The bow and arrow may be medieval weaponry, but the appeal of archery seems to be timeless. Heroes like Robin Hood, Hawkeye and most recently Katniss Everdeen have all wielded a bow, which had helped ingrain the sport in the pantheon of general badassery.
The appearance of archery in movies like Brave, the Avengers and the Hunger Games is actually having a direct impact on archery equipment sales in the US, with the overall market expected to grow at a CAGR of 9.55% during 2014-2019.
Growth of outdoor rec key to archery’s success
But it’s not just media that’s boosting the popularity of archery as a sport. Consumer expenditure on outdoor recreation has grown considerably, and is now estimated to be close to $650 billion per year, with around 140 million individuals participating in at least one outdoor sport.
Companies are capitalizing on the draw of outdoor activities and launching influential advertisements and marketing initiatives. This has influenced several businesses like Patagonia and The North Face grow their business globally, which has ultimately boosted profits.
Increased focus on technology and R&D
While escaping to the great outdoors for activities like archery might seem a bit old school, technology actually plays a key role in the outdoor recreation economy. Gadgets like GPS units, pedometers, digital cameras, and e-bikes has increased the popularity of outdoor recreation among consumers, and in the specific case of archery, the equipment is getting more and more high tech.
With interest in archery as a sport increasing steadily, manufacturers are putting more and more money into R&D to create better equipment for enthusiasts.
For example, CAD software such as SolidWorks enables optimization of the draw stroke of a cam to ensure even distribution of power through a bow. On the materials side of things, several vendors are experimenting with different substances to create better, more resilient equipment. After 18 years of research, Hoyt, one of the prominent vendors in the market, introduced a carbon bow design in the market.
For more information on the archery equipment market in the US, check out Technavio’s report.
