Global Wetsuit Market is expected to reach US$ 3.55 billion, registering a CAGR of 6.6% during the forecast of 2023 to 2033

The wetsuit market is growing rapidly, driven by increasing water sports activities. With features like insulation and flexibility, wetsuits provide comfort and protection, making them popular among water sports enthusiasts.

NEWARK, Del, June 07, 2023 (GLOBE NEWSWIRE) -- In 2022, it was estimated that the worldwide wetsuit market would be worth close to US$1.72 billion. Advances in surfing, coordinated product design & production, and the general population's growing affluence levels in some areas are projected to boost industrial development. By 2033, it is expected to have generated US$ 3.55 billion, with a CAGR of 6.6% from 2023 to 2033.

The general population's increasing financial levels in some regions, advancements in surfing, and coordinated product design & manufacture are likely to fuel industry expansion. The importance of leading healthy lifestyles and ongoing efforts to combine work and play have increased demand for outdoor sporting activities. It is predicted that an increase in South East Asians participating in water sports and various technological advancements would fuel business expansion.

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Triathlons are now perceived by the general public as an endurance sport rather than as an extreme competition for an eccentric, small minority, which has increased demand for wetsuit clothing throughout the world. On the basis of the rise in average disposable income of a rising and huge population, it is anticipated that by 2033, the demand would be amplified by the substantial potential for growth throughout unexplored regions, such as China as well as the Middle East.

Key Takeaways from the Market Study

From 2018 to 2022, the wetsuit market grew at a 3.8% CAGR.

In 2022, it is anticipated that the full sleeves market would have a commanding share of 71.4%.

In 2022, the surfing market category is anticipated to hold 38.1% of the overall market share.

In 2022, it is anticipated that sales of men's wetsuits would hold a commanding 51.5% of the worldwide wetsuit market.

Sales of these wetsuits as water sporting accessory stores are anticipated to increase at a CAGR of 5.3% over the course of the forecast year.

In 2022, it is anticipated that the United States would hold a market share of more than 83.3% for wetsuits in North America.

India is estimated to represent more than 28.2% of the South Asia wetsuit market in 2022.

"A beneficial impact on industry growth is projected from growing interest in various water sports, the expansion of inland surfing regions, as well as artificial wave production technology," remarks an FMI analyst.

Competitive Landscape

Leading companies in the worldwide wetsuit market are putting a lot of effort into research and development in order to introduce cutting-edge goods and services. Major firms want to strategically work with local distributors and end consumers to increase their market share. Prominent players in the wetsuit market are:

O’Neil Inc.

Quicksilver Inc.

Billabong International Limited

Aqualung

Gullewa Limited

Shieco Group Co. Ltd.

Xcel

Patagonia, Inc.

Vissla

Rip Curl

Sisstrevolution

Speedo

BARE Sports

Decathlon S.A.

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Some key developments of the leading companies in this market are:

Billabong's new Furnace Natural wetsuit is one they produce that is sustainable and may be among the most eco-friendly suit on the globe. The Natural has undoubtedly established a new standard for wetsuit ethics since it is made of CICLO® fibers (which prevent plastic microfibre contamination and accumulation in dumps), new and enhanced YULEX natural rubbers (derived from FSC-certified ranches), and 100% recycled fibers.

Aqualung will hasten Carbon Capture, Utilization and Sequestration (CCUS) projects by offering affordable solutions for a variety of industrial emitters as well as fuel sources across the board, from natural gas to cement manufacturing. Aqualung uses a tolling concept to try to add value while reducing financial risk for its clients. The proprietary membrane technology has undergone 20 years of devoted study and testing and is now prepared for commercialization and implementation.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global wetsuit market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the wetsuit market, the market is segmented on the basis of product type (full sleeves and short sleeves), application (surfing, underwater diving, sailing river, rafting, and others), consumer orientation (men, women and unisex), price range (under US$ 100, US$ 100- US$ 200, and US$ 200 & above) and sales channel (wholesalers/distributors, supermarkets/hypermarkets, speciality stores, water sporting accessories stores, online retailers, and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

Key Segments Profiled in the Global Wetsuit Market

By Product Type:

Full Sleeves

Short Sleeves

By Application:

Surfing

Underwater Diving

Sailing

River Rafting

Others

By Consumer Orientation:

Men

Women

Unisex

By Price Range:

Under US$ 100

US$ 100- US$ 200

US$ 200 & Above

By Sales Channel:

Wholesalers/ Distributors

Supermarkets/ Hypermarkets

Specialty Stores

Water Sporting Accessories Stores

Online Retailers

Others

By Region:

North America

Latin America

Europe

Asia Pacific

Middle East and Africa

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Table of Content ( ToC ):

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in Conservative Scenario

3.3. Opportunity Map Analysis

3.4. Product Life Cycle Analysis

3.5. Supply Chain Analysis

3.5.1. Supply Side Participants and Their Roles

3.5.1.1. Producers

3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)

3.5.1.3. Wholesalers and Distributors

3.5.2. Value Added and Value Created at Node in the Supply Chain

3.5.3. List of Raw Material Suppliers

3.5.4. List of Existing and Potential Buyers

3.6. Investment Feasibility Matrix

3.7. Value Chain Analysis

3.7.1. Profit Margin Analysis

3.7.2. Wholesalers and Distributors

3.7.3. Retailers

3.8. PESTLE and Porter's Analysis

3.9. Regulatory Landscape

3.9.1. By Key Regions

3.9.2. By Key Countries

3.10. Regional Parent Market Outlook

3.11. Production and Consumption Statistics

3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033

4.2.1. Y-o-Y Growth Trend Analysis

4.2.2. Absolute $ Opportunity Analysis

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type

Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-14119

About the Consumer Product Division at Future Market Insights

The consumer product team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

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