London, 01 June 2015 – Technavio, a tech-focused market research firm, has published a new report on the archery equipment market in the US, which is expected to grow at a CAGR of almost 10% from 2015-2019.
The bows and bow accessories segment holds the highest share in the archery equipment market in the US, driven by the presence of a diverse product portfolio.
Revenue generated by this segment has increased with rising participation in target archery and bow hunting since 2012. The media and entertainment industry—notably the release of films like Brave, the Hunger Games and the Avengers—has played a crucial role in enhancing the popularity of this sport.
“These factors have increased marketing activity, leading to a rise in revenue generated by archery equipment,” says Faisal Ghaus, Vice President of Technavio.
The new market research report by Technavio also indicates that growing awareness of health and fitness has increased the adoption of sports as an integral part of everyday in the US. The emphasis on outdoor and adventure sports like archery, trekking, hiking, mountain racing and ice-skating has increased, which has boosted sales of outdoor sports equipment considerably.
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