The global fishing reels market size in near future. The soaring popularity of fishing as a sports activity and consequent popularity of fishing equipment will fuel the demand for fishing reels.
Over the forecast period, the increased popularity of leisure activities among millennials, such as fishing, is expected to fuel demand for the product. Furthermore, key players in the fishing reels market are focused on collaboration with sports fishing players for product customization, innovation, and product USP in order to increase their market share.
Furthermore, firms are expanding their market reach by utilising e-Commerce and other digital platforms to reach out to individual and fishing club buyers. Due to continuing increases in demand from recreational fishers across various geographies, the fishing reels market is likely to rise gradually in the next years.
For instance, the American Sport Fishing Association (ASA) staged its first online auction to help Keep America Fishing earlier this month. Keep America Fishing (KAF) is the organization’s grassroots advocacy initiative that allows the country’s 55 million anglers to have their views heard when it comes to fisheries policy and management issues that affect recreational fishing.
Such efforts by various groups are anticipated to boost recreational activities such as fishing among people of all ages, hence assisting market growth.
Key Takeaways from the Fishing Reels Market Study
- Spinning reels are predicted to dominate the market in 2021, with a revenue share of 48.2 percent, thanks to their great durability and efficiency in all sorts of seas.
- Aluminium reels are the most popular because they can survive corrosion even in saltwater and are considered the most robust by anglers.
- Because of the significant penetration of key competitors in the region, the United States has a 76.5 percent market share in North America.
- Malaysia is an important market in South Asia, with a CAGR of more than 8% due to increased expenditure on high-end goods in the country.
- Europe has attractive potential for the fishing reels business, with a wider pool of consumers willing to spend money on recreational activities.
“Intense promotional efforts and marketing campaigns by manufacturers, together with increased government and private sector support for recreational activities, will push the fishing reels market in the near future,” says an FMI analyst.
Impact of COVID-19 on the Market
Corporate operations in a range of industries had been hampered by the latest coronavirus pandemic, producing an economic downturn. The retail business had been severely impacted. The reduction in general discretionary expenditure hurt the retail industry as well.
Consumers were subjected to the most stringent limitations, resulting in a drop in year-over-year increase. During the pandemic, production was reduced due to complete lockdown and the resulting instability in the industrial environment. To segregate the sales, online commerce was used.
As a result, companies concentrated their efforts on increasing internet penetration, as this allowed them to reach a larger audience faster and for less money. Furthermore, restrictions on going out had an impact on recreational activities all over the world, which impeded the sale of fishing reels.
Who is Winning?
Leading manufacturers of fishing reels are focused on differential strategies and advertisements that have driven sales growth globally.
Major players present in the fishing reels market are SHIMANO INC., The Orvis Company, Inc, Daiwa Corporation, Abu Garcia, NingBo HaiBao fishing tackle co., Ltd., OKUMA FISHING TACKLE CO., LTD, BPS Direct, L.L.C., Tackle World, TICA FISHING TACKLE, BCF Australia, and Pure Fishing, Inc. (Penn) among others.
Fishing Reels Market by Category
By Product Type:
- Spinning Reel
- Baitcasting Reel
- Spincast Reel
- Fly Reel
- Others (Offshore, Conventional, Surf Fishing, etc.)
By Material Type:
- Stainless Steel
- Others (Plastic, Rubber, etc.)
By Fishing Type:
- Freshwater Fishing
- Saltwater Fishing
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa