LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global archery equipment market to grow to USD 4.24 billion by 2021, at a CAGR of more than 7% over the forecast period, according to their latest report.
The research study by Technavio on the global archery equipment market for 2017-2021 provides a detailed industry analysis based on the product type (bows and bow accessories; and arrows), distribution channel (specialty and sports shops, department and discount stores, and online retail), type of archery (target archery, field archery, 3D archery, traditional archery, and bowhunting), and geography (North America, Europe, and ROW).
|Archery is a sport or practice using a bow to propel arrows. Initially, archery was used for hunting and as a deadly weapon in the battlefields. Archery equipment mainly consists of bow, arrow and other gears used for safety purpose. North America is the largest regional segment of the archery equipment market, driven by the growing number of archers and the easy availability of necessary equipment.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global archery equipment market:
- Rise in consumer preference for adventure sports
- Increase in number of women participants
- Greater availability of training facilities for archery
Rise in consumer preference for adventure sports
There has been an increase in consumer interest in adventure sports such as river rafting, bowhunting, and paragliding. Leveraging technology platforms to engage consumers effectively is a relatively recent development in the market, although archery has been a traditional favorite among consumers.
“The changing mindset of consumers, increasing per capita incomes, and more readiness to invest towards recreational activities have helped in increasing the popularity of and enrollment in various outdoor sports, including archery,” says Brijesh Kumar Choubey, a lead analyst at Technavio for retail goods and services research.
Increase in number of women participants
The number of women athletes entering the male-dominated archery segment have been rising continuously over the past decades. Countries in North America have not only acquired facilities for women archers but also conduct seminars and other archery-related events such as the Fall Great Outdoor Days continuously that help engages women participants.
Australia is not far behind and organizes a wide range of archery events specifically for girls and women. These events aid in the development of skill, leadership, and team spirit. The increase in the number of people taking up the sport has a direct impact on the adoption of archery equipment.
Greater availability of training facilities for archery
Various governments, private sports agencies, and sports academies are actively involved in the promotion of archery and holding various competitions and events to increase the awareness of the sport and find budding players.
“The availability of opportunities and a suitable platform to develop archery skills to enjoy the sport for recreational purposes is rising the popularity of the sport. This development has created a great demand for archery equipment,” says Brijesh.
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