Enjoy complimentary customisation on priority with our Enterprise License!
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.
Download Report Sample to Unlock the Wetsuits Market Size for the Forecast Period and Other Important Statistics
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.
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.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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.
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.
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:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
For more insights on the market share of various regions Request PDF Sample now!
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.
To gain further insights on the market contribution of various segments Request a PDF Sample
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.