Archery equipment in Europe: Key market research findings
- Increasing popularity of outdoor sports drives market growth
- Bow and bow accessories account for a majority of the market’s share
- Key vendors – Archery World, Axion Archery, Bear Archery, Merlin Archery, and Quicks Archery
Technavio’s market research analysts predict the archery equipment market in Europe to grow at a CAGR of more than 5% between 2016 and 2020. Much of the market’s growth is spurred by the increased interest in adventure sports across the globe. People are increasingly participating in different outdoor sports activities such as trekking, mountain racing, archery and ice skating, and hunting. Europe reported the second-highest growth rate in average soft adventure trip spending between 2009 and 2012. The growth in adventure tourism in the region will propel the demand for archery equipment in Europe during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the archery equipment segments based on the product.
“The use of carbon nanomaterials in the manufacture of archery equipment is the latest trend in the market. Carbon nanomaterials are single or multiple atomic layers of graphite wound tightly into tubes. Equipment manufactured using these materials have reduced weight, friction, increased hardness, enhanced durability and strength to weight ratio, resiliency, and wear resistance,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
During 2015, the bows and bow accessories segment dominated the market and generated more than half of the total revenue of the archery equipment market in Europe. The growth of this segment is because the bows and bow accessories segment dominated the market and generated more than half of the total revenue of the archery equipment market in Europe. An increase in the number of archers coupled with new product launches will drive growth in this segment in the coming years.
The key vendors in the market include Archery World, Axion Archery, Bear Archery, Merlin Archery, and Quicks Archery. The archery equipment market in Europe is highly competitive owing to the presence of several vendors. The prevailing competition, coupled with rapid changes in technology and consumer preferences, pose significant challenges for vendors’ operations. To survive and succeed in such a competitive environment, it becomes imperative for the suppliers in the market to differentiate their product offerings through a clear and unique value proposition.
A more detailed analysis is available in the Technavio report, Archery Equipment Market in Europe 2016-2020.
We can customize reports by other regions and specific segments upon request.
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