Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Diving Suit market.
Trusted Business Insights presents an updated and Latest Study on Diving Suit Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Diving Suit market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Diving Suit Market
The global diving suit market size was valued at USD 498.2 million in 2018, with an estimated 1.3 million units sold in the same year. Growing number of people engaging in recreational activities globally is expected to drive demand for diving suits over the forecast period. These suits are gaining immense popularity owing to their diversified applications in sea rescue and other commercial operations.
The market has been witnessing continuous product developments and innovations in material technology over the last few years. Manufacturers are investing in R&D in order to enhance the overall consumer experience. Rising adoption of modern materials and technologies, including polytherm tri-laminate material and no-stitch technology, is expected to impel market growth. Advent of modern-day diving suits is driving demand among consumers.
Growing interest in watersports is one of the prominent factors driving the market. Snorkeling and scuba diving are becoming an integral part of recreational activities, particularly among adventure and soft sports enthusiasts. Many government bodies worldwide are promoting watersports in their regions to increase tourism revenue. Such promotional campaigns run by various tour operators and governments are expected to augment market growth over the forecast period.
The demand for womens diving suits has witnessed a substantial growth over the past few years. Rising number of women actively participating in watersports in emerging economies of Asia Pacific has accelerated product sales. Modern diving equipment have become light-weight and user-friendly, thereby gaining womens inclination towards the sport. This factor will trigger market growth in the coming years.
Growing urbanization and financial boost in overall household income globally have enabled people to increase their spending on luxury sports and services thereby offering significant opportunities for industry growth. In addition, growing consumer awareness regarding environmental hazards owing to use of plastic is propelling them to use eco-friendly diving gear. This factor will drive the market over the forecast period.
Diving suits are required to be thick enough to suit the water temperature. The thickness of these suits varies as per the protection and insulation they provide. Dry suits are used in extremely cold waters with a temperature of less than 60 degrees Fahrenheit. These suits are used in situations where the diver needs to dive for a longer time period. Such suits have witnessed high demand over the past few years owing to their benefits such as water resistance.
Price Bracket Insights
Based on price bracket, the diving suit market can be segmented into less than $199, $200-$399, $400-$599, $600-$800, and more than $800. The more than $800 segment is expected to exhibit the highest CAGR over the forecast period, both in terms of revenue as well as demand. This segment typically includes dry suits made of robust hard wearing material that provides better thermal insulation to the diver.
The demand for suits priced $200-$399 was highest in 2018 and the trend is anticipated to continue over the forecast period. This segment typically includes low to medium-priced diving suits, which are increasingly being used for recreational and light commercial activities. The price bracket of $600-$800 is projected to exhibit significant growth between 2019 and 2025. Increased recreational diving activities in colder regions is expected to create demand for cost-effective dry suits.
Regional Insights of Diving Suit Market
North America is among the largest consumers of diving equipment, especially wet suits and dry suits. The region emerged as the leading market in terms of demand as well as revenue in 2018. Significant presence of manufacturers across the region, including Cressi-sub, Dive-Rite, and Aqua Lung International, is expected to drive regional growth.
The market for diving suits in Asia Pacific is anticipated to witness the highest growth in terms of revenue over the forecast period, registering a CAGR of over 9.0% from 2021 to 2026. Substantial rise in diving tourism in coastal areas across the region is expected to spur market growth. Southeast Asian countries like Indonesia and Vietnam have witnessed a considerable rise in watersports participation. This has considerably increased demand for diving suits in the region.
As per estimations, more than 32 thousand units of diving suits were sold across Middle East and Africa in 2018. The regional demand is expected to experience substantial growth over the forecast period owing to presence of numerous diving sites across the region, especially in Egypt and South Africa. In addition, several locations in South Africa including 7 Mile Reef, Protea Banks, and Riy Banks have observed significant growth in tourists over the past few years. As a result, watersports are gaining popularity across the region.
Market Share Insights of Diving Suit Market
Aqua Lung; Beuchat; Cressi; MARES; Omer America; Riffe International, Inc.; ROB ALLEN; SALVIMAR srl; SCUBAPRO; SHEICO Group; and XCEL are some of the prominent players operating within the market. New product development is among the key strategies implemented by these companies to overcome intense competition. In February 2018, SCUBAPRO introduced its new cold water collection of diving dry suits in order to expand its product line. In 2017, Sheico Group launched eco-friendly wet suits, embedded with green technologies for diversifying its offerings.
In addition, players in the global market are focusing on making considerable investments in R&D for developing superior as well as low-cost products to gain a competitive edge. These growing R&D initiatives are expected to help them expand their market presence in the coming years. Additionally, they are offering various suits ranging from thickness of 2mm to more than 9mm to augment their product portfolio and diversify their offerings.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Diving Suit Market Research Report
This report forecasts demand and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global diving suit market report on the basis of price bracket and region:
Price Bracket Outlook (Volume, Thousand Units; Revenue, USD Million, 2019 – 2030)
Less than $199
Quick Read Table of Contents of this Report @ Diving Suit Market Size & Share, Global Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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