Dublin, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The "Wetsuit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global wetsuit market has experienced remarkable growth, reaching a substantial valuation of US$ 1,293 million in 2022. This upward trend is poised to continue, with projections indicating that the market will achieve an impressive US$ 1,793 million by 2028. This growth is characterized by a notable Compound Annual Growth Rate (CAGR) of 5.7% during the period from 2023 to 2028.
Wetsuits for Water Sports Enthusiasts
Wetsuits are specialized garments designed to provide warmth and protection to the body in cold water environments. These suits are commonly used in various water sports activities, including surfing, diving, and snorkeling. Neoprene, a synthetic rubber known for its excellent insulation properties, is the primary material used in manufacturing wetsuits. Neoprene sheets are cut into patterns and stitched together to create the final wetsuit.
The thickness of the neoprene can vary based on the intended use of the wetsuit, with thicker neoprene providing better insulation in colder waters and thinner neoprene suitable for warmer conditions. A typical wetsuit consists of several components, including a full-length suit with long sleeves and legs, a back zipper for easy entry and exit, and snug-fitting collar and cuffs to prevent water entry. Additional features in some wetsuits include reinforced knee pads and a chest panel for enhanced durability and protection.
Key Trends Driving the Wetsuit Market
The global wetsuit market is experiencing significant growth, propelled by several key factors. The increasing participation of individuals in water sports and the development of inland surfing grounds are significant drivers of market growth. This growth is further bolstered by advancements in technology, including the creation of artificial waves and wave parks. Leading manufacturers are actively working on producing eco-friendly wetsuits made from natural rubber and water-based glue as alternatives to neoprene.
The adoption of recycled materials such as plastics, water bottles, and fishing nets in the production of sustainable wetsuits is also contributing to market expansion. Additionally, the rising promotion of health management through activities like surfing and diving, coupled with increasing disposable incomes, is expected to have a positive impact on market growth.
Key Market Segmentation: Product Type, Thickness, End-User, Application, and Distribution Channel
The report provides a comprehensive analysis of key trends in each sub-segment of the global wetsuit market, offering forecasts at both the global and regional levels for the period from 2023 to 2028. The market is categorized based on several factors:
Product Type Insights:
- Hooded Wetsuits
- Full Wetsuits
- Convertible Wetsuits
- Sleeveless Wetsuits
- Shorty/Spring Wetsuits
- Others
Thickness Insights:
- 1mm-2mm
- 2mm-3mm
- 3mm-4mm
- 4mm-5mm
- 5mm
End-User Insights:
- Male
- Female
- Kids
Application Insights:
- Surfing
- Scuba Diving
- Triathlon
- Others
Distribution Channel Insights:
- Sport Variety Stores
- Third Party Online Channels
- Direct to Customer Channels
- Franchised Stores
- Modern Trade Channels
Regional Insights: A Global Perspective
The global market covers various regions, including North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Currently, North America holds the largest share of the wetsuit market, driven by factors such as the growing popularity of water sports, technological advancements in wetsuit materials and designs, and the increasing preference for eco-friendly and sustainable products.
Key Questions Answered:
- What was the size of the global wetsuit market in 2022?
- What is the expected growth rate of the global wetsuit market during 2023-2028?
- What are the drivers, restraints, and opportunities in the global wetsuit market?
- What is the impact of each driver, restraint, and opportunity on the global wetsuit market?
- Which countries represent the most attractive wetsuit market?
- What are the most attractive product types, thicknesses, end-users, applications, and distribution channels in the wetsuit market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 149 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1.29 Million |
| Forecasted Market Value (USD) by 2028 | $1793 Million |
| Compound Annual Growth Rate | 233.9% |
| Regions Covered | Global |
Companies Mentioned
- O'Neill
- Billabong
- Rip Curl
- Body Glove
- Quiksilver
- Helly Hansen
- Boz Wetsuits
- Arena Italia SPA
- Hurley
- Patagonia
- Hyperflex Wetsuits
- Speedo
- GUL
- Typhoon
- Isurus
For more information about this report visit https://www.researchandmarkets.com/r/dpdj20
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