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Scuba Diving Equipment Market Report 2024 - Scuba Diving Equipment Market Size And Growth
Scuba Diving Equipment Market
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According to The Business Research Company's, The scuba diving equipment market size has grown steadily in recent years. It will grow from $4.39 billion in 2023 to $4.6 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to post-pandemic recovery, rescue and safety equipment development, accessibility of diving courses, e-commerce penetration, rise in disposable income.
The scuba diving equipment market size is expected to see steady growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to rising demand from emerging economies, sustainability in design and materials, digitalization in diving, health and wellness trends, expansion of dive tourism. Major trends in the forecast period include augmented reality (ar) integration, circular economy initiatives, blockchain for equipment traceability, nanotechnology applications.
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Market Drivers and Trends:
The increase in popularity of water sports is expected to propel the growth of the scuba diving equipment market. Water sports refer to a type of sport that is played or practiced on the water. These include sports such as swimming, water polo, and surfing. Scuba diving equipment, such as rash guards, wet suits, hoods, boots, gloves, and earplugs, are usually used in water sports to protect the body and make it more comfortable to participate in sports activities. For instance, according to Watersports Participation Survey 2021, published by the British Marine, a UK-based marine transportation company, in 2021, 11.7 million individuals reported that they participated in any boating activity 1 or 2 times in the UK, which is almost double compared to 2020 with 6.3 million. Therefore, the increase in the popularity of water sports is driving the growth of the scuba diving equipment market.
The introduction of eco-friendly wetsuits is a key trend gaining popularity in the scuba diving equipment market. Major companies operating in the scuba diving equipment sector are focused on introducing eco-friendly products to strengthen their position and meet consumer demand. For instance, in April 2021, Aqualung, a US-based company that manufactures scuba diving equipment, launched an eco-friendly wetsuit named the Xscape 3/4mm Wetsuit. This 3/4mm suit is suitable for diving in water temperatures ranging from 20 to 28 degrees Celsius, and it also has terrific four-way flexibility, making it ideal for all ocean sports. It is made entirely of non-neoprene fibers, making swimming quite comfortable underwater.
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Major Key Players of the Market:
Johnson Outdoors Inc., Aqua Lung International, Suunto, Marquee Brands, Oceanic Worldwide, Bauer Compressors Inc., Tusa, Scubapro, Apeks Marine Equipment Ltd., Huish Outdoors LLC, Hollis Gear, Zeagle Systems Inc., Sherwood Scuba LLC, Halcyon Manufacturing Inc., Poseidon Diving System AB, Cressi Sub S.p.a, Atomic Aquatics Inc., Aquatec-Duton Industry Co. Ltd., Apollo Sports Inc., Armor Products LLC, Beuchat International SA, Duck Diver LLC, H2Odessey, IST Sports Corp., Mares S.p.A, Seasoft Scuba Inc., Dive Rite.
Scuba Diving Equipment Market 2024 Key Insights:
• The scuba diving equipment market size is expected to see steady growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Rising Popularity Of Water Sports To Drive Market Growth
• Product Innovations Transforming The Scuba Diving Equipment Market
• North America was the largest region in the scuba-diving equipment market in 2023
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