The global archery equipment market is anticipated to witness a healthy CAGR during the forecast period (2018 to 2023), according to a report available on Million Insights. Archery is one of the most played sport across the globe, which is based on bow and arrow. It is also the part of famous international sports competitions including Olympics. Rising popularity of this sport is encouraging both men and women to learn this sport professionally.
Increasing number of people who are keen to learn the sport at personal and professional level is anticipated to propel market growth. Growing influence of movies and media broadcasting events related to the sport to encourage viewers is stimulating demand for bows and arrows. In addition, supportive initiatives being taken by government across various nations to promote sports activities for fitness is driving the market. Moreover, advent of locally manufactured products at lower prices to gain traction among consumers will drive the market over the forecast period.
To cater to rising demand for technologically advanced bows, manufacturing companies are investing in R&D activities to develop innovative products. For instance, in 2019, Bowtech has launched two new products under its bow line called REALM SR6 and REALM SS.
Access full report on global Archery Equipment Market: https://www.millioninsights.com/industry-reports/archery-equipment-market
The archery equipment market can be segregated on the basis of product type, application, distribution channel, and region. Based on product type, the market can be categorized into bows, arrows, targets, and other supporting accessories. In terms of application, the market can be classified into sport, hunting, and others. On the basis of distribution channel, the market is bifurcated into online stores and offline stores.
Regional segmentation includes North America, Asia Pacific, Europe, Latin America, and Middle East and Asia. North America is anticipated to hold largest market share attributed to availability of advanced equipment and increasing number of archers. Supportive initiatives taken by government of U.S. and Canada such as archery programs in schools is driving regional growth. Such initiatives are aimed to encourage children to adopt archery as sports. Increasing number of women participants in national and international competitions of archery has contributed to regional market growth. Asia Pacific is expected to witness significant market growth over the forecast period. This is attributed to increasing number of professional training institutes and organizations to promote the sport is likely to drive demand for advanced bows and arrows. In addition, increasing investments by governments and private organizations to prepare players for Olympics will drive regional market growth.
Some of the key players in the archery equipment market are Escalde Inc.; Outdoor Group LLC; The Bohning Company; Carbon Tech; and Gold Tip.
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