Diving Equipment Industry Expands Towards USD 7.5 Billion by 2033, Projected Growth Rate of 7.3% Annually

In 2023, the global diving equipment market experienced significant growth, with a valuation of USD 3.7 billion. This expansion is projected to continue, reaching an impressive USD 7.5 billion by 2033, expanding at a CAGR of 7.3%.

The personal end-use segment led the market in 2023, accounting for a 40.5% share. This growth is attributed to the increasing participation of individual divers, driven by the rising popularity of underwater tourism. Recreational diving emerged as the largest segment, supporting this trend.

North America held the largest market share of 38.1% in 2023, a testament to the strong diving culture and thriving coastal tourism industry in the region. In 2024, North America is projected to maintain its dominance, holding the largest market share once again.

Online sales accounted for 63.1% of the market share in 2023, thanks to the convenience and extensive product availability offered by e-commerce platforms. The rise of these platforms has made diving equipment more accessible to consumers, allowing them to easily compare and purchase products online.

Sustainable practices, including the production of eco-friendly and sustainable diving products, are becoming increasingly important in the market. Key players, such as Suunto and Aqua Lung International, are focusing on advanced technology and strong brand presence, while maintaining a commitment to environmental responsibility.

Competition in the diving equipment market is expected to be strong in 2024, with industry leaders specialising in advanced underwater technology and safety gear. Companies like Cressi, Mares, Scubapro, Dive Rite, Zeagle, Aquatec Duton, Atomic Aquatics, Seac, Oceanic, Sherwood Scuba, TUSA, Beuchat, and IST Sports are some of the major players in the market.

The growth of diving tourism in exotic areas opens up opportunities for equipment manufacturers and service providers to meet the needs of divers exploring new underwater destinations. As the market continues to grow, it is expected that more companies will focus on innovation and sustainability to cater to the evolving needs of divers worldwide.