North America currently accounts for the fishing reels market share, followed by Europe. The United States is poised to remain a growth epicenter for the fishing reels market, owing to the presence of over 50 Mn anglers in the region. China is projected to experience higher growth as compared to other regions, and is set to generate a market valuation worth US$ 293 Mn by 2030.
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Further, the National Marine Manufacturers Associations (NMMA) has estimated a strong growth of boat sales in the U.S. For instance, in 2019, the country witnessed a rise in unit sales of fishing power boats. Such factors are further foreseen to reinforce demand for fishing reels in the region.
On the other hand, anglers from Europe collectively spent more than US$ 28 Bn on retail sales such as fishing equipment, clothes, boats, and gear, among others. Moreover, there are nearly 30 Mn anglers in the European region. Thus, with the rising popularity of fishing activities in North America and Europe, demand for fishing reels is likely to grow at a steady rate of 4% over the forecast period.
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Fishing Reels Market: Competitive Landscape
Players operating in global fishing reels market have anchored their presence across prominent high potential regions due to increased participation in recreational fishing and sport fishing activities. Players have adopted targeted acquisition strategies and innovative product launches to meet increasing demand for deep fishing and offshore fishing across high potential regions. Key players in the fishing reels market are focusing on product portfolio management. For instance, NingBo HaiBao Fishing Tackle Co., Ltd. expanded its product portfolio to various types of fishing reels, including spincast reels, spinning reels, baitcast reels, etc. The company’s strategy is to enhance its profitability and efficiency by manufacturing and developing innovative products across different fishing reel segments.
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Some important questions that the Spinning Reels Market report tries to answer exhaustively are:
- Key strategic moves by various players in the Spinning Reels Market in recent years with respect to product launches, deals and tie-ups, and mergers and acquisitions, and divestment of shares
- Which strategies will enable top players in the Spinning Reels Market to expand their geographic footprints
- Which new business models are expected to change the course of growth of key regional markets in near future
- Which technologies will witness most attractive research investments and what will be the key sources of funding for startups and new entrants
- Which products segments have in recent years have seen new, lucrative application areas
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