The "Fishing Reels Market" report has been added to ResearchAndMarkets.com's offering.
The global fishing reels market is expected to grow from US$ 6,254.74 million in 2021 to US$ 8,958.36 million by 2028. It is estimated to rise at a CAGR of 5.3% from 2021 to 2028.
The rising awareness regarding different fishing reels, the increasing number of anglers in developing countries, and the growing popularity of recreational activities among consumers are fueling the demand for fishing reels, which is expected to drive the market growth during the forecast period. However, the high preference for rented equipment is hampering the demand for fishing reels, which is likely to restrain the market over the next few years.
Based on the type, the fishing reels market is segmented into spinning reels, baitcasting reels, spin-cast reels, and other reels. The spinning reel segment accounted for the largest market share in 2020. The spinning reel is quite popular among anglers of all levels due to its superior open-faced design. The popularity of spinning reels is growing due to their advantages, such as feasibility in usage. Thus, the spinning reel segment accounts for the larger portion of the global fishing reels market share which drives the segment growth.
Based on the distribution channel, the fishing reels market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment is anticipated to report a significant rise as, nowadays, consumers are increasingly preferring these stores. The specialty stores segment allows the consumers to assess a wide range of quality and design of products that attracts more consumers which aids the segment growth over the forecast period.
The fishing reels market in Europe is expected to grow at the highest CAGR during the forecast period. Europe is considered one of the largest markets for fishing reels worldwide due to an increasing number of anglers across the European countries. As per the Social and Economic Aspects of Recreational Angling report, 2019, more freshwater anglers are present in Europe compared to sea anglers. Thus, an increased prevalence of freshwater anglers is likely to increase the demand for freshwater reels, such as front drag spinning reels, freshwater spinning reels, and freshwater trolling reels, in the near future, which is further anticipated to drive the market's growth across the region.
Reasons to Buy
- Highlights key business priorities to assist companies in realigning their business strategies.
- Features key findings and crucial progressive industry trends in the global fishing reels market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Market Dynamics
Drivers
- Rising Awareness Regarding Different Fishing Reels
- Growing Number of Anglers in Developing Countries
Restraints
- High Preference for Rented Equipment
Opportunities
- Product Innovation
Future Trends
- Growing Popularity of Recreational Activities among Millennials
Companies Mentioned
- Accurate Fishing
- Innovative Reels Technologies Ltd.
- Rather Outdoors, LLC.
- The Orvis Company
- Piscifun
- Eposeidon Outdoor Adventure Ltd.
- Cadence
- JiuYu Fishing Tackle Co., Ltd.
- NingBo HaiBao fishing tackle co., Ltd.
- Cabela's LLC
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005876/en/
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