The global diving suit market size to be valued at USD 634 million by 2026, growing at a CAGR of 4% during 2021-2026. The global market is witnessing a slew of innovations and technological developments. Over the years, the diving industry has observed advanced technology, aiming to increase safety and security.
Modern scuba kits are consistently evolving as new equipment and apparatus are emerging in the market. New technology is now making diving attractive to a wide range of people. The use of technology is not only limited to breathing equipment but also dive wear. Vendors have started manufacturing drysuits designed with revolutionary materials such as stockinette fabric coated with vulcanized rubber. These materials are not only lightweight but provide improved flexibility, safety, and warmth while deep-sea diving. Hence, increasing innovations in materials and applying new applications in suits are likely to drive the market.
- The rise in coastal tourism and the increase in diving facilities are expected to open new avenues for the global diving suit market.
- The wet suit segment is likely to witness an incremental growth of $58 million during 2020−2026 on account of strong demand for water sports activities and water sports competitions.
- APAC is projected to grow at the highest CAGR of close to 5% by revenue during 2020–2026 due to the increased popularity of water sports activities and coastal tourism among people.
GLOBAL DIVING SUIT MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY PRODUCT
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. The rise in underwater explorations and expeditions to study marine life is propelling diving suit demand. The APAC semi-dry suit market is expected to grow at a significant rate during the forecast. APAC is anticipated to emerge as a profitable region for semi-dry suits. Moreover, the growing number of wave parks and artificial waves is expected to provide significant industry growth opportunities.
Drysuits are used both in based-water surface and underwater activities such as recreational and military diving. These are popular in European countries as the region is one of the major markets for dive tourism. Germany, France, and the UK have a strong presence of safe and sustainable diving destinations. Therefore, with the growing popularity of sporting activities in Europe, the demand for dry suits is expected to increase.
INSIGHTS BY FABRIC
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. Although the demand for double-backed neoprene is growing, singled-backed neoprene continues its usage for several specific purposes. Rubber suits are conventional and are suited for commercial diving. However, with consistent product innovation and changing consumer requirements, the market is likely to decline during the forecast period.
The hybrid segment is expected to grow at a CAGR of over 4% during the period 2021¬2026. Hybrid suits are used in all types of water sports and recreational water activities. They are also used for commercial activities such as marine salvage, underwater construction, underwater maintenance of pipelines, and communication. These outfits are majorly low and medium-priced and widely available online and offline stores worldwide.
INSIGHTS BY BUYERS
The institutional segment is expected to generate over $488 million by 2026 on account of the growth in centers and diving certification institutes. Institutional buying is also increasing as people across the world are exploring water sporting activities. Besides, the growing number of water adventure parks, including artificial waves, increasing diving facilities, and water-based activities at resorts, are the key drivers for the institutional segment's growth.
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. The segment is expected to grow due to the introduction of advanced equipment with a high safety scope.
INSIGHTS BY PRICE
Low and moderately-priced diving suits constitute the major revenue segments in the global diving suit market. These outfits are used in recreational activities such as surfing, kayaking, canoeing, skiing, free scuba, and other water-based activities. Emerging countries with diving destinations such as French Polynesia, Malaysia, Cuba, Oman, Norway, and Tanzania are becoming the most potential markets. Oman is gaining popularity in the Middle East & Africa region. The moderately-priced segment is expected to reach a revenue of over $418 million by 2026. The increased tourist participation in water-based activities such as scuba, snorkeling, and other activities is likely to increase moderately-priced suits' demand. The high priced segment is witnessing popularity among divers as specialized suits offer added features such as sealing, stitching, and flexibility.
INSIGHTS BY END-USER
Water sports activities are becoming part of national and international games, surging global diving suit market growth. The rise in water-based activities such as water boating, water skiing, water surfing, scuba, free-diving, and other water surfaces and underwater activities increases the number of diving destinations. Increased activities by research centers and exploration institutes are likely to influence the growth of underwater diving outfits. As the explorer team has to go underwater to conduct physical studies and examine flora and fauna, the demand for specialized outfits is projected to grow.
INSIGHTS BY DISTRIBUTION
Distribution channels include direct dealership, retail channels, and online e-commerce platforms. The distribution environment is rapidly evolving, with systems and processes being upgraded at a rapid pace. Changes are being spurred by expanding competition, accelerating digitization, constant disintermediation, and consumerization of expectations. Dive suit buyers purchase from retail channels. Vendors in countries such as the US, the UK, and Germany primarily sell diving outfit to institutional buyers through specialty stores, supermarkets, and hypermarkets. These are sold largely via vendors’ websites and online retailers. Many offline distributors are moving the sales channel online by incorporating e-commerce solutions and enterprise resource planning systems. However, online distribution has its drawbacks in terms of customer services, transparency, and trustworthiness.
INSIGHTS BY GEOGRAPHY
The North American diving suit market share is expected to reach close to $262 million by 2026. With the rise in consumer expenditure, coastal tourism has witnessed an increase in the region. The water sports tourism expenditure has been observing growth YOY, and this trend is expected to continue till 2026. Low-interest rates, rising disposable incomes, consumer spending, and growth in the housing market are expected to positively impact 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 market in the country. Over the past five years, the country's diving industry has witnessed strong sales and rising spending.
INSIGHTS BY VENDORS
The diving suit market is fragmented with several local and international market players. As consumers expect constant advances and upgrades in the equipment, the increasingly changing marine environment may positively affect vendors. Johnson Outdoors, Beuchat, Mares, Aqualung are the key players that enjoy major shares in the market. Consistent rise in product expansions, technical advances, and product development investments are expected to raise the industry competitiveness. Key players in the market focus on product development and market promotion to establish a competitive advantage over other companies.
The diving suit market research report includes in-depth coverage of the industry analysis with revenue, growth factors, and forecast insights for the following segments:
- Water Sports
- Military & Rescue Operations
- North America
- South Korea
- Australia & New Zealand
- Latin America
- Middle East & Africa