact of the COVID-19 Crisis on the Wetsuit Market?

The unprecedented COVID-19 pandemic resulted in shutting down of manufacturing plants, restriction on public gathering, employee layoffs, and supply chain disruptions. These factors have had a negative impact on the global wetsuit market.

Besides this, temporary decline in recreational sports has further dampened sales prospects of wetsuits. However, vacation spots, recreational activities and other commercial sectors are opening again with limited capacity. This is expected to augment recovery of the global wetsuit market over the forthcoming years.

Wetsuit Market by Category

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
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Summary of Key Findings

1.3. Summary of Key statistics

1.4. FMI Analysis and Recommendations

2. Market Overview

2.1. Market Taxonomy

2.2. Market Definition

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.1.1. High Penetration of Wetsuits in Market thorugh Online Channel

3.1.2. Growing Demand for High Insulating Suits for Water Sports Activities

3.1.3. Ascent in number of Women Participating in Water Sports Activities

3.1.4. Online Purchases & Time-specific Subscription Services

3.1.5. Diversifying Product Line for Kids Segment

3.2. Product Innovation Trends

3.2.1. Companies Increasingly Spending on R&D and Stepping Up Innovation

3.2.2. Growing Consumer Interest in Multifunctional Products

3.2.3. Prominent Players are Now Diversifying Into Other Profitable Segments

3.2.4. Evolution in Product Design

3.3. Future Prospects of the Hair Color Industry

3.3.1. Factors Fuelling the Growth

3.3.2. Influx of Brands

3.3.3. Innovative Distribution and Marketing Strategies

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About Future Market Insights, Inc.

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