This global market research report presents a detailed segmentation of the archery equipment market by product (bows and bow accessories, arrows, and others), by retail format (specialty and sports shops, department and discount stores, online retail, and others), and by geography (APAC, Europe, North America, and ROW). It also provides an analysis of the leading vendors in this market, including Bear Archery, Gold Tip, Mathews, New Archery Products, and Precision Shooting Equipment (PSE).
Technavio’s market research analysts estimate the global archery equipment market, to grow at a CAGR of 7% between 2016 and 2020. The influence of movies and the broadcasting of archery in Olympic sports, has increased the demand for archery equipment worldwide. Factors such as increased interest in adventure activities and growing number of women archers will drive the archery equipment market in the coming years. North America is the largest market for archery equipment, owing to the increasing instances of Archery Trade Association (ATA) trade shows in this region.
The new market research report from Technavio provides a breakdown and analysis of the archery equipment segments by technology.
“Of late, the vendors are using carbon nanoparticles in their archery equipment owing to several benefits that they offer. The application of carbon nanotubes in archery equipment reduces weight, increases hardness, minimises friction and improves durability and strength- to- weight ratio, resiliency, and wear resistance. Moreover, carbon nanotechnology provides straightness to the arrows, giving them better accuracy,” says Brijesh Kumar Chaubey, Lead Analyst, Consumer & Retail, Technavio Research.
Analysts have estimated the bows and bow accessories segment to be the largest market segment during the predicted period. Much of this segment’s growth can be attributed to the recent increase in the number of archers, especially women archers, and new product launches. The availability of a vast array of bows that can be used for both target archery and bow hunting will result in this segment’s impressive market share of more than 59% by 2020.
Global bows and bow accessories market 2015-2020 ($ billions)
Source: Technavio, 2016
The leading vendors in the global archery equipment market are Bear Archery, Gold Tip, Mathews, New Archery Products, and Precision Shooting Equipment (PSE). The market highly competitive owing to the presence of many players. Factors such as intense competition coupled with the rapid changes in technology and consumer preferences in the market will pose significant challenges for the vendors in this market. To survive and succeed in this market, it becomes imperative for suppliers in this market to distinguish their product offerings with a clear and unique value proposition.
A more detailed analysis is available in the Technavio report, Global Archery Equipment Market 2016-2020.
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