According to the latest report by IMARC Group, titled "Archery Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global archery equipment market size reached US$ 3.45 Billion in 2021. Archery is a sport that involves the use of various equipment for shooting a target from a set distance. These archery equipment consist of numerous tools and gears, including arrows, bows, bracers, quivers, bow stands, finger tabs, stringers and targets. It is a widely popular game that is played across the globe and forms an important part of several international gaming events and tournaments, such as the Olympics. The game is known to improve concentration and hand-eye coordination in players, especially among young participants, due to which it is gaining widespread prominence as a preferred sports activity at school levels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Archery Equipment Market Trends:
The global market is primarily driven by the growing popularity of archery as a recreational sport among the masses. This has facilitated a considerable increase in the number of archery competitions held across the globe, which has provided a thrust to the uptake of archery equipment. Along with this, significant improvements in sports infrastructure on the global level have created a positive outlook for the market. Numerous gaming centers and clubs are now providing archery training, which is contributing to the escalating popularity of the sport further. Moreover, governments of multiple countries are taking initiatives to promote archery as a professional sport and increase public participation. This, coupled with the aggressive promotional activities by archery equipment manufacturers and easy product accessibility through online retail platforms, is providing an impetus to the market growth. Some of the other factors contributing to the market growth include changing lifestyle preferences of the masses and the shifting preference of individuals toward sports as a career. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of 7% during 2022-2027.
- Based on the product, the market has been divided into bows and bow accessories, arrows, and others.
- On the basis of the end user, the market has been classified into individual consumer, clubs and gaming zones, and sports organizers.
- Based on the distribution channel, the market has been categorized into specialty and sports shops, departmental and discount stores, online stores, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Bear Archery (Escalade Inc.), Crossman Corporation, Easton Archery, Gold Tip, Mathews Archery, New Archery Products, Precision Shooting Equipment, The Outdoor Group LLC, and The Bohning Company.
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