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Diving Equipment Market Expected to Reach $8.1 Billion by 2035

 
2022
Diving Equipment Market

Report Code : A04396

quote Introduction of low-cost airlines, coupled with growth in popularity of coastal tourism and active indolent of travelers with adventure activities is anticipated to foster the growth of the diving industry, and consecutively boost the growth of the market. quote

Roshan Deshmukh - Manager
Consumer Goods at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Diving Equipment Market," The diving equipment market size 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.

Diving equipment is utility products used while going underwater. Diving may involve recreational, R&D, and defense activities. The growth of the diving equipment market is attributed to a rise in disposable income, the introduction of low-cost airlines, a surge in travel & tourism, especially in coastal areas, and a rise in diving equipment market demand to involve adventurous activities during family vacations. In addition, the rise in the construction of sea links to facilitate the growth of trade, and the artificial construction of islands in coastal cities such as Singapore, Dubai, and New York, is anticipated to foster the diving equipment market growth. Moreover, an increase in R&D for oil & gas and the development of large hydroelectric power plants are anticipated to further foster the growth of the market.

Several important factors are driving the diving equipment industry, encouraging innovation and expansion. First, the growing acceptance of recreational diving as a hobby is a major factor in the diving equipment market growth. There is a rising need for top-notch diving equipment as more people go for underwater adventure and discovery. Technological developments have also resulted in the creation of innovative equipment that appeals to both professionals and admirers, such as sophisticated diving computers, small underwater cameras, and upgraded diving suits.

Also, there is a greater need for environmentally safe and sustainable diving equipment due to growing awareness of marine conservation and the need to preserve undersea habitats. In order to appeal to customers who care about the environment, manufacturers are reacting by developing products with as little impact as possible. These diving equipment market trends are driving market growth. 

According to the diving equipment market analysis, the diving equipment market is analyzed on the basis of type, distribution channel, and region. By type, the market is divided into BCD and regulator, cylinder and diving propulsion vehicle, decompression chamber, exposure suit, and accessories. Among these, the BCD and regulator segment occupied the major diving equipment market share in 2023. The buoyancy control devices (BCDs) and regulators segment of the diving equipment market are distinguished by their emphasis on safety, comfort, and innovation. Integrated weight systems, lightweight construction, and adjustable fits are features that are growing in BCDs. Innovations in regulators include better breathing performance, better materials, and more user-friendly designs. The market is trending toward more compact regulators for ease of travel and adaptable BCDs for a variety of dive types. Concern about environmental sustainability is also developing, which has prompted the creation of eco-friendly materials and production techniques for regulators and BCDs. Manufacturers compete with one another to satisfy the changing needs of divers.

On the basis of distribution channel, it is classified into a specialty store, online, and others. The online segment is growing at the fastest growth rate during the forecast period. Platforms for e-commerce allow divers to shop from the comfort of their homes, compare costs, and read product reviews. By creating strong online sites with thorough product descriptions and sizing recommendations, manufacturers and retailers have responded to the change. With participants exchanging advice and experiences, the growth of online forums and communities has also aided in the evolution of this company. Thus, the global diving community has easy access to a wide variety of products, and online sales of diving equipment are always growing.

Region-wise, the diving equipment is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, in 2023, the Asia-Pacific region was the highest revenue contributor to the global market. The market for diving equipment is expanding rapidly in the Asia-Pacific region due to rising interest in recreational diving and underwater tourism. The need for high-quality equipment is fueled by the popularity of diving locations such as Thailand, Indonesia, and Australia. The market is also impacted by the growing middle class, which has extra cash to spend on recreational pursuits. Technological innovations in diving gear, like lightweight construction and sophisticated dive computers, are especially attractive to the region's tech-savvy customers. Furthermore, in nations that care about marine conservation, the emphasis on environmentally beneficial activities is encouraging the use of sustainable diving equipment.

The major companies profiled in this report include 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, and Dive Rite.

KEY FINDINGS OF STUDY

  • On the basis of type, the exposure suit segment is the fastest-growing segment with an 8.4% CAGR.
  • On the basis of distribution channel, the specialty store segment was the largest in the market in 2023.
  • Region-wise, Asia-Pacific was the highest revenue contributor to the market in 2023.
 

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quote Diving Equipment Market by Type (BCD and Regulator, Cylinder and Diving Propulsion Vehicle, Decompression Chamber, Exposure Suit, Accessories), by Distribution Channel (Specialty Store, Online, Others): Global Opportunity Analysis and Industry Forecast, 2024-2035 quote

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