|02-11-2019 02:07 PM CET - Sports||
Wetsuit Market Projected to Discern Stable Expansion During 2018 to 2028|| Key Industries are Speedo International Ltd, TYR Sports Inc, Johnson Outdoors, Billabong, O’Neil Inc, Rip Curl
Press release from: Fact.MR
Rise in surfing activities coupled with stringent regulations regarding use of surfing equipment and gear laid by the Occupational Safety and Health Administration (OSHA) has steered the adoption of wetsuits giving its growth a bullish angle. Additionally, recreational surfers who illustrate intermittent participation are also adopting wetsuits, which as a consequence is supporting the demand side of the wetsuit market by increasing sale of wetsuits to a certain extent. Furthermore, wetsuits provide several diving benefits such as enhanced buoyancy, thermal insulation and diving comfort and convenience to the user.
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Surging water sporting events and contests remain a key growth influencer pushing the demand for wetsuit, paving potential opportunities of growth for the global wetsuit market, particularly in the developed countries of North America and Europe. However, prevalence of counterfeit products are likely to impede growth of the wetsuit market, given their various limitations such as low quality leading to hypothermia and imbalance.
A new research report by FactMR reveals the growth path and projections of global wetsuit market along with key analysis on various growth determinants influencing wetsuit adoption. That said, the report foretells that the global wetsuit market is projected to expand at a steady rate with respect to volume throughout the period of assessment, 2018-2028. New technological advancements in wetsuit manufacturing technology coupled with upcoming trend of eco-friendly products is likely to have a profound effect on the adoption of wetsuit worldwide, consequently influencing the global wetsuit market growth during the period of forecast.
Wetsuit Market: Recreational Water Activities Raising Wetsuit Demand
People participation in recreational water activities is expected to have a definitive influence on the adoption of various wetsuits types, particularly tops and bottoms. With growing participation in recreational water sports, demand for wetsuits is likely to surge, in turn fuelling the growth of the global wetsuit market during the period of assessment. Being a key growth determinant, this factor is expected to pave potential growth pathways for wetsuits across various regions in the globe. According to National Marine Manufacturer’s Association (NMMA), more than 140 million individuals, including men and women from United States alone participated in recreational water sports including surfing and deep sea diving. 2018 and the forthcoming years are anticipated to witness increased participation in underwater diving, predicts NMMA. This has significantly fuelled the use of tops and bottom wetsuits among amateurs, professionals and enthusiasts alike, which is expected to further push the growth of the global wetsuit market during the forecast period.
Wetsuit Market: New Developments to Foster Wetsuit Adoption
Companies involved in manufacturing of wetsuits have been focusing on developing novel products with a view to gain edge over the existing competition in the global wetsuit market. Understanding key challenges of divers, they have developed novel wetsuit products to enhance customer convenience and confidence. For instance, wetsuit manufacturers have developed anti-shark wetsuits that provide safety to the diver. Shark Attack Mitigation System (SAMS) – patented technology for apparel used under water – has been fabricated to prevent or reduce the chances of shark attacks.
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Global Wetsuit Market: Developed Economies to Create Potential Opportunities and Prospects for Tops and Bottoms
Albeit at a steady pace, the demand for wetsuits across the globe has witnessed a remarkable increase on the backdrop of various benefits a wetsuit offers. North America particularly the United States and various European countries have largely contributed to the overall growth of the global wetsuit market. In North America, plenty of surf schools and camps have been initiated and developed, making this region a prime sport for divers and surfers. Moreover, championships such as Slam Festival 2017 have attracted surfers and divers and other water sport enthusiasts to participate in water sports. This has significantly pushed the sales volume of wetsuits in this region. Furthermore, according to SFIA more than 3,000,000 people from United States alone contributed to the growing sales of wetsuits in the region, particularly for scuba diving or deep sea diving. This has remarkable pushed the demand for bottoms and tops in North America.
Likewise, pervasiveness of sport contests in European countries have largely impacted the adoption of wetsuits, consequently contributing to the growth of the global wetsuit market. Apart from individual people participation, global wetsuit market is also influenced by increasing government support in a bid to attract more individuals for water sporting activities. For instance, government of Biarritz sponsors a major invitational event – the “Biarritz Surf Trophy” with a view to gain more traction in people participation. These factors have initiated a bullish growth for adoption of wetsuits, thus providing significant prospects for wetsuit manufacturers, in turn supporting the growth of the global wetsuit market during the period of assessment.
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