The global Fishing Reel Market size is expected to reach USD 5.97 billion by 2027, expanding at a CAGR of 4.2% from 2020 to 2027, according to a report conducted by Grand View Research, Inc. The growth of the market is attributed to growing interest among millennials worldwide in recreational activities, such as fishing. From a broad perspective, rising consumer spending on sports fishing equipment has been favoring market growth.
North America is likely to witness a healthy demand for
the product throughout the forecast period. Fishing is among the most popular
sports and outdoor recreational activities in U.S. The American Sportfishing
Association (ASA) represents the entire sportfishing community in the country
and encourages U.S. citizens to participate in fishing activities as a sport.
Presence of such associations has been encouraging domestic manufacturers to
increase their scale of operation within the country, backed by an expanding
number of millennials in the country expressing their passion for fishing.
At a macro level, various factors including rising global
participation rates in fishing activities, growing popularity of social media,
and development of deep water offshore wind projects continue to favor market
growth. Furthermore, growing trend of fishing tackle collection has been
improving product circulation worldwide. In this regard, fishing reels are
being increasingly considered a possession of gentility, along with other
equipment, such as creels and fly rods.
North America emerged as the largest regional market for
fishing reels in 2019 and is likely to retain its pole position throughout the
forecast period. This region offers sports enthusiasts a surfeit of popular
fishing locations. Some of the most popular locations include Silver Lake
(California), Devils Lake (North Dakota), Lake Winnipeg (Manitoba, Canada),
Lake Simcoe (Ontario, Canada), and Lake Washington (Minnesota). Furthermore,
rising popularity of ice fishing in North America has been contributing to the
healthy demand for all fishing equipment over the years.
Offline distribution channel continue to remain the most
preferred sales platform for the product. These channels include independent
sports outlets, specialty stores, discount stores, and departmental stores.
Rising need for anglers to feel the product before making a purchase continues
to contribute to the growth of the offline segment.
The market is characterized by intense competitive
rivalry, with both domestic and international players sharing the market space.
To stay competitive, prominent market participants have adopted new product
launches as their key strategy over the years.
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Fishing Reel Market Report
Highlights
- By type, the
spinning reel segment accounted for the largest share of more than 33.0%
in 2019
- Based on
distribution channel, the offline segment dominated the market in 2019
- Rising
popularity of outdoor recreational activities amongst the millennial and
Gen z consumers is expected to favor market growth over the forecast
period.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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