Sports Fishing Equipment Market Size to Grow by $ 2.09 Billion During 2021-2025
Technavio has been monitoring the sports fishing equipment market and it is expected to grow by $ 2.09 billion, accelerating at a CAGR of almost 2.80% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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Sports Fishing Equipment Market: North America to lead market growth during the forecast period
- 40% of the market growth will originate from North America during the forecast period. The US is a key market for sports fishing equipment in North America. Market growth in this region will be faster than the growth of the market in APAC, MEA, and South America. The availability of innovative sports fishing equipment will facilitate market growth during the forecast period.
- Growth by the fishing rod segment will be significant during the forecast period. The development of new variants of fishing rods with improved technologies will encourage end-users to invest in such models, thus, accelerating the growth momentum of the market during the forecast period.
- Increasing popularity of recreational fishing will be a significant factor in driving the growth of the sports fishing equipment market.. Several countries, especially in the Mediterranean region are promoting fish tourism to address the short-term losses resulting from marine protected areas and to provide an alternative source of income. The rise in recreational fishing will also create several growth opportunities for sports fishing equipment vendors.
- Market vendors are focusing on the development of sports fishing equipment integrated with innovative features that provide added benefits for customers. For instance, some sports fishing equipment available in the market allows end-users to perform precision fishing. A few of the market vendors are offering sensors for fishing rods. For instance, smart sensors for sports fishing equipment offered by Cyberfishing Inc. (Cyberfishing) track fishing hotspots through the Cyberfishing app. Such developements are likely to drive sales of the sports fishing equipment market.
Sports Fishing Equipment Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. AFTCO Mfg. Co. Inc., Fairpoint Outdoors AS, Gamakatsu USA Inc., GLOBERIDE Inc., Grandt Industries Inc., OKUMA FISHING TACKLE Co. Ltd., Pure Fishing Inc., Rapala VMC Corp., Shimano Inc., and Tica Fishing Tackle are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Sports Fishing Equipment Market: Key Highlights of the Report for 2021-2025
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive sports fishing equipment market growth during the next five years
- Precise estimation of the sports fishing equipment market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the sports fishing equipment market industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of sports fishing equipment market vendors
The report provides insights into the following FAQs:
- What is the market CAGR?
The market will accelerate at a CAGR of almost 2.80%.
- What is the incremental growth of the market?
The market is expected to grow by $ 2.09 bn through 2021-2025.
- What is a key factor driving this market?
Increasing popularity of recreational fishing will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market:
40% growth will originate from North America
- Who are the leading market vendors?
The leading vendors in this market are AFTCO Mfg. Co. Inc., Fairpoint Outdoors AS, Gamakatsu USA Inc., GLOBERIDE Inc., Grandt Industries Inc., OKUMA FISHING TACKLE Co. Ltd., Pure Fishing Inc., Rapala VMC Corp., Shimano Inc., and Tica Fishing Tackle
- What are the market segments covered in this report?
The market is segmented by Product (Fishing rod, Fishing reel, Fishing lure, and Others) and Geography (North America, Europe, APAC, South America, and MEA)