The Wetsuit Market Is Expected To Reach Nearly US$ 3.4 Bn By 2032

Posted on 2022-11-07 by Fact.MR in Sports // 0 Comments

According to Fact.MR, market research and competitive intelligence provider, from 2017 to 2021, the global market for wetsuit has grown at a CAGR of almost 5%. Prominent manufacturers have been incorporating lightweight and eco-friendly material, emphasizing on such core features as ensuring swimmer safety.

Prospects experienced a considerable setback throughout 2020 and most of 2021, attributed to the prolonged recessionary impact induced by the COVID-19 pandemic. 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.

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The Research Behind Eco-Friendly Green Wetsuits: How is it changing the market?

Extensive research is being conducted on protective materials for wetsuits. Researchers are focused on four main areas such as structural properties, human anatomy, shark behavior, 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.

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. In addition, studies have been conducted on the thickness and size of materials that provide warmth to the human body under extreme climatic conditions.

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. 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.

Country-wise Analysis

How Recreational Water Activities are Propelling Demand for wetsuits in the U.S. market?

Wetsuits made in the U.S 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 owing to its strong roots in tradition, innovative materials: an unmatched level of craftsmanship.

In addition, U.S. 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 fuelled 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. A market share of nearly 56% is expected to be contributed by the U.S. by 2022, making it the most lucrative market. The National Marine Manufacturers’ Association (NMMA) estimates that over 140 million Americans engage in competitive water sports including surfing and deep-sea diving.

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Category-wise Insights

Are Full Wetsuits Expected to be the Largest Selling Wetsuit Category?

Growing participation by young people in water sport activities such as surfing, scuba diving, water skiing, and river rafting is boosting 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.

With the increasing demand to protect the body from extreme weather conditions both under and outside of the water, the market for full suits has grown tremendously in recent years. With an increase in demand to stay underwater for longer periods, a trend of full suits with hoods, gloves, and heated rash guards has been observed in the market. A CAGR of 6% is projected for full wetsuits.

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 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.
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.

Key Segments Covered in Wetsuit Industry Analysis

· Product Type

- Full Wetsuits
- Spring Wetsuits
- Bottom Wetsuits
- Rashguard Wetsuits

· 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

· 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

· Demographics

- Wetsuits for Men
- Wetsuits for Women
- Wetsuits for Kids

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