The popularity of archery equipment across multiple regional pockets can be attributed to the affinity of the masses towards leisure games. Archery is an important art that has been practices across regions for several ages. Although it has evolved in terms of the equipment, bows, and arrows used by archers, the essence of the game remains intact. Therefore, the total volume of revenues generated from the sale of archery equipment is expected to grow by leaps and bounds. Availability of high-quality bows, arrows, and gear has led a large population of people to practice archery as a skill.
- Archery is considered as an art, sport, skill, and practice alike, and this is an important consideration from the perspective of growth for the sellers. It is a popular leisure-time activity across developed regions in North America and Europe. The high paying capacity of the masses in these regional pockets has popularised archery in these regions.
- Archery is an important sport on the charter of events at the Olympic Games. Moreover, other international events such as the Commonwealth Games also host archery competitions or tournaments. Owing to this factor, sale of high-quality archery equipment has increased by a dramatic chase over the past decade.
Archery Equipment Market: Introduction
- Archery was invented for hunting animals and for survival in the past. In recent years, archery has evolved as a sport and is seeing growing adoption due to its advantages.
- Awareness and participation in archery has increased over the years. People are increasingly participating in these activities due to health awareness and sports management. Sports as an activity offers benefits such as better physical and mental health, teamwork, responsibility, and a positive self-image
- Modern ways of distribution and expansion of manufacturers through e-commerce is supporting the growth of the archery equipment market globally. Additionally, some of the manufacturers are selling their products online and offer additional discounts, coupons, offers, etc.
Growth in number of sports clubs and gaming zones to drive the archery equipment market
- Improving infrastructure of sports clubs has given an opportunity to people to play archery in sports clubs. Various gaming centers or gaming zones are opening up archery as a sport in their complexes. Consumers are also spending their leisure time playing archery as a recreational activity. Governments are investing in games and sports which is expected to increase participation in sports and boost the market during the forecast period.
Increasing consumer awareness and government support to drive the global archery equipment market
- Consumer awareness about the sport and fitness has increased the demand for archery equipment. Increasing infrastructure for sports activities and increasing consumer footfalls in gaming centers are expected to increase the demand for archery equipment during the forecast period.
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Europe to Hold Leading Share of the Global Archery Equipment Market
- Geographically, the global archery equipment market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the archery equipment market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the archery equipment market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America archery equipment market is segmented into Brazil, and Rest of South America.
- Europe dominates the market share due to awareness about archery and increasing prevalence of indoor sports which drives the demand for archery equipment in the region
- However, the market in Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period. Increasing consumer awareness about the sport and growth in number of sports clubs and gaming zones in the region is expected to increase the demand for the product during the forecast period.
Key Players Operating in the Archery Equipment Market
The archery equipment market is moderately fragmented with the presence of global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to enhance their position in the market.
Companies are expanding their business across different regions to cater to the consumer demand. A few of the key players operating in the global archery equipment market are:
- Crosman Corporation
- Easton Archery
- Escalade, Inc.
- Gold Tip LLC
- Hoyt Archery
- Mathews Archery
- SAMICK Sports
- The Bohning Company
- The Outdoor Group LLC
- Vista Outdoor Inc.
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Global Archery Equipment Market: Research Scope
Global Archery Equipment Market, by Product Type
- Bowstyles
- Recurve
- Compound
- Traditional
- Arrows
- Accessories
- Stabilizers
- Sight
- Armguards
- Others (leather tab, dampers, etc.)
Global Archery Equipment Market, by End-use
- Individual
- Institutional
Global Archery Equipment Market, by Application
- Recreational
- Sports/ Professional
Global Archery Equipment Market, by Distribution Channel
- Online
- E-Commerce Website
- Manufacturer’s Website
- Offline
- Hypermarket/ Supermarket
- Specialty Stores
- Retail Stores
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