Diving suits: Key market research findings
- Increased participation in outdoor recreational activities drives market growth
- Wetsuits account for majority share of the market’s revenue
- Key vendors – Billabong, Patagonia, O’Neill, Quicksilver, Bare, Diving Unlimited International (DUI), Northern Diver, and Typhoon International
Technavio’s market research analysts predict the global diving suit market to grow at a CAGR of more than 4% between 2016 and 2020. The growth in this market is fueled by the growing participation in outdoor recreational activities. There is increasing emphasis on adventure sports and outdoor activities such as surfing and scuba diving among the population worldwide, especially the young adults. Several events are being organized across the globe to identify young athletes with required skills and potential where the social media plays a vital role in making information related to these events more accessible to the public. Both amateur and professional participants spend extensively on equipment and clothing required for these events. During 2015, the Americas dominated the global diving suit market by accounting for more than 51% of the overall market share. The market is flourishing in this region due to the increased participation rates in outdoor recreational events. Initiatives taken by numerous schools and universities to include outdoor sports activities in the curriculum of the students is expected to further fuel growth in the diving suit market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the diving suit segments based on the products.
“The emergence of the atmospheric diving suit is the latest trend in the market. The exosuit technology developed by Nuytco Research is an atmospheric diving suit made of aluminum alloy. This allows divers to explore up to 300 meters deep without being harmed by intense cold and pressure besides offering great flexibility with 1.6 horsepower, foot-controlled thrusters, and 18 rotary joints in arms and legs. Moreover, there is an increasing demand for wetsuits that are less time consuming to change in and out of among consumers. Manufacturers are capitalizing on the changing requirements of customers and focusing on the development of innovative wetsuits to gain market shares,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The wetsuits segment accounted for more than 77% of the market to dominate the global diving suit market in 2015. Factors such as increased urbanization and growing participation in outdoor recreational activities are influencing the demand for wetsuits worldwide. The increasing popularity of surfing and scuba diving in many coastlines across the globe is also augmenting the demand for wetsuits. The expected inclusion of surfing in the Summer Olympics is likely to boost the popularity of the game and propel the sales of wetsuits in the market during the forecast period.
The key vendors in the market include Billabong, Patagonia, O’Neill, Quicksilver, Bare, Diving Unlimited International (DUI), Northern Diver, and Typhoon International. The global diving suit market has quite a few regional and international vendors. In this market, the regional vendors find it difficult to compete with global vendors on the basis of product quality, price, and technology. The competition in this market will intensify with increased innovations, product, and service extensions. Companies with access to better financial and technical resources will be able to offer cutting edge products that have the potential to render existing products obsolete and non-competitive. To survive and thrive in this market, the vendors have to distinguish their products and services by offering unique value propositions.
A more detailed analysis is available in the Technavio report, Global Diving Suit Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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