Jun 19, 2018
Wetsuits to Witness Steady Demand on Back of Surging Applications in Recreational Water Sports to Boost Adoption of Wetsuits in the Coming Decade
by Team Fact.MR
The wetsuit market is witnessing a substantial shift from conventional sales channel to third party online sales channel with the growing pervasiveness of e-commerce. Manufacturers are leveraging popularity and reach of online selling model to touch base customers in remote areas or relatively inaccessible areas in rural markets for increasing wetsuit sales.
Apart from third party online sales channel, sales of wetsuits via sports variety stores are likely to remain resurgent with high volume flowing through this distribution network during the period of forecast, 2018-2028. According to the new research report by Fact.MR, the global wetsuit market is projected to expand at a steady rate in terms of volume throughout 2018-2028. Overall, the research report is optimistic on the prospects of wetsuit market considering the global perspective.
Global Wetsuit Market: North America’s Wetsuit Demand Remains Concentrated in the United States
The report on global wetsuit market also reveals that developed economies are expected to reflect higher volume of sales of wetsuits during the period of assessment. With increasing participation in water sporting activities coupled with favorable government support to promote water sports such as scuba diving and surfing, demand for wetsuits as a balance and buoyancy maintaining underwater apparel, is likely to witness an upsurge in North America, particularly in the United States as according to NMMA (National Marine Manufacturer’s Association), number of US individuals participating in these sports is expected to surpass 140 million in the forthcoming years, making this a highly attractive region to tap. Moreover, demand for wetsuits from European countries has also gained momentum with increasing professional contests.
Albeit at a lower base, emerging economies in the Asia Pacific excluding Japan (APEJ) region have shown remarkable inclination towards use of wetsuits, underpinned by growing shift from aqua aerobics to surfing. The APEJ region also reflects higher growth potency of wetsuits, particularly in regions of Australia and New Zealand and wetsuit manufacturers can expect a steady stream of prospects from the Asian countries during the period of assessment.
Global Wetsuit Market: Bottoms on the Top
Wetsuits have gained significant traction since the past years, given the mandates laid by regulatory authorities such as OSHA (Occupational Safety and Health Administration). That said, the demand for bottom types of wetsuits have witnessed considerable increase in their sales volume since past few years, which in turn is expected to fuel the growth of the global wetsuit market throughout the period of forecast. However, the tops type of wetsuits are projected to catch high steam, with their market speeding up across regions worldwide. As a consequence, global wetsuit market is expected to gain more ground in the foreseeable future as customers opt for bottom and top wetsuits for diving or surfing purposes.
Global wetsuit Market: 2mm-3mm to Grow Thicker in Volume
Demand for wetsuits with 2mm-3mm thickness is likely to increase during the period of forecast on the backdrop of increasing water sporting activities and events such as triathlon during summers and springs. According to this report, sales volume of 2mm-3mm thick wetsuits is expected to surge at a significant rate by end of the year of assessment, thereby largely contributing to the overall growth of the wetsuit market during the forecast period.
Global Wetsuit Market: Novel Technology Likely to Spur Demand
Manufacturers of wetsuits are using novel technologies to offer enhanced buoyancy and thermal resistance to customers. Furthermore, wetsuit manufacturers are using sustainable material, turning away from neoprene, the traditional raw material. For instance, Patagonia and Yulex have developed the Patagonia Yulex R2 Front Zip wetsuits. Likewise, manufacturers such as Xcel have developed wetsuits that offer higher degree of thermal resistance. Xcel uses the Thermo Dry Celliant (TDC) technology that includes use of mineral enhanced smart fibers in order to ensure efficient trapping of heat in wetsuits. These novel technologies are expected to spur demand for wetsuits, consequently aiding growth of the global wetsuit market.