LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global archery equipment market is expected to exceed USD 5 billion by 2020, growing at a CAGR of almost 7% during the forecast period.
This research report titled ‘Global Archery Equipment Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global archery equipment market by product and can be divided into three broad segments:
- Bows and bow accessories
Global bows and bow accessories market
The global bows and bow accessories market is expected to exceed USD 3 billion by 2020, growing at a CAGR of over 9%.This segment accounted for more than half of the global archery equipment market's revenue, and it is likely to retain its share during the forecast period.
According to Brijesh Kumar Choubey, lead research analyst at Technavio for outdoor gear, “This segment has the highest market share primarily because bows and bow accessories are expensive and a necessary equipment for the sport of archery.”
The growth is further driven by new product launches and the growing number of archers especially women archers. For instance, Hoyt, a prominent vendor of archery products, launched its newest compound bow, the Carbon Spyder ZT Turbo, in the 2015 ATA show.
Archery associations and manufacturers are also promoting archery through social media platforms and games, with an attempt to generate interest among new customers, especially the youth.
Global arrows market
The global arrows market is expected to exceed USD 1 billion by 2020, growing at a CAGR of almost 4%. The major reason for the low growth rate is the reduced product replacement rate.
“However, innovation in arrows is boosting the market revenue of vendors and hence the overall market. Archers prefer to use carbon nanotechnology arrows that are strong and can fly at high speeds without being torqued to one side after the release of the bow. This technology also helps make arrows almost perfectly straight and therefore more accurate,” says Brijesh.
Innovations in arrows are also made to ensure the arrows contact the target with deeper penetration, truer flight paths, and tighter tolerances. One example of such innovations is Easton's Deep Six XD, which is made of high-strength carbon composite fibers.
Global other archery equipment market
The global other archery equipment market is predicted to exceed USD 1 billion by 2020, growing at a CAGR of over 4%.
New product launches and innovations are driving the market. Manufacturers are offering advanced bow accessories that help them become successful in the market. Also, consumers are exploring more options in terms of archery equipment. For instance, Alpine Archery introduced a new quiver called Alpine Power Loc Ultralite 4 Arrow Quiver, in 2015 for crossbow or compound.
Another example is Bowfinger Archery's new ZX5 Bow Camera Mount, which can be used to attach a camera to the bow in order to film while bowhunting. Such new launches are boosting the growth of the market.
Technavio analysts highlight the following five vendors as the top contributors to the global archery equipment market:
- Bear Archery
- Gold Tip
- New Archery Products
- Precision Shooting Equipment (PSE)
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