Rising number of recreational and sports fishing anglers, especially in North America and East Asia, is set to drive demand for fishing reels and other fishing associated accessories. Growth rate with respect to number of recreational anglers at a global level is expected to be 2.3% over the next ten years.
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Further, social media has silently elevated demand across several industries, including sports fishing equipment. Anglers post about their catch on social media, which increases the curiosity of people in their circle about participating in these activities. This trend is expected to continue through the forecast period, thereby positively impacting the growth of the fishing reels market.
However, the outbreak of COVID-19 has impacted demand for global sports goods and other associated products, as a result of nationwide lockdowns that have had a showing significant effect on the production and supply chain of products. This has resulted in short-term decline in sales of fish equipment across North America, Europe, and East Asia.
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Fact.MR’s report predicts that the global fishing reels market will progress at a CAGR of 4% over the forecast period of 2020 to 2030.
Key Takeaways from Fishing Reels Market Study
- The global fishing reels market is projected to create an absolute $ opportunity of more than US$ 1.4 Bn, and is anticipated to surpass a valuation of US$ 4.5 Bn by the end of the forecast period.
- By fishing type, freshwater fishing is set to hold a share-wide market dominance with over 66% of the total market value by 2030.
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- By type, spinning reels are projected to progress at a value CAGR of 4% and be valued 5.1X than off shore by the end of 2030.
- By reel mechanism, anti-reversal fishing reels are poised to expand at a CAGR of 4.5%, gaining 268 BPS over the course of the forecast duration (2020-2030).
- The fishing reels market in Europe is expected to expand at a CAGR of 3.3%, whereas, North America is projected to be valued 5X than that of South Asia, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
“Increasing popularity of sports fishing in developing countries of South Asia will open up numerous opportunities for the fishing reels market,” says a Fact.MR analyst.
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Key Players to Focus on Product Innovation
Key players in the fishing reels market are Bass Pro Shops , Shimano Inc., Pure Fishing, Inc , Rapala VMC Corporation, Clam Outdoors, Zebco, Jiu Yu Fishing Tackle Co., Ltd., NingBo HaiBao Fishing Tackle Co., Ltd., Okuma Fishing Tackle Co., Ltd., and Weihai Guangwei Group Co., Ltd..
Key players in the market are continuously focusing on product innovation to gain market share and create a USP in this highly competitive market space. In the recent past, the fishing reels market has seen numerous innovations. For instance, Daiwa Corporation has given much emphasis on product innovation and quality. As a result, the company offers many features in its products, and has broadened its product portfolio with a variety of fishing reels.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/06/11/1866892/0/en/Growing-Sportfishing-and-Angling-Popularity-Likely-to-Drive-Global-Fishing-Rods-Sales-to-Over-12-Million-by-2020-finds-Fact-MR-Study.html
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