Fishing Reels Market 2020 and Forecast 2021-2027

  • TBI682881
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Fishing Reels Market

The global fishing reels market size was valued at USD 4.18 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2027. Growing popularity of recreational activities, such as fish hunting, among millennials is expected to create a healthy demand for the product over the forecast period 2021-2027. The industry has been witnessing a significant demand owing to the impact of the COVID-19 pandemic. This pandemic has been encouraging individuals worldwide to choose fishing or as a social distancing hobby. While the demand for the product continues to remain high globally, fishing tackle shops, most notably in the U.S., have been witnessing severe supply shortages owing to the shutting down of numerous warehouses and factories supplying fishing tackle. North America is expected to expand at a significant rate over the forecast period. Rising popularity of recreational fishing in the region has been creating a healthy demand for fishing reels over the years. According to the American Sportfishing Association (ASA), more than 49 million people in the U.S. participate in recreational fishing every year. Thus, the presence of a large number of anglers in the region is likely to make North America a lucrative market for fishing reel throughout the forecast period. China continues to be the largest exporter of fishing reels in the world. However, rising demand for handcrafted products has been strengthening the growth of the European markets, most notably Italy. In the near term, manufacturers worldwide are likely to focus on developing handmade pieces to appeal to a varied set of consumers. To counter the problem of corrosion in the internal components of the product, manufacturers are likely to develop new anodizing techniques and completely sealed drag systems. Type Insights The spinning reel segment led the market and accounted for more than 33.0% share of the global revenue in 2019. Spinning reels are preferred for their benefits such as simple and effortless operability. Spinning reels, also called spinners, are particularly beneficial when using lighter baits, such as live baits or soft plastics. Spinners are most popular among anglers who are new to fishing. The baitcasting reels are preferred by professional anglers as these products allow for longer casts in comparison with that of a spinning gear. Furthermore, these reels help anglers cast lures, such as spinner baits, crankbaits, and jigs, with increased accuracy.

Distribution Channel Insights: Fishing Reels Market

The offline segment lead the fishing reel market and accounted for more than 87.0% share of the global revenue in 2019. Popular offline channels for fishing reels include specialty stores, discount stores, departmental stores, and individual sports outlets. A sizable number of consumers worldwide continue to prefer offline channels as these retail outlets help them gauge the quality and design of products. Furthermore, increasing need for purchase assistance worldwide has been driving the demand for the product. The online segment is likely to expand at the fastest CAGR over the forecast period. In contrast to that of physical stores, online retailers typically offer their products to consumers 24/7 worldwide. Recent years have witnessed various development in the online space. For instance, in June 2018, The Asian Portal Fishing, a Japan-based fishing tackle brand, launched a new transnational online website to supply approximately 200,000 items (fishing tackle) worldwide.

Regional Insights: Fishing Reels Market

North America accounted for the largest revenue share of more than 60.0% in 2019 and is expected to maintain its lead over the forecast period. Led by countries such as U.S. and Canada, rising demand for the product in North America is driven by increasing popularity of ice fishing as a sport. Another prominent driving factor encouraging individuals in North American countries is the availability of a large expanse of land open to legal fishing. At a macro level, a remarkable rise in the number of angling tournaments in the U.S. over the years has been creating a healthy demand for a wide variety of fishing reels. Asia Pacific is expected to witness the fastest growth over the projected period. This region offers a host of locations for game fishing. Furthermore, being budget-friendly, an average global traveler prefers Asia Pacific for its popular fishing destinations, including Toiman (South China Sea), Redand (South China Sea), Langwaki (Andaman Sea), Bali (Indonesia Sea), and Phuket (Andaman Sea).

Key Companies & Market Share Insights: Fishing Reels Market

Companies are increasingly focusing on research and development (R&D) to develop technologically advanced products to gain a competitive edge over other players. In this regard, manufacturers are increasingly employing lighter metals, such as aluminum and alloys, backed by increasing consumer demand to reduce the weight of reels. Product development continues to remain one of the most preferred competitive strategies in the market. In this regard, manufacturers have been increasingly introducing their products with stainless steel multi-lock technology. Such fishing reels are being marketed as ideal for use in both offshore and inshore mojo lures, bunker spoons, and umbrella rigs. Some of the prominent players in the fishing reels market include:

Key companies Profiled: Fishing Reels Market Report

  • Stradic
  • Daiwa
  • Creed GT
  • Penn Spinfisher
  • Pflueger
  • Shimano
  • Orvis
  • Okuma
  • LL Bean
  • Abu
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global fishing reel market report based on type, distribution channel, and region:

Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Spinning Reel
  • Baitcasting Reel
  • Spincast Reel
  • Others

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

  • Online
  • Offline

Table of Contents
Chapter 1. Methodology and Scope
   1.1. Market Segmentation & Scope
   1.2. Market Definition
   1.3. Information Procurement
        1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
        1.3.2. IFF Internal Database
        1.3.3. Secondary Sources & Third-Party Perspectives
        1.3.4. Primary Research
   1.4. Information Analysis 
        1.4.1. Data Analysis Models
   1.5. Market
|  read more...

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