LONDON–(BUSINESS WIRE)–Technavio
market research analysts predict global sport fishing equipment market to grow at a CAGR of nearly 4% over the forecast period, according to their latest report.

This market research report segments the global sport fishing equipment market into three major products (fishing rod, reel, and fishing lure) and three major regions (Americas, APAC, and EMEA).

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Technavio highlights the growing popularity of fishing as one of the main drivers

Currently, fishing has become a popular recreational activity with the participation of consumers from almost all age groups. Prominent especially in the Americas, it is a vibrant outdoor tradition. As the activity encourages well-being, fosters connections with friends and family, and most importantly, forges a deep connection with nature, the popularity of sport fishing is growing rapidly. In the United States, fishing activity takes place near lakes, rivers, streams, and seas. Each year, more than 45 million Americans are united by the love of fishing. New entrants to the fishery which comprised a higher percentage of women and youth than the general fishing population is another driving factor contributing to the growth of the market. Moreover, the majority of these newcomers are trying their hand at freshwater fishing for the first time.

According to a senior Technavio analyst for Outdoor equipment, “Freshwater fishing was the most popular form of fishing, attracting around 35 million participants, three times more than saltwater fishing. Compared to other types, freshwater fishing had the highest rate of female and young participants. On the contrary, in 2016, saltwater fishing attracted an estimated 12 million people, more than half of whom fished from shore, although riverbanks and boats are also popular spots.

In the near future, while connecting young people to fishing will inspire passionate anglers, the fishing industry should have the world’s youngest citizens to nurture a new generation of fishing enthusiasts and ensure the prosperity of the industry. .

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Segmentation of the global sport fishing equipment market

The Americas was the first region for the global sport fishing equipment market in 2017, accounting for a 44% market share and is also expected to lead the market in the next five years. The market revenue and growth is mainly driven by the United States, which had more than 51 million anglers in 2016. The market is expected to grow at a rapid rate, as many anglers participate in regular fishing. The further increase in the participation of women has helped to largely contribute to the growth of the market, especially in this region.

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