Diving Suit Market Size to Reach Revenues of USD 634 Million by 2026 - Arizton

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Dec 08, 2020, 12:00 ET

CHICAGO, Dec. 8, 2020 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global diving suit market report.

The global diving suit market is expected to grow at a CAGR of over 4% during the period 2020−2026.

Key Highlights Offered in the Report:

The global diving suits market revenue will grow at around 1.29 times from 2020 to 2026.
Driven by a demand rebound, innovations in OEM segment, and a strong aftermarket landscape – the post-COVID revenue levels will reach at par with pre-COVID levels by 2022 and witness further improvements from 2023 onward.
APAC is one of the fastest growing market for diving suits owing to rise in costal tourism and establishment of diving facilities.
Online distribution channel is expected to rise during forecast period with the rising adoption of technology, but still the online channel dominated the market with a revenue of around 66% in 2020.
North America and Europe together contributes to over 66% of market share of wet suits in terms of revenue with the rising coastal tourism in respective countries.
North America is expected to contribute around 42% of revenue share in neoprene fabric segment with an incremental growth of over USD 45 million during 2020 – 2026.
The underwater activities end-use segment is expected to witness an absolute growth of over 28% with North America, which is likely to record an incremental growth of approximately USD 21 million during 2020-2026.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by product, end-user, buyers, price, fabric, distribution, and geography
Competitive Landscape – 4 key vendors and 34 other vendors

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Diving Suit Market – Segmentation

Wet and semi-wet suits are largely used in free, scuba, skiing, boating, kayaking, treasure suit, cave diving, and other water sports-related activities. The demand for diving suits is expected to surge due to the increasing interest in water events and the growing number of centers.
In terms of material, the neoprene segment is likely to dominate the market as the material is the main component of wetsuit outfits worn by surfers, divers, and other water sport enthusiasts. North America contributed 42% revenue share of the neoprene fabric segment and is expected to observe an incremental growth of over $45 million during 2021–2026.
Solo diving is one of the major contributors to individual buyers. The revenue share of the solo diving segment is less than institutional buyers. Individual buyers purchase a diving suit for personal applications. Individual buyers include professional divers, water sports personnel, researchers, and enthusiasts. Individual suites are comparatively sold at higher prices than institutional ones and are easily available online and offline.

Diving Suit Market by Product

Wet
Dry
Semi-dry

Diving Suit Market by End-user

Water Sports
Underwater
Military & Rescue Operations

Diving Suit Market by Buyer

Institutional
Individual

Diving Suit Market by Price

Low
Moderate
High

Diving Suit Market by Fabric

Neoprene
Hybrid

Diving Suit Market by Distribution

Offline
Online

Diving Suit Market – Dynamics

Technological innovations have drastically changed the diving industry over the years. Modern scuba kits are consistently evolving as new equipment and apparatus are emerging in the market. Nowadays, new technology in diving is making it an attractive sport among a wide range of people. The use of modern technology is incorporated in both breathing equipment and dive gear. Currently, vendors are started manufacturing drysuits, which are designed with revolutionary materials such as stockinette fabric coated with vulcanized rubber, laminated layers of nylon, butyl rubber known as Trilaminate, and flexible neoprene hat are lightweight, provide improved flexibility, safety, and warmth while deep sea diving. With the growing concerns over safety and comfort, the adoption of innovative material is likely to raise the demand for drysuits among divers that are involved in deep diving, rescue and military operations, marine salvage, and others in cold or contaminated water.

Key Drivers and Trends fueling Market Growth:

Growth of Coastal Tourism
Rise in Deep-sea Explorations and Increase in Naval Admissions
Establishment of Diving Centers
Growing Interest in Watersports

Diving Suit Market – Geography

With the rising consumer expenditure over the past few years, coastal tourism in North America is introducing new tour locations and experiences to attract young tourists. Diving tourism expenditure grew in every consecutive year and this trend is expected to continue through 2026. Factors such as low interest rates, rising disposable income, and consumer spending are expected to have a positive impact on diving certification and professional diving during the forecast period. The US has emerged as one of the traditional markets for the water sports industry. Strong consumer traction has propelled the growth of the diving equipment market in the country. Over the past five years, the diving industry in the country has witnessed strong sales along with rising spending.

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Diving Suit Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Italy
Nordic

APAC

China
Japan
South Korea
Australia & New Zealand
India

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

GCC
Egypt

Major Vendors

Johnson Outdoors
Beuchat
Mares
Aqua Lung

Other Prominent Vendors

Diving Unlimited International
H2Odyssey
Aquatec (Duton Industry Co., Ltd)
SHEICO Group
Bare Sports
Santi
Hollis
Neosport
Tilos
Ocean Rodeo
TUSA
Henderson Divewear
SEAC
Otter Drysuits
Billabong
Northern Diver
QuickSilver
Salvimar
Riffe
XcelWetsuits
Camaro
O'three
Aqualand Limited
Predator Drysuits
Gul
Akona
Snugg
C-Skins
Typhoon International Limited
Fourth Element
Waterproof
Beaver Sports
Aropec
Nippon Sensuiki

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence