How Electronic Improvements Are Helping the Sport Fishing Rod Industry – Exclusive Study by Fact.MR
ROCKVILLE, MARYLAND, USA, Jan. 19, 2022 /EINPresswire.com/ — Market research by Fact.MR provides exclusive insights into market developments. The study identifies crucial trends driving the growth of the Sport Fishing Rods market. This newly released report sheds light on vital dynamics, such as drivers, restraints, and opportunities for major market players as well as emerging players associated with production and supply. Fact.MR Latest Report Provides Detailed Analysis of Sport Fishing Rods Market
The report offers actionable and valuable insights into the Sports Fishing Rods market. The latest report from Fact.MR provides details about the current market scenario across different regions along with the historical data and forecast of the market. The report also includes information on sales and demand for the Sports Fishing Rods market across various industries and regions.
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This newly published and insightful report sheds light on the Sports Fishing Rods Market insights, key dynamics, their impact on the overall value chain from vendors to end users and the Sports Fishing Rods Market growth.
The market for sport fishing rods has been growing steadily. The industry displayed a moderately fragmented structure. It grew from around US$2.2 billion in 2016 to nearly US$2.6 billion in 2020. The Asia-Pacific region excluding Japan has strong growth potential.
Fact.MR has forecasted the global sport fishing rod market to grow at nearly 4.5% CAGR from 2021 to 2031. The resurgence of outdoor recreational activities with the gradual easing of lockdown regulations are key factors driving will promote faster recovery and the adoption of new technologies. in this space throughout the projection period.
From 2016 to 2020, the sport fishing rod market has seen steady growth. The industry displayed a moderately fragmented structure. It grew from around US$2.2 billion in 2016 to nearly US$2.6 billion in 2020. The Asia-Pacific region excluding Japan has strong growth potential.
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Key segments of the sport fishing rods market
Franchised sports stores
Modern trade channels
Directly to consumer brand outlets
Directly to customer online channels
North America (USA, Canada)
Latin America (Brazil, Mexico, Argentina, rest of LATAM)
Europe (Germany, UK, France, Spain, Italy, Nordics, Rest of Europe)
Asia-Pacific excluding Japan (China, India, Malaysia, Thailand, Singapore, Australia, Rest of APEJ)
Middle East and Africa (GCC countries, South Africa, Nigeria, Israel)
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The sport fishing rod market is moderately fragmented in nature, with a significant presence of regional players. Leading manufacturers are increasingly focusing on product development and launch strategies, with an emphasis on improving materials and design.
For example, in October 2020, The Kistler Rods announced the launch of their budget line of Kistler GRAPHITE rods, priced at $150. These products are handcrafted and the company offers a one-year replacement warranty.
Catch Co. in December 2020 announced the closing of US$6 million in funding for product and brand development, including fishing tackle, lure and rod subscriptions, and the launch of the Karl’s Bait & Tackle e-commerce platform.
Minn Kota has launched its Raptor line of shallow water anchors, which feature exclusive active anchor modes and automatic bottoming features to keep boats stable in various shallow water settings, costing up to $1,899 US$.99.
4 Global Sports Fishing Rods Market Forecast Highlights
According to forecasts by Fact.MR, the fishing reels segment is expected to touch a value of nearly US$455 million in 2022. This represents a moderate CAGR during the evaluation period 2017-2022. The fishing reel segment is estimated to account for nearly one-fifth of the product type segment’s revenue share by the end of 2017 and is expected to gain market share by the end of 2017. year 2022.
According to Fact.MR forecast, the club end-user segment will reach a value of nearly US$420 million in 2017. This represents a slow growth in CAGR during the forecast period. The club end-user segment is estimated to account for nearly one-fifth of the end-user segment’s revenue share at the end of 2017 and is expected to lose market share by the end of the year 2022.
According to forecasts from Fact.MR, the independent sports stores segment is expected to reach a value of nearly US$862 million in 2022. The independent sports stores segment is expected to lose some of its market value by the end of the year 2022. the largest share goes to the North America region in the independent sports stores segment.
Fact.MR forecasts the US sport fishing rod market to grow from nearly US$671 million in 2017 to nearly US$843 million in 2022. This represents a compound annual growth rate (CAGR) of 4.6 % from 2017 to 2022.
Key Question Answered in the Survey of Sport Fishing Rods Market Report:
– How will the sport fishing rods market develop to 2031?
According to market researcher Fact.MR, the global sport fishing rod market is expected to show steady growth driven by growing consumer interest in recreational water sports events, reflecting a moderate CAGR of around 4.5% until 2031.
– What is the dominant market for Sport Fishing Rods?
Currently, North America is the number one market for sport fishing products. The market is driven by a strong recreational fishing culture and easier access to new technologies and designs in the region.
– What is the impact of COVID-19 on the growth projections of Sport Fishing Rods?
The COVID-19 pandemic has significantly affected the growth of the industry across the world. Strict lockdown restrictions until 2020, in terms of outdoor activities, have hurt the need for fishing gear. However, the resumption of services in some areas
More Valuable Insights into the Sports Fishing Rods Market
Fact.MR, in its new report, offers an unbiased analysis of the Sports Fishing Rods market, sales and demand for Sports Fishing Rods, analyzing forecast statistics to 2019 and beyond. The study reveals growth projections based on various criteria.
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