LONDON--(BUSINESS WIRE)--The global sports fishing market is expected to post a CAGR of nearly 4% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Recreational fishing is one of the most popular outdoor activities in many countries. In the US, fishing is the second most popular outdoor recreational activity after jogging. Recreational fishing also has the potential to boost the economic growth of countries. For instance, some countries in the Mediterranean region promote fish tourism to address short-term losses of marine protected areas and to provide an alternate source of income. These factors are creating multiple opportunities for vendors to increase the sales of sports fishing equipment, thereby driving the growth of the market.
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As per Technavio, innovations in sports fishing equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Sports Fishing Equipment Market: Innovations in Sports Fishing Equipment
Sports fishing equipment manufacturers are focusing on developing products integrated with innovative features. For instance, several vendors are offering fishing rods with an elongated butt that helps end-users to easily catch hard-hitting fish. Some vendors are offering fishing equipment backed with sensors that allow users to track activities and locate fishing hotspots through a smartphone app. The introduction of such innovative products is encouraging consumers to spend more on sports fishing equipment. This will boost sales and fuel the growth of the global sports fishing equipment market during the forecast period.
“The adoption of integrated marketing communication strategies and expansion of product portfolios by vendors are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Sports Fishing Equipment Market: Segmentation Analysis
This market report segments the global sports fishing equipment market by product (fishing rods, fishing reels, fishing lures, and others), distribution channel (specialty and sports stores; department and discount stores; online; and others), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the wide availability of innovative sports fishing equipment in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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