Rapid integration of Industry 4.0 and IoT generating massive green spaces for key sports fishing equipment manufacturers
ROCKVILLE, MD / ACCESSWIRE / February 1, 2021 / Fact.MR's extensive sports fishing equipment coverage forecasts the market to make substantial gains in 2021, attributed to a resumption in recreational fishing in the post-pandemic period. Growth prospects for the forthcoming decade are largely positive, with a value CAGR pegged at over 4% across the 2021-2031 forecast period. Manufacturers are especially focusing on integrating smart technologies to aid in better navigation and enhanced catch rate.
Over the years, developments such as craft technology gear, propulsion mechanization, acoustic fish detection and satellite-based remote sensing technologies have emerged at the forefront of the global fishing industry. In 2019, Cyberfishing unveiled its lightweight sensor and smartphone application, enabling anglers to assimilate all data from their fishing trips, enabling them to find more attractive catches in the future.
Similarly, ReelSonar's iBobber Wireless Bluetooth Fish Finder facilitates upto 135 feet depth sonar readings, provides a 100 feet Bluetooth range, an LED Beacon and over 10 hours long battery life. Such prolific advancements are highly likely to widen revenue margins of key sports fishing equipment providers.
"Rising popularity of recreational fishing as a new fad is prompting manufacturers to unveil innovative equipment solutions, leading to increased product launches, promotional events and expositions to deepen market penetration," says the Fact.MR analyst.
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Key Takeaways from the Sports Fishing Equipment Study
- Fishing rods held maximum sway in 2020, reaching over US$ 800 Mn, expected to generate over 30% revenue in 2021
- Sports organizers to be primary fishing equipment end-users, given the high number of fishing events organized by key organizations
- Independent sports outlets to remain major sports fishing equipment distribution channels
- U.S to register impressive revenue share through 2021, with promising long-term prospects
- Spawning fish population, especially trout, to fuel equipment sales across the U.K
- France to emerge as a lucrative market, likely to register one out of four sales
- China, Japan & South Korea to be attractive growth hotspots, attributed to an increase in recreational fishing activities
Sports Fishing Equipment Market- Prominent Drivers
- Increasing preference for braided lines attributed to greater resistance to twitching and stretching and easy casting is likely to fuel sales in the future
- Incorporation of smart navigation technologies is fueling fishing equipment innovations by key manufacturers, widening revenue margins
- Developed economies across Europe and North America to generate major revenue shares, prospects widening across the developing world
Sports Fishing Equipment Market- Key Restraints
- Questions over fishing stock sustainability owing to excessive fishing expected to hinder sales amid curbs on fishing activities
- Ethical considerations towards fishing activities in terms of abandonment of gear likely to restrict sales
- High costs associated with establishing fishing rigs are expected to limit recreational fishing, possible leading to a decline in sales
Discover more about the sports fishing equipment market with 87 figures and 251 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/236/sports-fishing-equipment-market
Some key players profiled by Fact.MR in its sports fishing equipment market include EagleClaw Midstream Services LLC, Newell Brands Inc., Okuma Fishing Tackle Corporation, Shimano Inc., Aftco Mfg. Co. Ltd., Globeride Inc., O. Mustad & Son A.S., Rapala VMC Corporation and Gamakatsu. Key expansion strategies include portfolio diversification through new product launches, with specific focus on material and design improvements.
Aftco Mfg. Co. Ltd. is a prominent fishing equipment manufacturer which markets a range of accessories such as the fishing belt series. Its Alijos and Arena belts are perfect for the 20-50 pound test line and spinning rods. Also, the MaxForce Shoulder harness is specifically designed to keep these belts in place. Likewise, the Clarion and Vallarta belts are designed for catches weighing 80 lbs.
Additionally, manufacturers also rely on collaborations and partnerships to remain afloat. For instance, in 2019, Mustad & Sons partnered with Addicted Fishing to design innovative products to assist in catching the steelhead, walleye, smallmouth, sturgeon and other regional species in the Pacific Northwest.
More Valuable Insights on Sports Fishing Equipment Market
Fact.MR, in its new offering, provides an unbiased analysis of the global sports fishing equipment market, with historical data on demand (2016-2020) and expected projections for the period (2021-2031). The report discloses compelling insights into the demand for sports fishing equipment based on product type (rods, reels, hooks, lures, lines, rigs, and jig heads), end user (individual consumers, clubs, and sports organizers), and distribution channel (independent sports outlets, franchised sports outlets, modern trade channels, direct to consumer brand outlets, and direct to consumer online channels), across several major regions of the world.
Key Questions Covered in the Report:
- How Sports Fishing Equipment Market Growth is driven by Leading Manufacturer of Franchised Sports Outlets?
- How are Electronic Improvements Aiding the Sports Fishing Sector?
- What are the Main Challenges Impacting Players in the Sports Fishing Space?
- Why are the Prospects of Sports Fishing Equipment Big in the United States?
- How is the Sports Fishing Sector Faring in the United Kingdom?
- How is France Contributing to the Sports Fishing Equipment Industry?
- Why Do Fishing Rods Account for More than 30% of Sports Fishing Equipment?
- How Will Independent Sports Outlets Contribute to Sales of Sports Fishing Equipment?
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