Global Wetsuit Market to Experience a CAGR of 7.05%, on the back of Increased Full Bodied Wetsuit Sales: Fact.MR

Published : 21 Dec 2021 Industry: Sports

The global sales of wetsuits are expected to grow to US$ 3.4 Bn in 2031, registering a CAGR of 7.05%. Growth is primarily attributed to the ever increasing popularity of water sports and other water related outdoor recreational activities. Increasing awareness among consumers with regards to fitness and swimming habits will further significantly contribute to the growth of the wetsuit market.

From 2017 to 2021, the market registered a CAGR of 5%. Significant contractions were experienced throughout 2020, as the COVID-19 pandemic applied the brakes on outdoor sports and recreational activities. The highly contagious nature of the infection prompted countries to impose strict lockdowns, leading to suspension or postponement of several water sporting events.

Since H2 2021, prospects have appeared relatively optimistic, as speeding vaccination drives have permitted a resumption of normal life, with people venturing out of their houses to engage in outdoor water sports. Manufacturers are increasingly emphasizing on improving safety features, to prevent any accidents during the event.

Key Takeaways from the Market Study

• Full wetsuits to be most demanded, registering a CAGR of around 6% until 2032
• 56% of sales are expected to be generated in the U.S. by 2022.
• China to account for 46% of wetsuit demand in 2022 across Asia
• By sales channel, sports variety stores to register fastest growth, at a CAGR of around 5%
• By demographic, women wetsuits to experience the highest sales until 2032

“To comply with government regulations, eco-friendly wetsuits have become more popular. These trends are likely to boost the market growth in the future,” says Fact.MR analyst.

Competitive Landscape

Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. Manufacturers are developing products that incorporate eco-friendly materials that will prove to be more reliable, versatile, and improved insulation against the elements.

• In 2021, Aqualung, a marine diving equipment manufacturer, launched a new collection of eco-friendly wetsuits, called XSCAPE. This collection features neoprene-free wetsuits and rash guards made with environmentally friendly materials.

More Insights Available

Fact.MR's, in its new offering, presents an unbiased analysis of the wetsuit market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.

The study divulges essential insights on the market based on product type (full suits, spring suits, tops, bottoms, rashgaurds), thickness type (1 mm-2 mm, 2 mm-3 mm, 3 mm -4 m, 4mm- 5 mm, greater than 5 mm), sales channel (sports variety stores, Third-Party Online Channel, Direct-to-Customer Channel, Franchised Stores, modern trade, sports retail chains, sports variety stores), and demographics (men, women and kids) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

About the Sports Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant – Sports Division

E-mail: Shubham@factmr.com