Rise in surfing activities coupled with stringent regulations regarding use of surfing equipment and gear laid by the Occupational Safety and Health Administration (OSHA) has steered the adoption of wetsuits giving its growth a bullish angle. Additionally, recreational surfers who illustrate intermittent participation are also adopting wetsuits, which as a consequence is supporting the demand side of the wetsuit market by increasing sale of wetsuits to a certain extent. Furthermore, wetsuits provide several diving benefits such as enhanced buoyancy, thermal insulation and diving comfort and convenience to the user.
Surging water sporting events and contests remain a key growth influencer pushing the demand for wetsuit, paving potential opportunities of growth for the global wetsuit market, particularly in the developed countries of North America and Europe. However, prevalence of counterfeit products are likely to impede growth of the wetsuit market, given their various limitations such as low quality leading to hypothermia and imbalance.
A new research report by Fact.MR reveals the growth path and projections of global wetsuit market along with key analysis on various growth determinants influencing wetsuit adoption. That said, the report foretells that the global wetsuit market is projected to expand at a steady rate with respect to volume throughout the period of assessment, 2018-2028. New technological advancements in wetsuit manufacturing technology coupled with upcoming trend of eco-friendly products is likely to have a profound effect on the adoption of wetsuit worldwide, consequently influencing the global wetsuit market growth during the period of forecast.
Wetsuit Market: Recreational Water Activities Raising Wetsuit Demand
People participation in recreational water activities is expected to have a definitive influence on the adoption of various wetsuits types, particularly tops and bottoms. With growing participation in recreational water sports, demand for wetsuits is likely to surge, in turn fuelling the growth of the global wetsuit market during the period of assessment. Being a key growth determinant, this factor is expected to pave potential growth pathways for wetsuits across various regions in the globe. According to National Marine Manufacturer’s Association (NMMA), more than 140 million individuals, including men and women from United States alone participated in recreational water sports including surfing and deep sea diving. 2018 and the forthcoming years are anticipated to witness increased participation in underwater diving, predicts NMMA. This has significantly fuelled the use of tops and bottom wetsuits among amateurs, professionals and enthusiasts alike, which is expected to further push the growth of the global wetsuit market during the forecast period.
Wetsuit Market: New Developments to Foster Wetsuit Adoption
Companies involved in manufacturing of wetsuits have been focusing on developing novel products with a view to gain edge over the existing competition in the global wetsuit market. Understanding key challenges of divers, they have developed novel wetsuit products to enhance customer convenience and confidence. For instance, wetsuit manufacturers have developed anti-shark wetsuits that provide safety to the diver. Shark Attack Mitigation System (SAMS) – patented technology for apparel used under water – has been fabricated to prevent or reduce the chances of shark attacks.
Wetsuits with the shark repellent technology has gained significant traction, given the efficient camouflaging effect provided by the wetsuit. Shark Attack Mitigation System Cryptic Wetsuit proficiently hides the diver using disruptive coloration. Similarly, SAMS Warning Wetsuit portrays the diver to be a potentially dangerous food for the carnivore, thereby ensuring safety of the user. Given its efficient safety quotient, anti-shark wetsuit is the new face in the underwater apparel space, which is expected to have a significant influence on the growth of the global wetsuit market.
Global Wetsuit Market: Developed Economies to Create Potential Opportunities and Prospects for Tops and Bottoms
Albeit at a steady pace, the demand for wetsuits across the globe has witnessed a remarkable increase on the backdrop of various benefits a wetsuit offers. North America particularly the United States and various European countries have largely contributed to the overall growth of the global wetsuit market. In North America, plenty of surf schools and camps have been initiated and developed, making this region a prime sport for divers and surfers. Moreover, championships such as Slam Festival 2017 have attracted surfers and divers and other water sport enthusiasts to participate in water sports. This has significantly pushed the sales volume of wetsuits in this region. Furthermore, according to SFIA more than 3,000,000 people from United States alone contributed to the growing sales of wetsuits in the region, particularly for scuba diving or deep sea diving. This has remarkable pushed the demand for bottoms and tops in North America.
