The global fishing reels market will be exhibiting a sturdy CAGR of 4% throughout the forecast period of 2020-2030. Growing demand from recreational anglers and the growing popularity of sports fishing is poised to extend the market growth in the approaching years.
“Growing popularity of sports fishing in emerging nation of South Asia is slated to open up several prospects for the fishing reels market.” says the Fact.MR report.
Fishing Reels Market- Key Takeaways
- Currently, North America holds the highest market share, trailed by Europe.
- Freshwater fishing type is anticipated to unlock more growth prospects throughout the forecast period
- The anti-reversal fishing reels mechanism will record a CAGR of 4.5% during the forecast period.
- E-Commerce websites sales channel to gain traction due to the COVID-19 pandemic.
- Spinning reels type category are likely to record a CAGR of 4% during 2020-2030
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Fishing Reels Market – Driving Factors
- Growing popularity of sports fishing is anticipated to fuel demand for fishing accessories over the assessment period.
- Accomplishing ease of handling in the devices with the assistance of recent progressions in their designing processes are boosting the fishing equipment market
- Collaboration with sports fishing companies for innovation, product customization, and attaining USP regarding the product to boost demand.
Fishing Reels Market – Constraints
- Fluctuating prices of raw materials are anticipated to constrain the market growth
- Probability of corrosion in the internal components of fishing reels to hamper sales in the global market.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has restricted the expansion of the fishing reels market. North America, one of the leading regions in the fishing reels market, is anticipated to see an extreme decline in demand since it has been the most impacted region by the pandemic. On the other hand, amid the slump for offline sales of fishing reels, increasing usage of virtual technologies is projected to improve online shopping amid consumers, and will gradually boost sales in the post-COVID era.
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Major companies in the Fishing Reels market are Shimano Inc., Bass Pro Shops, Pure Fishing, Inc, Clam Outdoors, Rapala VMC Corporation, Zebco, NingBo HaiBao Fishing Tackle Co., Ltd., Jiu Yu Fishing Tackle Co., Ltd., Weihai Guangwei Group Co., Ltd., and Okuma Fishing Tackle Co., Ltd.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the Fishing Reels market. The market is scrutinized based on type (spinning reels, spincast reels, baitcaster reels, trolling reels, offshore reels, and others), reel mechanism (anti-reverse reels and direct-drive reels), fishing type (freshwater fishing, saltwater fishing, and great lake fishing), and sales channel (outdoor sports stores, modern trade channels, other channels, and online retail [company websites and third-party online]), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).