A new study of XploreMR estimates the wetsuit market to record a moderate growth during the period of forecast, 2018 to 2028. The wetsuit market is witnessing the impact of the shift to third party sales alongside the proliferation of ecommerce worldwide. Key players in the wetsuit market are cashing in on the popularity of online models for expanding their customer base in remote locations across the globe.
According to the study, opportunities abound for the wetsuit market in North America, in light of increasing water sports participation and robust government support for promoting water sports including surfing and scuba diving. Developed economies are expected to register a relatively larger wetsuit sales, with demand from consumers for well-balanced and high-performance watersports apparel. According to the National Marine Manufacturers Association (NMMA), over 140 Mn individuals participate in water sports in the US alone, which in turn has resulted in significant demand for watersports’ apparel such as wetsuits in the region.
The report opines that funding initiatives of huge conglomerates such as Samsung who sponsor global championships such as the World Surf League, continue to pave lucrative avenues for the wetsuit manufacturers. Additionally, awareness campaigns and publicity of watersport events such as Rip Curl Cup event of ISC has created opportunities for wetsuit and associated product manufacturers.
Evolving Consumer Preferences and Growing Participation in Triathlon to Favor Wetsuit Sales
A key aspect influencing development and sales of wetsuits is the priority on comfort among enthusiasts, which has led vendors to emphasize warmth and performance attributes, meanwhile focusing on design and style. There has been a constant search for wetsuits that feature lightweight and flexibility characteristics among consumers, encouraging manufacturers to develop and introduce high-performance wetsuits, with better fashion appeal and technical features, for professional as well as amateur enthusiasts.
Vendors in the developing markets are following different strategies, owing to the value-based buying nature of consumers in these regions, wherein awareness of technical features is relatively low, making the assessment of price differences a tedious task. This has led vendors in the developing markets to follow differentiated product sales along with distribution strategies for mapping their offerings in line with evolving consumer preferences.
The study finds that wetsuit manufacturers continue to make significant investments into research and development activities, for including a wide range of offerings and enhancing their product portfolio. Key vendors are also leveraging modern technologies for providing better apparel aesthetics and performance, attracting and encouraging consumers to buy or replace old apparel with the upgraded versions.
The wetsuit landscape also remains influenced by the implementation of strict regulations on use of surfing apparel, gear and equipment, by regulatory bodies such as the Occupational Safety and Health Administration (OSHA). Recreational surfers that represent intermittent participation have also been buying wetsuits, thereby contributing to the market growth as a consequence. Leading players operating in the wetsuits market are also putting efforts in their marketing activities, and adopting contemporary distribution channels and supplementary ecommerce retailers, apart from the authorized brick and mortar stores.