Wetsuit Market Forecast by Product Type (Full Wetsuits, Spring Wetsuits, Bottom Wetsuits, and Rashguard Wetsuits), by Thickness (Wetsuits measuring 1 mm - 2 mm, Wetsuits measuring 2 mm - 3 mm, Wetsuits measuring 3 mm - 4 mm, Wetsuits measuring 4 mm - 5 mm, and Wetsuits measuring greater than 5 mm), by Sales Channel, by Demographics, and by Region - 2023 to 2033
Analysis of Wetsuit Market Covering 30 + Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Wetsuit Market Snapshot (2023-2033)
In FY 2022, the global wetsuit market reached a valuation of US$ 1.72 Billion, and is likely to register a Y-o-Y growth rate of 6.0% in 2023, closing at US$ 1.84 Billion. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 7.05% CAGR, reaching US$ 3.64 Billion.
Anticipated Base Year Value (2022)
US$ 1.72 Billion
Expected Market Value (2023)
US$ 1.84 Billion
Projected Forecast Value (2033)
US$ 3.64 Billion
Global Growth Rate (2023-2033)
Expected Growth Rate of the US (2023-2033)
Anticipated Growth Rate of China (2023-2033)
Prominent Wetsuit Service Players
According to Fact.MR, the demand of wetsuits is driven by shifting consumer preference in favor of novel design that provide them best experience at reasonable prices. In addition, growing competition among brands is encouraging players to learn and emphasize upon customers’ needs and provide them with better water sports accessories.
With stringent norms implemented by regional governments to manufacture eco-friendly products, manufacturers have been launching wetsuits made from green material such as natural rubber and water-based glue as a substitute to neoprene. Also, emergence of wetsuits made from materials such as recycled plastics and water bottles is anticipated to gain a significant momentum during the analysis period.
Additionally, factors such as innovations in stitching technique such as blind stitching that allow neoprene and water to flush through stitching holes are projected to fuel the sales of wetsuits. Furthermore, inclusion of materials such as spandex, lycra, and wool is also helping manufacturers to improve warmth and flexibility of wetsuits, which in turn is expected to propel the growth of the wetsuit market during the forecast period.
2018-2022 Revenue Analysis of Wetsuit Market vs. Growth Outlook 2023-2033
According to Fact.MR’s report, Wetsuit demand exhibited a CAGR of over 3.1% from 2018 to 2022.
Prominent manufacturers have been incorporating lightweight as well as eco-friendly material, emphasizing on such core features as ensuring swimmer safety.
Restrictions on outdoor sporting and recreational activities significantly contracted sales of wetsuits across all continents. Eventually, as the peak of the pandemic wore off, several regions lifted lockdown restrictions, permitting a resumption in public water sporting events, restoring growth prospects.
People are more likely to stay active longer and invest in sports equipment of high quality, as the standard of living increases. The growth of inland surfing grounds, coupled with the development of artificial wave generation technologies, is expected to positively impact the industry's performance. Hence the market is likely to surge at a CAGR of 7.05% from 2023-2033. It is projected to surpass the market worth of US$ 3.64 Bn by 2033.
Key Market Drivers Influencing Wetsuit Industry Expansion
R&D Behind Eco-Friendly Green Wetsuits to Propel the Market Growth
There has been extensive research conducted on protective materials for wetsuits. Researchers are focused on four main areas including human anatomy, shark behavior, structural properties, and maneuverability. Researchers at the University of Nebraska tested materials by embedding shark teeth in cement then forcing them into the material with a precision testing machine to determine their strength and flexibility.
Moreover, researchers examine thermal, mechanical, and sustainable properties of alternative materials for use in wetsuits and products of similar type and are developing an environmentally friendly alternative to neoprene wetsuit material. Many studies on natural rubber and neoprene-free materials have led to the development of eco-friendly wetsuits in the market. Furthermore, studies have been conducted on the thickness and size of materials that provide warmth to the human body under extreme climatic conditions.
In addition, a study has been carried out to investigate the accessibility of wetsuits on the market. Many studies were conducted on the stitching techniques that allowed water to penetrate the suit and were replaced by blind stitching in the market. In order to make the wetsuit stretch more while being put on, the single-layer was quickly doubled. To enhance flexibility and heat retention, new materials such as lycra and wool have been added to the mix.
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Rise in Popularity of Water Sports to Augment Market Growth Prospects
The increasing use of technology and design has played a crucial role in enhancing the winter experience for everyone. Climate change and the demand for warmer clothing have increased the revenue share for wetsuits. The value pool for wetsuits has been accelerated by the popularity of water sports such as surfing, wake-boarding, windsurfing, waterskiing, kiteboarding, swimming, SCUBA, paddle boarding, kayaking, and triathlons.
Furthermore, the growing economy as well as the rising disposable income have contributed to the popularity of wetsuits in the market. The outlook for recyclable wetsuits has increased, owing to an increasing concern over the different thicknesses of wetsuits. Due to the proliferation of technology in recent years, water parks and artificial waves, which are new developments, are projected to provide significant growth avenues for the industry.
Additionally, the industry analysis for wetsuits is expected to grow in the future, as the popularity of scuba diving activities grows amongst people in various parts of the world and tourism activities are becoming more popular. The Occupational Safety and Health Administration (OSHA) regulations concerning surfing equipment and gear have steered the growth of wetsuits. Government regulations on eco-friendly wetsuits are also stimulating the market demand for wetsuits.
Key Challenges encountered by Wetsuit Industry
High Cost Associated with the Product to Limit the Market Growth
The high cost of the product as well as the accessibility to lower-income group are the factors that are expected to hinder the growth of the wetsuits market during the analysis period.
Further, increasing availability of rental water sporting accessories such as wetsuits in coastal regions such as Brazil, India, Japan, and others is hampering the sales of new wetsuits.
Availability of Substitutes to Restrain the Market Growth
One major factor that is hindering the market growth includes the availability of cheaper substitutes of the wetsuits. For instance, dry suits, which offer many benefits. They are safer than wetsuits.
They also provide warmth, versatility, and are lower in weight. This can restrain the wetsuit market. In addition, the market's growth is impeded by the high number of people who die while diving.
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How will the US Perform in the Global Wetsuit Industry Landscape?
Strict Government Regulations to Augment the Market Growth in the US
The Wetsuit Market in the US will grow at a CAGR of 7.04% from 2023 to 2033.
According to Fact.MR, the US is the fastest-growing Wetsuit market region, accounting for over 56% of the market share in 2022.
Wetsuits made in the US were the first zip-on wetsuits and were used by the United States Navy and Coast Guard dive teams to outfit them while they plied their diving careers in cold climate environments. The American-made wetsuit market is experiencing growth, attributed to its strong roots in tradition, innovative materials: an unmatched level of craftsmanship.
Moreover, the US environmental regulations are stricter than those in developing countries, which protect the air, water, and of course the land. Consumers' growing confidence in the quality and durability of American-made wetsuits has also driven the growth of the US economy.
About 1.93 million people in the United States surf each year. Diverse activities associated with recreation and underwater exploration are driving the market for wet suits in this region. According to the National Marine Manufacturers' Association (NMMA), over 140 million Americans engage in competitive water sports including surfing and deep-sea diving.
How will the Growth of Wetsuit Market Escalate across China?
Increasing Popularity of Water Sports to Enhance the Market Prospects
The Chinese market is projected to become the most lucrative market, contributing a share of nearly 46% of the global market by 2022. The Wetsuit Market in China is expected to grow at a CAGR of 7.03% from 2023 to 2033.
China continues to be the second-largest market for wetsuits during the forecast period. Increased production by small and large-scale manufacturers has greatly helped the wetsuit market to grow. Imports and exports from the country have significantly increased the demand for wetsuits industry in the country.
Moreover, increasing interest inactive lifestyles, coupled with the efforts to strike a balance between leisure activities and professional pursuits have made outdoor sports a big thing. A combination of the increasing popularity of water sports in China combined with the development of innovative technology is expected to escalate the industry growth.
As a result of government initiatives that have been geared towards encouraging water sports in China, it is anticipated to offer lucrative business opportunities to manufacturers of wetsuits in the future.
Country-wise Forecast CAGRs for the Wetsuit Market
Which Segment to Remain Dominant in the Product Type Category?
Full Wetsuits Segment to Enhance Growth Prospects
According to Fact.MR’s data, preference for Full Wetsuits segment is expected to expand at a CAGR of 6% over the forecast period.
