Fishing Reel Market Size Worth $5.97 Billion by 2027 | CAGR:
SAN FRANCISCO, July 14, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 130 page research report with ToC on "Fishing Reels Market Size, Share & Trends Analysis Report By Type (Spinning Reel, Baitcasting Reel, Spincast Reel), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/fishing-reels-market
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.
Grand View Research has segmented the global fishing reel market on the basis of type, distribution channel, and region:
- Fishing Reel Type Outlook (Revenue, USD Million, 2016 - 2027)
- Spinning Reel
- Baitcasting Reel
- Spincast Reel
- Fishing Reel Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Fishing Reel Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America (CSA)
- Middle East & Africa
- List of Key Players of Fishing Reel Market
- Penn Spinfisher
- LL Bean
Find more research reports on Clothing, Footwear & Accessories Industry, by Grand View Research:
- Fish Hunting Equipment Market – Growing consumer preference for outdoor recreational activities, such as fish hunting, owing to growing millennial participation and urbanization is driving the market for fish hunting equipment.
- Fishing Rods Market– Rising adoption of fishing as a recreational activity among the people of various age groups in countries
- Sports Equipment Market – Rising awareness regarding general health and fitness is one of the primary growth stimulants for the market. Also, constant improvements in materials used for manufacturing of sports equipment.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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