The archery equipment market is expected to witness a staggering CAGR by 2023. This could be credited to growing number of women participants therein. As such, the attenuation in gender gap in Olympics is boosting the market. The last few years have seen an increasing participation of women in these outdoor sports.
Institutional bodies are supporting archery. Governments all over the world are assigning exclusive associations, bodies, and federations to give an impetus to archery. Along these lines, Archery Association of Serbia, Archery Association of India, and Archers Association of America have been established. At the same time, prevalence of counterfeit products could act as a restraint to the market.
North America holds the largest market share followed by Europe. Asia Pacific is expected to grow at a rapid pace due to youth opting for such sports. This could be attributed to economies like Australia who organize a broad range of events especially for women and girls.
The archery equipment market could be classified by distribution channel, type of equipment, and geography. By distribution channel, the market spans sporting goods stores, specialty sports shops, department stores, online stores, and others. By type of equipment, the classification goes like compound, bows, traditional, arrows, targets, shooting gear, and accessories. By geography, the market constitutes North America, Europe, Asia Pacific, LATAM, and MEA.
The players contributing to the market include Escalde Inc.; Outdoor Group LLC; The Bohning Company; Easton Archery; BEAR ARCHERY; Gold Tip; Mathews; Precision Shooting Equipment; Alpine Archery; Copper John, and others. Alpine Archery’s Soft Loc Classic is back on public demand. The other products doing the round are “VERDICT”, “ROXSTAR”, “RUCKUS TEEN”, “ROOKIE YOUTH”, “MAKO BOWFISHING”, “POWER LOC 4 ARROW QUIVER”, SL2 QUIVER. Precision Shooting Equipment’s Pro Series bows are an excellent example the best design, engineering, and build quality.