Increasing demand from recreational anglers and mounting popularity of sports fishing are set to expand the global fishing reels market size over the coming years. Increasing popularity of sports fishing will drive demand for fishing accessories during the forecast period of 2020 to 2030.
The fishing equipment market comprises baits, flies, tools & pliers, lures, hooks, sinkers, tippers & swivels, reels, sinkers, rings, and poles. Furthermore, achieving ease of handling in these devices with the help of latest advancements in their designing processes is a reason for the growth of global fishing equipment market, as such, facilitating growth opportunities for the fishing reels market during the forecast period.
Furthermore, key players in the fishing reels market are focusing on collaboration with sports fishing players for product customization, innovation, and gaining USP with respect to product to increase their market share. Furthermore, companies are expanding their market reach with help of e-Commerce and numerous other digital platforms for reaching individual and fishing club buyers as well. With continuous advancements in demand from recreational anglers, the fishing reels market is poised to progress at a steady pace over the next ten years.
Fishing Reels Market Insights by Fishing Type
Freshwater fishing in the fishing reels market is one of the most prominent segments, and is expected to account for 65.5% of the market share by reaching a valuation of US$ 2 Bn by the end of 2020. As per the Recreational Boating & Fishing Foundation (US), anglers spent nearly US$ 33 Bn in 2019 on freshwater fishing activities. This, in turn, is foreseen to unlock more growth avenues for the freshwater fishing among anglers, thereby supplementing the growth of the fishing reels market.
Moreover, growing number of outdoor events such as recreational fishing and sports fishing activities among all kinds of people, all ages, and income groups is driving freshwater fishing, as it is largely considered as a recreational fishing activities. Therefore, rising number of recreational anglers and their increasing disposable income will boost demand for highly customized and modified fishing reels during the forecast period.
Fishing Reels Market Insights by Sales Channel
Among the sales channels in the fishing reels market, sales through outdoor sports stores are expected to account for 21% by 2020-end. Anglers regularly upgrade their fishing reels in order to attract more fish, owing to the availability of different options in stores, which is supporting the sales of fishing reels through this sales channel. Key players are focusing on collaborating directly with outdoor sports stores, as this enables them to market their products effectively and help anglers have a hands-on trial experience before purchasing.
On the other hand, e-Commerce websites have gained significant popularity in offering fishing reels. Owing to the pandemic caused by COVID-19, North America, and Europe are the most affected regions. Therefore, the outbreak of this pandemic has shifted consumer focus towards e-Commerce platforms. Thus, the online retail channel is estimated to account for nearly 1/4 of the fishing reels market by the end of 2020.
Regional Outlook of Fishing Reels Market
North America currently accounts for the fishing reels market share, followed by Europe. The United States is poised to remain a growth epicenter for the fishing reels market, owing to the presence of over 50 Mn anglers in the region. China is projected to experience higher growth as compared to other regions, and is set to generate a market valuation worth US$ 293 Mn by 2030.
Further, the National Marine Manufacturers Associations (NMMA) has estimated a strong growth of boat sales in the U.S. For instance, in 2019, the country witnessed a rise in unit sales of fishing power boats. Such factors are further foreseen to reinforce demand for fishing reels in the region.
On the other hand, anglers from Europe collectively spent more than US$ 28 Bn on retail sales such as fishing equipment, clothes, boats, and gear, among others. Moreover, there are nearly 30 Mn anglers in the European region. Thus, with the rising popularity of fishing activities in North America and Europe, demand for fishing reels is likely to grow at a steady rate of 4% over the forecast period.
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Fishing Reels Market: Competitive Landscape
Players operating in global fishing reels market have anchored their presence across prominent high potential regions due to increased participation in recreational fishing and sport fishing activities. Players have adopted targeted acquisition strategies and innovative product launches to meet increasing demand for deep fishing and offshore fishing across high potential regions.
Key players in the fishing reels market are focusing on product portfolio management. For instance, NingBo HaiBao Fishing Tackle Co., Ltd. expanded its product portfolio to various types of fishing reels, including spincast reels, spinning reels, baitcast reels, etc. The company’s strategy is to enhance its profitability and efficiency by manufacturing and developing innovative products across different fishing reel segments.
COVID-19 Impact on Fishing Reels Market
The COVID-19 pandemic has limited the growth of the fishing reels market. North America is one of the prominent regions in the fishing reels market, and will see maximum fall in demand, as it is the most affected region by the outbreak. However, amid the downturn for offline sales of fishing reels, growing use of virtual technologies will enhance online shopping among consumers, and is expected to gradually increase sales in the post-COVID period.
Furthermore, manufacturers further foresee an opportunity in the near term, owing to significant growth in the number of anglers, globally. This is anticipated to result in increased demand for fishing equipment and gear, including fishing reels, during the post-pandemic period.
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The Analyst’s Viewpoint
“North America will emerge as the largest market with respect to fishing equipment, as an aftereffect of the advancing number of recreational anglers and increasing participants in the region.”
Global Fishing Reels Market: Scope of the Report
A recent global fishing reels market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global fishing reels market. A detailed segmental analysis based on type, reel mechanism, fishing type, and sales channel, across seven regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global fishing reels market. In addition, a separate section on the market structure has also been provided. This section provides detailed analysis of key market players and their strategies for expansion in the global fishing reels market.
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Key Segments of Fishing Reels Market
Fact.MR’s study on the fishing reels market offers information divided into five key segments type, reel mechanism, fishing type, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories, for the better understanding of readers about the market landscape.
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