Sports Fishing Equipment Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

The sports fishing equipment market share is expected to increase by USD 2.08 bn from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.8%.

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 segmentations by product (fishing rod, fishing reel, fishing lure, and others) and geography (North America, Europe, APAC, South America, and MEA). The sports fishing equipment market report also offers information on several market vendors, including 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 among others.

What will the Sports Fishing Equipment Market Size be During the Forecast Period?

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Sports Fishing Equipment Market: Key Drivers, Trends, and Challenges

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 market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sports fishing equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Sports Fishing Equipment Market Driver

The increasing popularity of recreational fishing is the major driver of the growth of the sports fishing equipment market.The 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 of marine protected areas and to provide an alternative source of income.Apart from supporting travel, boating, restaurants, and the tourism industry, the rise in recreational fishing will also create several growth opportunities for sports fishing equipment vendors. This increasing participation in recreational fishing activities will boost the sales of sports fishing equipment and consequently fuel the growth of the market throughout the next

Key Sports Fishing Equipment Market Trend

Product portfolio expansion in the global sports fishing equipment market is the major trend driving the growth of the sports fishing equipment market.With the growing demand, market vendors are focusing on the development of sports fishing equipment integrated with innovative features that provide added benefits during operations.Certain 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) tracks fishing hotspots through the Cyberfishing app.The increasing availability of such innovative sports fishing equipment will drive the growth of the market during 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 2021-2025.

Parent Market Analysis

Technavio categorises global sports fishing equipment market is a part of the global leisure products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sports fishing equipment market during the forecast period.

Who are the Major Sports Fishing Equipment Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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.
• Tica Fishing Tackle

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 growth strategies such as organic and inorganic strategies in global leisure products market 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.

The sports fishing equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Sports Fishing Equipment Market Value Chain Analysis

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.

The value chain of global leisure products market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Sports Fishing Equipment Market?

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40% of the market's growth will originate from North America during the forecast period. US is the key markets for market in North America. Market growth in this region will be faster than the growth of the market in regions.

The availability of innovative sports fishing equipment will facilitate the 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. For instance, in March 2020, the Pennsylvania Fish and Boat Commission announced that it had canceled fishing tournaments that were planned for April 2020. In March 2020, the organizers of Chilliwack s All About Fishing event announced that they had canceled the event in Canada. These factors negatively affected the demand for sports fishing equipment and, in turn, hindered the growth of the market in 2020. However, the market is likely to grow significantly after 2021, as there has been a rise in online channels to maintain the sales of sports fishing equipment and the resumption of leisure activities due to the decrease in COVID-19 cases in the region. These factors are expected to accelerate the growth of the market in North America during the forecast period.

What are the Revenue-generating Product Segments in the Sports Fishing Equipment Market?

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The market share growth by 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.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. 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.

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What are the Key Data Covered in this Sports Fishing Equipment Market Report?

• 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 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

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