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The sports fishing equipment market size is expected to increase by USD 2.45 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.21%.The global sports fishing equipment market is driven by the increasing popularity of recreational fishing and government initiatives to promote the activity. Vendors are responding by offering customized variants of sports fishing equipment to boost sales.
This sports fishing equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sports fishing equipment market segmentation by product (fishing rod, fishing reel, fishing lure, and others) and geography (North America, Europe, APAC, South America, and MEA).
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing popularity of recreational fishing is notably driving the sports fishing equipment market growth, although factors such as preference for pre-used and rental variants of sports fishing equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the sports fishing equipment industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Sports Fishing Equipment Market Driver
The sports fishing equipment market is experiencing significant growth, driven by the increasing popularity of recreational fishing. This rise in popularity is a major driving force behind the expansion of the sports fishing equipment industry. In particular, countries in the Mediterranean region are actively promoting fish tourism as a means to offset losses in marine protected areas and generate additional income. This strategy not only supports travel, boating, restaurants, and the broader tourism sector but also creates numerous opportunities for sports fishing equipment vendors. The growing participation in recreational fishing activities is expected to drive higher sales of sports fishing equipment, thereby fueling the market's growth in the foreseeable future.
Key Sports Fishing Equipment Market Trends
The global sports fishing equipment market is witnessing significant growth due to the trend of expanding product portfolios. Market vendors are focusing on enhancing their offerings by developing sports fishing equipment with innovative features that deliver added benefits during fishing operations. These advancements cater to the growing demand for precision fishing, with certain equipment allowing users to achieve greater accuracy. For instance, Cyberfishing Inc. (Cyberfishing) offers smart sensors for fishing rods that track fishing hotspots through their dedicated app. The increasing availability of such innovative sports fishing equipment is expected to drive market growth in the forecast period.
Key Sports Fishing Equipment Market Challenge
Preference for pre-used and rental variants of sports fishing equipment is the major hindrance to the growth of the sports fishing equipment market. Vendors operating in the global sports fishing equipment market are focusing on developing products with improved features. Not all end-users prefer buying the expensive updated models of sports fishing equipment; many of them prefer low-cost sports fishing equipment. Pre-used models of sports fishing equipment are available, and they cost less than new products. End-users can get information about the availability of such models through advertisements in print and social media. Pre-used sports fishing equipment can be purchased from various online portals, such as Gumtree.com Ltd. (Gumtree) and eBay Inc. (eBay). They are also available in repair shops. Increasing preference for the pre-used models of sports fishing equipment will negatively impact the sales of new units and hamper the growth of the market during the forecast period.
This sports fishing equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The availability of innovative sports fishing equipment will facilitate market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The sports fishing equipment market in the region witnessed certain challenges due to the COVID-19 pandemic in 2020. Many government organizations in the region banned recreational fishing due to the pandemic. For instance, in March 2020, the Washington Department of Fish and Wildlife announced its decision to temporarily close recreational fishing and shellfishing events statewide. Some of the fishing events were also canceled in the region.
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The market share growth in the segments fishing rods segment will be significant during the forecast period. The development of new variants of fishing rods with improved technologies will encourage more end-users to invest in such models, subsequently accelerating the growth momentum of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the sports fishing equipment market size and actionable market insights on post COVID-19 impact on each segment.
The sports fishing equipment market research report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the sports fishing equipment market encompasses successful business strategies deployed by the key vendors. The sports fishing equipment market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Our report provides extensive information on the value chain analysis for the sports fishing equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Fishing Bait Market- The market is estimated to grow at a CAGR of 4.06% between 2022 and 2027. The market size is forecast to increase by USD 173.31 million.
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Sports Fishing Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.21% |
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Market growth 2022-2026 |
$ 2.45 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
2.5 |
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Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, China, France, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AFTCO Mfg. Co. Inc., Eagle Claw Fishing Tackle Co., Eppinger Manufacturing, Gamakatsu USA Inc., Globeride Inc., Grandt Industries Inc., Jim Teeny Inc., Koppers Fishing and Tackle Corp., O. Mustad and Son A.S., OKUMA FISHING TACKLE Co. Ltd., PRADCO Outdoor Brands Inc., Pure Fishing Inc., Rapala VMC Corp., Rome Specialty Co. Inc., Sea Master Enterprise Co. Ltd., SHIMANO INC., St. Croix of Park Falls Ltd., Taylor Fly Fishing, Tica Fishing Tackle, and Zebco Holdings Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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