Diving Equipment Market to Reach $8.1 billion, Globally, by 2035 at 7.5% CAGR: Allied Market Research

WILMINGTON, Del., May 24, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Diving Equipment Market by Type (BCD and Regulator, Cylinder and Diving Propulsion Vehicle, Decompression Chamber, Exposure Suit, Accessories), and Distribution Channel (Specialty Store, Online, Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "diving equipment market" was valued at $3.5 billion in 2023, and is estimated to reach $8.1 billion by 2035, growing at a CAGR of 7.5% from 2024 to 2035.

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Prime determinants of growth

The increasing interest in adventure sports is driving the growth of the diving equipment market. However, the growth of the diving equipment market is restricted by regulatory challenges. On the other hand, online retail presents remunerative opportunities for the expansion of diving equipment during the forecast period.

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The BCD & regulator segment to maintain its leadership status throughout the forecast period.

By type, the BCD & regulator segment held the highest market share in 2023, accounting for nearly one-third of the diving equipment market share and is estimated to maintain its leadership status throughout the forecast period. Regulators provide steady air flow, whereas BCDs provide accurate buoyancy control. Globally, there is a tendency in the industry towards smaller, more portable designs that prioritize functionality and ease of use for scuba divers. The exposure suit segment showcases the fastest CAGR of 8.4% during the forecast period. The market for diving equipment has a variety of exposure suits made to fit the needs of divers. Divers can pick from suits composed of neoprene, rubber, or membrane materials, with wetsuits offering warmth and flexibility in moderate waters and dry suits for cold and harsh circumstances. Lightweight, robust solutions that address a variety of underwater difficulties continue to be innovative.

The specialty store segment to maintain its leadership status throughout the forecast period.

By distribution channel, the specialty store segment held the highest market share in 2023, accounting for two-fifths of the diving equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. Specialty stores provide everything a diver needs, from innovative regulators to environmentally friendly wetsuits. All underwater explorers expect a deep-sea trip in this sector, which is defined by cutting-edge technology, eco-friendly materials, and individualized service. The online segment, however, showcases the fastest CAGR of 8.0% during the forecast period. From masks and fins to sophisticated dive computers and underwater cameras, the online channel provides a wide range of equipment for enthusiasts. Well-known websites like LeisurePro and DiveInn make a large assortment easily accessible to both beginner and experienced divers. Guides and reviews help make well-informed decisions when planning diving excursions.

Asia-Pacific to maintain its dominance by 2035.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023 and is likely to dominate the market during the forecast period. However, this region is expected to witness the fastest CAGR of 8.4% from 2024-2035. The growing popularity of water activities and travel is fueling the growth of the diving equipment market in Asia-Pacific. Key markets include Australia, Japan, and Thailand, where there is a growing need for regulators, fins, masks, and wetsuits. Innovations in environmentally friendly, lightweight gear are also becoming more popular, which is indicative of a move towards sustainability.

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Leading Market Players: -

• American Underwater Products, Inc.
• Aqua Lung International
• Johnson Outdoors Inc.
• Mares S.p.A.
• Poseidon Diving System AB
• Cressi Sub S.p.A.
• Beuchat
• AQUATEC - DUTON INDUSTRY CO., LTD.
• H2Odyssey
• Dive Rite

The report provides a detailed analysis of these key players in the diving equipment market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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