Likewise, pervasiveness of sport contests in European countries have largely impacted the adoption of wetsuits, consequently contributing to the growth of the global wetsuit market. Apart from individual people participation, global wetsuit market is also influenced by increasing government support in a bid to attract more individuals for water sporting activities. For instance, government of Biarritz sponsors a major invitational event – the “Biarritz Surf Trophy” with a view to gain more traction in people participation. These factors have initiated a bullish growth for adoption of wetsuits, thus providing significant prospects for wetsuit manufacturers, in turn supporting the growth of the global wetsuit market during the period of assessment.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
Opportunity Analysis of the Wetsuit Market Highlights Lucrative Business Propositions for Key Players
The global wetsuit market is anticipated to witness prevalence of several trends that are likely to shape the supply and demand scenario of wetsuits across countries in the globe. A recent interesting research study by Fact.MR highlights on some of the key trends that are expected to sketch the future of the global wetsuit market, thereby throwing enormous growth opportunities in the way of participants involved in the manufacturing of wetsuits.
The wetsuit market study provides coherent market intelligence on the key revenue growth industry opportunities drivers, challenges and industry trends that will eventually impact the growth trajectory of the global wetsuit market. An overview of the global wetsuit market reveals interesting facets relating to the adoption of wetsuits across key regional markets in the globe. An assessment of some of the wetsuit market indicators provides a detailed analysis derived from the global wetsuit supply chain analysis, value chain analysis, and the business performance of wetsuit across various regional wetsuit markets. Moreover, vital insights on key companies engaged in the global wetsuit market adds to the credibility of this extensive research intelligence report.
Exhaustive Research on the Global Wetsuit Market by Means of Proven and Tested Analysis
This comprehensive research publication on the global wetsuit market is underpinned by a robust research methodology and various assessment factors. The analysts at Fact.MR have leveraged key wetsuit market indicators and have put forth intricate aspects of the global wetsuit market to provide weighted analysis on the performance of the global market for wetsuits during the assessment period. An investment feasibility matrix provided in the report offers vital information to manufacturers of wetsuits with respect to key regional revenue pockets they can invest in. Porter’s Five Forces Analysis has been employed to study the competitive forces influencing the revenue growth of the global wetsuit market. A technology roadmap has been incorporated for the benefit of readers, to help them understand several technological advances that are expected to trigger the adoption of wetsuits across the industry value chain. Any market study would be incomplete without a detailed cost structure analysis and that said, the report on the wetsuits market provides a complete cost structure analysis of wetsuits across influencing regional markets.
The analysts have also carried out a detailed forecast of the global wetsuit market scenario and have categorized their forecasts on the basis of an optimistic scenario, a likely scenario, and a conservative scenario of wetsuits manufacturing and sales during the period of review. Price point analysis and assessment by region and by different types of wetsuits along with details of the factors influencing pricing are also highlighted in the global wetsuit report to obtain more clarity.
Complete outlook of the wetsuit market covering current and projected market values, price indices, volume projections and analysis, and assessment of the regional demand for wetsuits has been extensively covered in a dedicated section of the global wetsuit market report. The estimation of the regional and global markets for wetsuits is captured in terms of volume reflecting the number of units sold and likely to get sold by end of forecasted year. A year-on-year growth appraisal along with market attractiveness analysis quantifies the insights phrased in the research report. The aforementioned matrices have also been tracked on the basis of product type, thickness, sales channel and demographics.
Regional Wetsuit Markets Studied in Depth to Put Forth a Clear Picture of the Global Scenario
The report on the global wetsuit market encapsulates detailed sectional analysis that represents forecasts for the various regional markets for wetsuits. These sections throw light on the regional macros (economic, political and business outlook) that are likely to influence the growth in sales of wetsuits. Volume forecasts, market valuation and analysis, price point assessment and price indices and impact assessment of factors influencing wetsuit market growth along with a country level data evaluation with respect to demand of wetsuits have been tracked and presented in the wetsuit market report. Besides this, the Y-o-Y projections of growth with respect to wetsuit product type, thickness, sales channel and demographics for all regional markets for wetsuits are included in the study.
Competitive Assessment of Key Participants Completes the Global Wetsuit Intelligence Package
Fact.MR report on the global wetsuit market features a section on the key companies currently operating in the market for wetsuits across the globe. A dashboard view of the competition includes important information on the Tier players engaged in the manufacturing and distribution of wetsuits across key regional and sub-regional markets. Market share analysis of these top players presents the readers with useful insights associated with dominance of various companies in the global wetsuit market space. Top company profiles are also covered in this section with information on wetsuit production facilities along with a detailed SWOT analysis. An intensity mapping of key participants in the global wetsuit market provides useful information for wetsuit market players to understand the current wetsuit market trends as well as various forces determining the competition levels in the global wetsuit market.
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