Wetsuits Market by Application, Product, and Geography - Forecast and Analysis 2022-2026

The wetsuits market share is expected to increase by USD 749.5 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.45%.

This wetsuits market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the wetsuits market segmentation by application (water sports and wind sports), product (full wetsuit, short wetsuit, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The wetsuits market report also offers information on several market vendors, including Aqualung Trading, Arena Spa, Boardriders Inc., Buell Wetsuits & Surf, C Skins, Cressi Sub Spa, HEAD Sport GmbH, Helly Hansen AS, Henderson Sport Group, Isurus Inc., Johnson Outdoors Inc., KMD Brands Ltd., Marquee Brands, O'Neill Europe BV, Patagonia Inc., Pentland Brands Ltd., SHEICO Group, Swimwear Anywhere Inc., Typhoon International Ltd., and Xcel Wetsuits among others.

What will the Wetsuits Market Size be During the Forecast Period?

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Wetsuits Market: Key Drivers, Trends, and Challenges

The increase in triathlon and water sports activities is notably driving the wetsuits market growth, although factors such as market fragmentation and price-sensitive consumers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the wetsuits market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Wetsuits Market Driver

The increase in triathlon and water sports activities is a key factor driving the global wetsuits market growth. Increased participation in triathlon and other water sports has raised the demand for wetsuits. This is because these sports require apparel that is most suitable for the wearer depending on the activity. Various triathlon competitions are organized globally on a regular basis. Athletes and participants compete at the national and international levels. These triathlons have gained popularity as they are telecast on sports channels, which increases awareness about these types of sports. As wetsuits provide benefits that ordinary sports apparel does not, participants invest in them for better safety and comfort while participating in these events. With the rise in participation in such activities, the demand for innovative and designer wetsuits is expected to increase, which, in turn, will contribute to the growth of the global wetsuits market during the forecast period.

Key Wetsuits Market Trend

The increase in disposable income will fuel the global wetsuits market growth. The disposable income of people increased globally in 2021. Factors such as the increase in per capita income and rapid growth in the employment rate have driven the increase in disposable income worldwide. Traditionally, participation in water sports has been high in regions such as the US and Australia. However, in emerging regions, spending capacity has risen due to improving urbanization rates led by a rise in the number of double-income households. Furthermore, as the general level of education of the people in these regions has increased, individuals have better employment opportunities, which raises their earning capacity. Both these aspects contribute to financial well-being, providing individuals the leverage to spend on luxury sports and services. This has also encouraged individuals, especially Millennials, to plan vacations that include luxury sports and adventure activities. In this context, water sports are gaining the highest attention among people across the world. This represents huge revenue growth opportunities for water sports apparel and equipment vendors, especially in emerging markets, including India and China. The growth in disposable income is expected to increase the spending and purchasing power of consumers contributing to the growth of the global wetsuits market during the forecast period.

Key Wetsuits Market Challenge

Market fragmentation and price-sensitive consumers are the major challenges to the global wetsuits market growth. The global wetsuits market is highly fragmented, with the presence of several regional and international vendors. Global vendors are facing intense competition in the market. Moreover, regional/local vendors that provide wetsuits at lower costs are a threat to global vendors. This is because the majority of the market shares are taken by local vendors, especially in developing nations such as China and India. Most global vendors are facing a decline in revenue/ profit margins because of the rising price of raw materials and high competition. The emergence and rise of local vendors have played a significant role in the growth of the global wetsuits market, leading to price wars among competitors. This, in turn, has forced vendors to reduce their product prices and offers, leading to a reduction in profit margins. Thus, the increasing competition among vendors is one of the factors that is expected to hinder the growth of the global wetsuits market during the forecast period.

This wetsuits market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global wetsuits market as a part of the global leisure products market within the global household durables market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wetsuits market during the forecast period.

Who are the Major Wetsuits Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Aqualung Trading
• Arena Spa
• Boardriders Inc.
• Buell Wetsuits & Surf
• C Skins
• Cressi Sub Spa
• HEAD Sport GmbH
• Helly Hansen AS
• Henderson Sport Group
• Isurus Inc.
• Johnson Outdoors Inc.
• KMD Brands Ltd.
• Marquee Brands
• O'Neill Europe BV
• Patagonia Inc.
• Pentland Brands Ltd.
• SHEICO Group
• Swimwear Anywhere Inc.
• Typhoon International Ltd.
• Xcel Wetsuits

 

This statistical study of the wetsuits market encompasses successful business strategies deployed by the key vendors. The wetsuits market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• arenasport.com - The company offers wetsuits such as Men's SAMS Carbon Wetsuit, Men's Triathlon Wetsuit Carbon, and Men's Tri Suit ST 2.0 Front Zip.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The report on the global wetsuits market contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.

Wetsuits Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the wetsuits market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global household durables market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for the Wetsuits Market?

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28% of the market’s growth will originate from APAC during the forecast period. Australia is the key market for wetsuits market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increase in triathlon and water sports activities will facilitate the wetsuits market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 negatively impacted the regional wetsuits market. Manufacturing units for wetsuits in the region were temporarily shut down as a result of the imposition of lockdowns to contain the spread of the disease. The pandemic resulted in thousands of deaths in China and other nations, prompting the countries in the region to impose stringent lockdowns and other restrictions such as stay-at-home orders. However, in 2021, due to the availability of COVID-19 vaccines and the vaccination drives carried out by the governments of APAC countries, leisure activities and offline retail channels gradually resumed. Therefore, the demand for wetsuits increased in offline channels as well. This demand will continue to increase, and the market is expected to grow during the forecast period.

What are the Revenue-generating Application Segments in the Wetsuits Market?

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The wetsuits market share growth in the water sports segment will be significant during the forecast period. Water sports include scuba diving, kayaking, surfing, and sailing. Globally, water sports are becoming more popular. Adventure activities are becoming increasingly popular among consumers, and water sports is one such activity. Consumer spending on sports activities will continue to support the growth of the global wetsuits market during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the wetsuits market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Wetsuits Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.45%
Market growth 2022-2026	$749.5 million
Market structure	Fragmented
YoY growth (%)	5.74
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	APAC at 28%
Key consumer countries	US, Mexico, Australia, UK, and France
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Aqualung Trading, Arena Spa, Boardriders Inc., Buell Wetsuits & Surf, C Skins, Cressi Sub Spa, HEAD Sport GmbH, Helly Hansen AS, Henderson Sport Group, Isurus Inc., Johnson Outdoors Inc., KMD Brands Ltd., Marquee Brands, ONeill Europe BV, Patagonia Inc., Pentland Brands Ltd., SHEICO Group, Swimwear Anywhere Inc., Typhoon International Ltd., and Xcel Wetsuits
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Wetsuits Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive wetsuits market growth during the next five years
• Precise estimation of the wetsuits market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the wetsuits industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wetsuits market vendors

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