Substantial increase in diving tourism in coastal areas across the globe is expected to escalate the market growth of diving suit.
According to the current analysis of Introspective Market Research, the global Diving Suit market was valued at USD 623.32 Million in 2019 and is expected to reach USD 874.24 Million by the year 2026, at a CAGR of 5%.
End-User industries like oil & gas, hydroelectric power, indulge and develop various diving activities for research and development activities. Additionally, sea maintenance activities like scuba diving and snorkeling have increased exponentially in the past few years. Owing to the industrialization and the development of the logistic industry like the construction of the bridges over water has increased the diving suit market. Construction of sea bridges requires extreme and detailed underwater analysis which is directly impacting the growth of the market. Many modern constructions in the UAE like the Burj Al Arab, The Palm has increased the revenue for the diving suits market for maintaining the development of under water.
There has been an upscaling interest in the past years for the water sport activities signifying the increased activity in the forecast period. Wake boarding, boat riding, water skiing, scuba diving, free-diving are some of the water activities which have increased the revenue of the market over the years.
Increasing risk of fatal accidents for under water sports activities and the expensive management and maintenance for the equipment might be a hamper to the growth of the market. Stringent rules and regulations from the government to avoid the risk of fatal accidents have caused a restrain on the market. The rise of increasing accidents because of poor gas management, rough water conditions, poor safe guarding control has increased a lot of fatalities over the year due to which there has been a noticeable decrease in the market share.
The Diving Suit market is segmented by Type (Dry Suit and Wet Suit), by Price Range (Economy, Mid-Range and Luxury), by Sales-Channel (Offline Channels and Online Channels). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- The increasing influence of the social media and the people getting attracted to the adventurous water sports activity is expected to boost the diving suit market in the forecast period.
- Based on the price range, the market is segmented into Economy, Mid-Range and Luxury. Among which, mid-range segment accounts for the largest market share due to the affordability and better quality of thermal insulation, mobility and flexibility of it.
- North-America is the largest region dominating the market with the highest market share followed by Europe and Asia-Pacific.
- Based on the sales channel, the online sales channel is garnering a lot of attention due to the logistics industry establishing their network through e-commerce.
Key Participants like Aqua Lung International, Johnson Outdoors Inc., Mares S.p. A, Beuchat, Dive Rite, Cressi Sub s.p.a, H2Odyssey, Aquatec, Duton Industry Co. Ltd, SHEICO Group, Diving Unlimited International, and others.
For this report, Introspective Market Research have segmented the Diving Suit markets market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM