Wetsuits Market 2020 Growth, Trends and Forecast to 2026 | O'Neill, Billabong International, Quiksilver, and Patagonia
This report provides an exhaustive account of the industry including:
o Wetsuits market size, historical from 2015 to 2019 and annual forecast from 2020 to 2026
o Major wetsuits industry trends, technology evolution, economic indicators and business challenges
o Regulatory and geopolitical trends impacting the industry
o Business drivers and pitfalls impacting key regional markets
o Competitive landscape of the industry and detailed profiles on major companies
Escalating consumer spending on recreational water sport activities and rampant growth in the global tourism sector are expected to augment wetsuits market size. The trend for surfing and scuba diving has grown at an exponential rate among the younger generation. This trend has led to the demand for wetsuits as they can immensely improve user's overall diving and surfing experience. These attires maintain user's body temperature while swimming in cold water and provides additional buoyancy for enhanced safety.
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Swimming specific wetsuit primary focus on providing additional buoyancy, helping enhance swimming speed. This has made wetsuits a highly technical, performance component for ocean swimming. Robust growth in the tourism sector and rise in number of tourists will drive the demand for wetsuits in the coming years.
According to the World Tourism Organization (UNWTO), international tourist arrivals across the globe is anticipated to grow by 3.3% annually until 2030, reaching 1.8 billion. Many of these tourists are expected to be snorkelers and divers visiting coral reefs. However, rise in diving activities could have a negative impact on ocean environment, constraining wetsuit market growth due to imposed restrictions.
Companies in the tourism sector are initiating various diving programs to restore coral reefs. In 2020, Australian scuba diving tourism firm, Passions of Paradise that takes customers on scuba diving, snorkeling, and boat tours, started planting coral in the Great Barrier Reef as businesses were temporarily shut due to the COVID-19 pandemic. Initiatives like this might attract volunteers, further driving the demand for diving gear and wetsuits.
According to regional share, Asia Pacific wetsuits market is expected to amass considerable momentum on account of the region's thriving tourism sector. There is a noticeable increase in the number of tourist arrival across costal destinations like Japan, Malaysia, Indonesia, and Thailand. According to UNWTO/GTERC Asia Tourism Trends, APAC accounts for 37% of the world's international tourism expenditure and nearly one-fourth of global arrivals. Moreover, the region is expected to record a total of 535 million tourist arrivals by 2030.
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Rapid economic growth, rising air connectivity, commencement of large infrastructure projects will facilitate the region's tourism sector, encouraging people to opt for recreational activities like surfing and scuba diving.
In addition to this, increasing investments in the tourism sector may aid the demand for wetsuits across APAC. In 2020, Hong Kong-based scuba diving tourism startup, ZuBlu announced securing US$1 million in a seed funding round, with an aim to aid green tourism and conservation once coronavirus pandemic lockdown and travel restrictions are banished.
Some of the companies mentioned in the report include Body Glove, Billabong International, O'Neill, Quiksilver, and Patagonia, Buell Wetsuits, C-Skins, Musto, Rip Curl, Helly Hansen and Xcel Brands.
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