The global wetsuits market is anticipated to grow at significant CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for appropriate wearables while performing specific water sports activity is anticipated to propel demand for wetsuits. These water suit are likely to offer protection and thermal insulation to consumers during water sports such as swimming, scuba diving, and others. These suits are usually made from neoprene bubbles to provide abrasion resistance, thermal insulation, and buoyancy. Insulation properties can depend on bubbles of gas bounded in material to reduce thermal conductivity of wetsuits. Hence, such wetsuits can be used by consumers while going underwater.
Increasing number of water sports and recreational activities can influence growth of market over next few years. Continual advancements in wetsuits to provide advanced protection and comfort to consumers are likely to augment product demand. Development of artificial wave generation techniques and inland surfing grounds can promote water sports and need for appropriate suits. Supportive government initiatives to promote aligned sports activities is expected to drive market over the forecast period (2018 to 2025).
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To cater to rising demand for wetsuits, manufacturing companies are likely to invest in R&D activities to develop advanced products. For instance, team of researchers at Massachusetts institute of technology (MIT) recently discovered a process that can enhance heat retention in wetsuits by three times. Neoprene wetsuit placed in pressure tank autoclave filled with krypton or xenon for one day can boost its insulation value. Treated wetsuit can allow its users to survive in water colder than 10 degree Celsius for two to three hours.
The wetsuits market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into full wetsuits, hooded wetsuits, convertible wetsuits, sleeveless wetsuits, spring wetsuits, and others. Based on application, the market can be classified into women, men, and kids.
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Regional segmentation includes North America, India, China, Europe, Japan, and Southeast Asia.
In North America, the market is expected to witness significant growth during the forecast period attributed to high demand for wetsuits among local residents. Growing popularity of water sports coupled with easy affordability of these activities can influence growth of market. In addition, rising inclination of young and millennial population towards outdoor sports attributed to promoting events can fuel market growth in the region. Moreover, growing adoption of outdoor sports in schools and educational institutes to promote fitness among students can augment demand for wetsuits during the forecast period.
In India, the market is anticipated to grow well during the forecast period attributed to growing adoption of various water sports in the region. High prevalence of coastlines, beaches, and rivers are likely to gain traction among tourists across the globe. Famous tourist places in the region such as goa, Kerala, Karnataka, and Andaman and Nicobar Islands are expected to offer wide range of water sports to tourists visiting. This, in turn, can boost demand for wetsuits in the region.
In Japan, the market is likely to witness substantial growth during the forecast period owing to high demand for water sports among local residents. Adventurous water sports activities such as surfing, scuba diving, and jet skiing are expected to be popular among majority of Japanese population. Areas such as Fujisawa, Enoshima Island, Chigasaki, and Kujukuri are likely to most popular surfing spots in the region. This, in turn, can fuel demand for wetsuits in the region.
Some of the leading companies offering wetsuits are Hurley, Body Glove, Rip Curl, Quiksilver, and Patagonia.
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