Why are the Prospects of Sports Fishing Equipment Big in the United States

The global sports fishing equipment market surpassed a US$ 2.5 Bn valuation in 2020, and is poised to reflect a moderate rate of growth through the forecast period (2021 and 2031). Sports fishing equipment sales are increasingly driven growing civilian interest in water sports and recreational fishing. The industry is likely to register a steady resurgence in growth in 2021 over 2020, as lockdown restrictions due to the COVID-19 pandemic are gradually being relaxed. The market outlook remains largely steady over the coming years, and is expected to register a 4.4% CAGR from 2021 to 2031.

For detailed insights on enhancing your product footprint, request for a sample here- https://www.factmr.com/connectus/sample?flag=S&rep_id=236

Substantial developments have taken place in terms of technology in recent years, such as craft technology gear and catch handling practices, mechanization of propulsion, adoption of synthetic gear materials, acoustic fish detection, and even satellite-based remote sensing technologies. Further efforts have been made towards responsible fishing to ensure sustainability of fish stocks, without compromising on environmental safety, biodiversity, and energy efficiency. Consumer demand for environment-friendly fishing gear, energy conservation, and technologies to minimize by-catch of non-target species will gain importance.

Key Takeaways from Sports Fishing Equipment Market Study

  • Fishing rods are likely to hold the lead during the assessment period, accounting for more than US$ 817 Mn in 2020.
  • Sports organizers hold a major market share, estimated to account for more than 50% of the industry in 2021, supported by a large number of regional and international sports fishing events.
  • Sales through franchised sports outlets are displaying a higher-than-average growth rate at 5% CAGR, driven by geographical brand expansion endeavors.
  • Adoption of electronics and radar and sensor-based solutions is expected to display faster growth for fish school detection applications.

For critical insights on this market, request for methodology here- https://www.factmr.com/connectus/sample?flag=RM&rep_id=236

Key Segments of Sports Fishing Equipment Market

Product

  • Rods
  • Reels
  • Hooks
  • Lures
  • Lines
  • Rigs
  • Jig Heads
  • Others

End User

    • Individual Consumers
    • Clubs
    • Sports Organizers

Distribution Channel

    • Independent Sports Outlets
    • Franchised Sports Outlets
    • Modern Trade Channels
    • Direct to Consumer Brand Outlets
    • Direct to Customer Online Channels

Increased participation in water-based sports and recreational activities along with growing number of fishing associations and clubs is contributing to market growth,” says a Fact.MR analyst.

For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/236

Differentiated Offerings by Players Aiding Market Growth

The sports fishing equipment market has witnessed substantial changes in recent years, and is expected to display moderate growth during the forecast period. Companies in the industry have been focusing on the development and launch of innovative offerings with the aim of expanding and differentiating their product portfolios.

Companies such as EagleClaw Midstream Services LLC, Newell Brands Inc., Okuma Fishing Tackle Corp., Shimano Inc., and Globeride Inc. have been differentiating their offerings of fishing equipment with improvements in terms of component design and novel raw materials. Ice fishing and river angling equipment will also gain attention over the coming years.

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2018/04/05/1465787/0/en/Global-Surfboard-Market-Institutional-Buyers-to-Account-Highest-Market-Value-Share-during-2017-2026.html

About Us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Contact:

US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Email: sales@factmr.com
Visit Our Website: https://www.factmr.com

Matched content

Editor’s pick

Express Press Release Distribution