Diving equipment market to grow at 7.5% CAGR by 2035

According to a new report by Allied Market Research, the global diving equipment market was valued at $3.5 billion in 2023 and is expected to reach $8.1 billion by 2035, a compound annual growth rate (CAGR) of 7.5 percent from 2024 to 2035. Growth is being driven by the increasing interest in adventure sports. 

By type of product, the buoyancy control devices (BCD) and regulator segment held the highest market share in 2023, accounting for nearly one-third of the market. This segment is projected to maintain its leadership status throughout the 2024-2035 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 revenues, and is expected to maintain its leadership status throughout the forecast period. The online segment, however, showcases the fastest CAGR of 8.0 percent during the forecast period. 

By region, the Asia-Pacific held the highest market share in terms of revenues in 2023 and is estimated to continue to dominate the market from 2024-2035, with growth primarily driven by the growing popularity of water activities and travel. Asia-Pacific is also expected to witness the fastest CAGR of 8.4 percent during the forecast period. Key markets include Australia, Japan, and Thailand.