Factors such as increasing participation by young people in water sport activities such as surfing, scuba diving, water skiing, and river rafting are expected to fuel the market growth of full-bodied wetsuits. With a new generation of product lines launched each year, manufacturers aim to introduce new products using advanced technologies and high-quality materials.
In addition, the market for full suits has grown tremendously in recent years, attributed to the increasing demand to protect the body from extreme weather conditions both under and outside of the water. Also, a trend of full suits with hoods, gloves, and heated rash guards has been observed in the market, owing to an increase in demand to stay underwater for longer periods.
Which is the Most Sought-after Demographics Category?
Wetsuit Sales for Women Segment to Boost the Market’s Growth
According to Fact.MR’s data, preference for wetsuit sales for women segment is expected to expand at a CAGR of 5% over the forecast period, attributed to the growing number of women participating in water sports. Also, there has been a significant increase in the demand for plus-size wetsuits due to the proliferation of women who participate in water sports activities. This is leading to new developments available in wetsuit manufacturing.
Moreover, the market demand has increased significantly, owing to the factors such as an increase in demand for UV rays protection as well as a need for wetsuits and surf suits that act as a shield against UV rays. Additionally, the market analysis for wetsuits has also increased, as scuba diving activities are becoming more popular. Other major factors including the increasing demand for women's wetsuits, and growth in eCommerce platforms are also anticipated to drive the market revenue share over the forecast period.
Wetsuit Market- Competitive Landscape
Prominent players in the Wetsuit Industry are taking advantage of the rapidly increasing demand for the Wetsuit in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
- In October 2021, a Newcastle start-up designed a wetsuit that can better protect against shark attacks. To commercialize its prototype, Aqua Armour intends to launch a Kickstarter campaign to raise $40,000 through the crowdfunding platform. As well, the startup hopes a Kickstarter campaign will boost the local economy. In addition, the company plans to assemble its wetsuits in Hunter, employing in the region.
- In August 2021, Aqualung launched all new XSCAPE collection featuring eco-responsible wetsuits that are a 100% neoprene-free and a rash guard made from sustainable materials.
- In June 2021, Buy4Outdoors expanded its collection of wetsuits for men and women. Customers seeking premium quality wetsuits can use the online platform in a simple and seamless manner. To ensure a seamless and enjoyable shopping experience, the Buy4Outdoors website has been designed so that users can easily browse through it to select the right wetsuit for their needs.
Key Segments Covered in the Wetsuit Industry Survey
Wetsuit by Product Type
- Full Wetsuits
- Spring Wetsuits
- Bottom Wetsuits
- Rashguard Wetsuits
- Wetsuit by Thickness
- Wetsuits measuring 1 mm - 2 mm
- Wetsuits measuring 2 mm - 3 mm
- Wetsuits measuring 3 mm - 4 mm
- Wetsuits measuring 4 mm - 5 mm
- Wetsuits measuring greater than 5 mm
Wetsuit by Sales Channel
- Wetsuit sales via Sports Variety Stores
- Wetsuit sales via Third-Party Online Channel
- Wetsuit sales via Direct-to-Customer Channel
- Wetsuit sales via Franchised Stores
- Wetsuit sales via Modern Trade
- Wetsuit sales via Sports Retail Chains
- Wetsuit sales via Sports Variety Stores
Wetsuit by Demographics
- Wetsuits for Men
- Wetsuits for Women
- Wetsuits for Kids
Wetsuit by Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- FAQs -
As of 2022, the Wetsuit market was valued at US$ 1.72 Billion.
As of 2023, Fact.MR expects the Wetsuit industry to be valued at US$ 1.84 Billion.
According to Fact.MR, a CAGR of 3.1% was recorded for the Wetsuit market from 2018-2022.
From 2023 to 2033, the Wetsuit industry is poised to flourish at a 7.05% CAGR.
By 2033, the Wetsuit landscape is slated to reach a valuation of US$ 3.64 Billion.
Full Wetsuits Segment is expected to grow the fastest, at a CAGR of 6%.
By Demographics, the Wetsuits for Women segment is expected to dominate the market, documenting a 5% value CAGR.
As per Fact.MR’s projections, the market for Wetsuit in the US will likely expand at a 7.04% CAGR.
China is poised to yield a CAGR of 7.03% with respect to Wetsuit in 2033.