Wetsuit Market Size, Share & Trends Analysis Report By Product (Wind Sports, Surfing, Scuba Diving, Triathlon), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2023 - 2030

Wetsuit Market Size & Trends

The global wetsuit market size was valued at USD 1.37 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Wetsuit apparel, constituted of foamed neoprene, is frequently worn by deep-sea divers, surfers, canoeists, windsurfers, and others involved in water and wind-related sports activities, as they offer abrasion resistance, thermal insulation, and buoyancy. Surging responsiveness to water-based sports, the development of inland surfing grounds, and artificial wave generation techniques are expected to impact industry growth favorably. Favorable government initiatives to promote surfing and aligned sports activities amongst the populace are expected to drive the market over the forecast period.

Funding initiatives by big conglomerates such as Samsung sponsoring World Surf League have opened up new avenues in the industry. Publicity and awareness initiatives are undertaken in select geographies by leading wetsuit apparel and associated product manufacturers to promote water-based sports activities such as the ISC tour event Rip Curl Cup, which features international surfers competing at Indonesia’s Padang Padang Beach.

Surging income levels of the general people in select geographies and innovations in surfing and aligned product design & fabrication are expected to drive the industry growth. Growing emphasis on healthy lifestyles and continuous efforts to balance leisure and work have accentuated the demand for outdoor sports activities.

The rise in water sports participation in Southeast Asia, coupled with varied technological advances, is estimated to propel industry growth. The public image of triathlons has shifted from an extreme event for an eclectic, tiny minority to a more mainstream endurance sport, thus driving the demand for wetsuit apparel across the globe.

Prominent growth opportunities across untapped geographies, such as Asia Pacific and the Middle East, based on the rising average disposable income of a growing and large population, are expected to drive the market growth.

Product Insights

The surfing wetsuit segment accounted for the largest revenue share of 38.3% in 2022. Wetsuit apparel improves the experience for seasonal surfers and makes the sport more convenient for the global population. They are used year-round for surfing as it provides warmth to the surfer. Surfing wetsuits’ lifesaving capability, a benefit far beyond physical comfort, is envisioned to provide significant opportunities for industry growth over the forecast period.

With the proliferation of technology, innovative sports models, such as artificial waves and wave parks, are being developed, which are expected to offer favorable prospects for industry growth. Due to the amalgamation of inland geographic expansion of the surf industry with notable corporate sponsors, the industry is poised for considerable growth.

The wind sports segment is expected to grow at the fastest CAGR of 7.7% during the forecast period. Wind sports encompass a range of activities, such as windsurfing, kiteboarding, and sailing, which rely on wetsuits for protection and enhanced performance. The increasing popularity of wind sports, driven by the rise in adventure tourism, the expanding base of enthusiasts, and the growing interest in outdoor activities, has fueled the demand for wetsuits tailored specifically for these pursuits.

Regional Insights

North America dominated the wetsuits market and accounted for the largest revenue share of 44.5% in 2022, which can be attributed to triathlon events being organized and sponsored by companies such as Samsung. Novel technologies in artificial waves and wave parks are anticipated to boost the overall surfing and aligned industry. Windsurfing gears are anticipated to boost the overall industry sales owing to the presence of Columbia River Gorge & Maui islands, famous as the world windsurfing capital.

Asia Pacific is expected to grow at the fastest CAGR of 9.0% during the forecast period. The growth of wetsuit apparel can be attributed to a growing inclination towards water and wind-based sports activities and associated events. Additionally, favorable government initiatives encouraging water-based sports in countries such as China are expected to push the demand for wetsuit apparel.

Key Companies & Market Share Insights

The key players are involved in new product developments, agreements, product launches, mergers and acquisitions, and expansion strategies to improve their market penetration. For instance, in March 2023, Calder Capital, LLC, a mergers and acquisitions firm, completed the acquisition of a majority stake in Action Water Sports (AWS). This investment marks a significant milestone in the strategic pursuit of establishing a robust and diversified marine business. This investment aims to provide an extensive range of premium boat brands, services, and amenities catering to the needs of boaters and water enthusiasts, thereby advancing the company's growth and expansion objectives. Some of the major participants in the global wetsuit market:

• Arena S.p.A

• Aqua Lung

• Billabong

• Body Glove

• BOZ Todos los derechos reservados

• Buell Wetsuits & Surf

• Carapace Wetsuits

• C-Skins

• HELLY HANSEN

• Hyperflex Wetsuits

• Isurus, Inc.

• JMJ Manufacture, Inc.

• Lunasurf

• Musto Limited

• O'Neill

• Patagonia, Inc.

• Boardriders

• RIP CURL

• Johnson Outdoors Inc.

• SHEICO Group

• Speedo International

• Xcel Wetsuits

Recent Developments

• In March 2023, ZONE3, a triathlon apparel and equipment company, became the official wetsuit and swimwear partner of DATEV Challenge Roth powered by hep, an electric power organization. This partnership solidified their dedication and filled them with immense pride as they collaborated globally with one of the most prestigious and sought events.

• In June 2023, Triathlon Australia announced a multi-year partnership with deboer, a wetsuit manufacturer. The partnership benefits Triathlon Australia members with exclusive access to deboer’s range of wetsuits.

• For instance, in March 2022, HUUB USA launched a pinnacle wetsuit with more flexibility, core control, buoyancy foams, and many other features. The rotational freedom and no-suit feel make this suit different from the traditional wetsuit.

• In April 2021, Aqualung, a water sports gear manufacturer, launched the XSCAPE collection. It is equipped with a rash guard made from sustainable materials and is a neoprene-free wetsuit. The wetsuit offers improved comfort for surface activities in cold temperatures and diving in warm waters. Additionally, it can be used for snorkeling, scuba diving, paddling, and other water sports.

Wetsuit Market Report Scope

Global Wetsuit Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global wetsuit market report on the basis of product, and region:

• Product Outlook (Revenue in USD Million, 2018 - 2030)

  • Wind Sports

  • Surfing

  • Scuba Diving

  • Triathlon

• Regional Outlook (Revenue in USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE