Sports fishing equipment: Key market research findings
- The Americas dominate the market geographically
- Fishing rods account for a majority of the market’s revenue
- Key vendors – Eagle Claw, Newell Brands, Okuma, Shimano, and Tica
Technavio’s market research analysts predict the global market for sports fishing equipment to grow at a CAGR of around 3% between 2016 and 2020. Fishing platform development across the globe is encouraging more people to participate in the sport, which, in turn, is augmenting the demand for sports fishing equipment. Many key leading countries like the US and the UK are increasing their fishing platforms, which improves access to water bodies to fish in and makes the sport more social. Several new projects that are intended to improve sports fishing opportunities for beginners and experts to fish in lakes, rivers, bays, or offshore are being put into action. During 2015, the global sports fishing equipment market was dominated by the Americas with a market share of around 44%. The presence of over 70 million anglers in the region will drive the sports fishing equipment market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of sports fishing equipment segments based on the product.
“The increasing participation of women in sports fishing is an important factor leading to the growth of this market during the forecast period. Factors such as the recent increase in the number of fishing events that are targeted specifically for women are encouraging more women to participate in the sport. Popular tournaments like the Ladies Annual Fish-Off, which is one of the largest female fishing tournaments in South Florida, US, is also attracting more women to the sport,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the rods segment will account for around 28% of the overall market revenue to retain its position as the key revenue generating vertical of the global market. A fishing rod is a long flexible pole used to catch fish and is commonly made from bamboo, fiberglass, or carbon fiber. The length of a fishing rod can vary from 2 feet to 20 feet. Based on the flexibility of the rod, fishing rods can be divided into slow, medium, and fast rods. Based on usage, fishing rods can be mainly divided into casting, fly fishing, ice fishing, spinning, and trolling.
The key vendors in the global sports fishing equipment market include Eagle Claw, Newell Brands, Okuma, Shimano, and Tica. Even though a few large vendors dominate the global sports fishing equipment market, there is a scope for vendors to explore the market as the sport is becoming increasingly sought-after across the globe. Many vendors are also expanding their businesses into new markets that are spread out across the globe. One key strategy adopted by big manufacturers to expand their presence in the market is mergers and acquisitions. For instance, Newell Brands expanded its market share by acquiring Jarden, one of the leading sports fishing equipment manufacturers.
A more detailed analysis is available in the Technavio report, Global Sports Fishing Equipment Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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