LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global wetsuits market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global wetsuits market for 2017-2021. The market is segmented on sports (water sports and wind sports), and product (full wetsuit and short wetsuit). The market is further segmented into geography, including North America, Europe, APAC, and ROW.
The global wetsuits market is expected to reach USD 2,145.37 million by 2021. The global wetsuits market is growing at a steady rate because of the increasing participation of consumers in water sports and other outdoor activities. Wetsuits are worn by surfers, divers, windsurfers, triathletes, and people engaged in other water sports-related activities in most of the cases. The sales volumes are largely driven by the rise in participation in water adventure and water-related sports. Product innovations and advances in technology have greatly influenced the demand for different types of wetsuits. This has propelled vendors to manufacture and launch new product lines made from advanced and high-quality fabrics.
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Technavio consumer and retail research analysts highlight the following three factors that are contributing to the growth of the global wetsuits market:
- Product variants
- Increase in triathlon and water sports activities
- Evolving customer preferences
Product variants
Wetsuits manufacturers are investing significantly in R&D to increase the variety of offerings in their product portfolio. Vendors are offering modern technologies to provide better equipment. These innovations encourage consumers to purchase or replace their old apparel with upgraded versions.
Brijesh Choubey, a lead apparel and textile research analyst at Technavio, says, “In 2016, Patagonia, a wetsuits manufacturer, launched the first series of non-neoprene wetsuits. The company uses a different variety of FSC certified rubber from a tree called Hevea. As per Patagonia, using this raw material to manufacture wetsuits reduces CO2 emission by close to 80% during the manufacturing process.”
Increase in triathlon and water sports activities
Participation in triathlon and other water sports has raised the demand for wetsuits. This is because these sports require apparel that fit the best as per the activity. Advantages offered by wetsuits are, it provides water and weather resistance, offer lightweight and buoyancy, and are stretchable and latex-free.
“Globally, there are various triathlon competitions organized. The participants compete on national, as well as international levels. These triathlons have gained popularity because of their telecast on sports channels, which increases awareness about different sports. The rise in participation in these activities, the demand for innovative and designer wetsuits is expected to increase in the coming years,” says Brijesh.
Evolving customer preferences
Comfort has always been the primary criteria for manufacturing wetsuits. These days vendors are focusing on the performance and warmth offered by wetsuits, along with interest in fashion and designing. Consumers are seeking wetsuits that offer these features in addition to flexibility and lightweight. As a result, many vendors are now introducing wetsuits for professional and amateur water sports enthusiasts, with high technical features and better fashion appeal.
In emerging markets like India and China, vendors are following a different strategy. Consumers from this region are value buyers, with less awareness of the technical features of wetsuits, due to which it is difficult for them to assess the price differences. Hence, companies are following differentiated product sales and distribution strategies to map their offerings as per the changes in consumer preferences.
Top vendors:
- Billabong
- O'Neill
- Patagonia
- Quiksilver
- Rip Curl
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