Fishing Reel Market Is Expected To To Be Valued At US$ 6 Billion By 2023

The fishing reel market was valued at US$ 6 billion in FY 2023 and is predicted to rise at a 4.1% CAGR between 2023 and 2033, reaching US$ 9 billion. Fishing reel sales are predicted to increase steadily throughout the forecast period, with the United Kingdom, the United States, Australia, and Germany emerging as key manufacturers.

The business has faced considerable demand as a result of the COVID-19 outbreak. This pandemic has inspired people all around the world to take up fishing as a form of social isolation.

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Winding and packing fish is done with fishing reels, which are either hand-held or fixed to the gunwales of boats. The fishing reel market has been gradually developing in recent years as a result of a thriving fisheries sector and the global trend of leisure activities increasing in popularity.

Fact.MR forecasts that the worldwide fishing reel market will revert to pre-pandemic levels during the projected period, expanding at a 4.1% CAGR.

Competitive Landscape of the Fishing Reels Market

Leading firms in the global fishing reels market are establishing themselves through rigorous differentiation focused methods, in which players differentiate themselves from competitors through value proposition to customers rather than lower pricing to customers. In order to connect to its target sector, a differentiation strategy provides distinct qualities and attributes that satisfy the needs of the client.

Recent Development:

Daiwa Corporation launched a new website in 2020 to promote the release of new fishing equipment such as reels, rods, and other accessories. The website keeps customers of fishing equipment up to know on new product releases, which encourages industry growth.

Key Players:

• Shimano Inc.
• Pure Fishing, Inc.
• Daiwa Corporation
• Bass Pro Shops
• Zebco
• Jiu Yu Fishing Tackle Co., Ltd.
• NingBo HaiBao Fishing Tackle Co., Ltd.
• Okuma Fishing Tackle Co., Ltd.
• Weihai Guangwei Group Co., Ltd.
• Weihai Hemingway Group Co. Ltd.

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Regional Analysis:

 North America is expected to contribute for roughly one-third of global revenues in 2023. Meanwhile, the US is expected to account for more than three-quarters of North American sales. The rising trend of leisure sports activities in the region could be attributed to the region’s growing interest in fishing.

Aside from that, the abundance of open space in North America, as well as the legality of fishing in the region, creates a favorable environment for market expansion. Furthermore, a variety of fishing competitions are organized in the area, which is another significant factor generating strong demand for a broad array of reels.

The United Kingdom is predicted to have the greatest market share in Europe, with a 4.9% CAGR over the forecast period. Aquafarming, which comprises marine fishing, freshwater fishing, and fish farming, has grown in popularity in the region, leading to the widespread use of fishing reels.

The expanding presence of major global brands in the region has fueled heated competition among the participants. To counter such challenges, players are gradually combining new product releases and innovation into existing reels.

Key Segments of Industry:

• By Type :
  • Spinning Reels
  • Spincast Reels
  • Baitcaster Reels
  • Trolling Reels
  • Offshore Reels
  • Others
• By Reel Mechanism :
  • Anti-reverse Reels
  • Direct-drive Reels
• By Fishing Type :
  • Freshwater Fishing
  • Saltwater Fishing
  • Great Lake Fishing
• By Sales Channel :
  • Outdoor Sports Stores
  • Modern Trade Channels
  • Online Retail
  • Company Websites
  • Third-party Online
  • Other Channels

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