Latest News- Archery Equipment Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Archery Equipment Market is being driven by Rise in consumer preference for adventure sports

The Archery Equipment Market is expected to grow at a CAGR of 7.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1523.19 million. The archery equipment market exhibits a robust presence in various retail channels, both offline and online. Established retail formats such as hypermarkets, supermarkets, department stores, and specialty sports retailers offer easy access to archery equipment. Simultaneously, online retailing has gained significant traction, with vendors like PSE Archery and Bear Archery expanding their reach through platforms such as Amazon and Alibaba. This multi-channel distribution strategy ensures high market visibility and the ability to cater to diverse customer demographics. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product
  • Bows and bows accessories
  • Arrows
  • Other archery equipment
• Geography
  • Europe
    • UK
  • North America
    • US
  • APAC
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in consumer preference for adventure sports
• Greater availability of training facilities for archery
• Support for archery from governments and sports organizations

However, the market also witnesses some limitations, which are as follows:

• Presence of counterfeit products
• Restrictions on hunting of wildlife, especially protected species
• High cost of archery equipment

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Market Scope in Archery Equipment Market Research Report

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Research Analysis Overview

The archery equipment market is experiencing significant growth due to technological development and regional expansion. Global players like Axion Archery are implementing strategic approaches to cater to the increasing demand for advanced equipment. Regional players are also making their mark by offering competitive prices and customized solutions. The Technological development in archery equipment includes the introduction of lightweight and durable materials, smart target systems, and advanced bow designs. The Regional expansion of the market is driven by the inclusion of archery as a recreational activity and a part of school curriculum in many regions. The Archery sport offers numerous benefits such as self-confidence, mental stamina, and physical fitness. It is also gaining popularity as a competitive environment in gaming centers and sports clubs infrastructure. The participation rate in archery is increasing, especially among women contestants, due to its inclusion in programs like the ASAP (Archery in Schools Program), JOAD (Junior Olympic Archery Development), and NASP (National Archery in the Schools Program). The investment in the sports sector and its inclusion in the Olympic games participation further boosts the market growth. The archery equipment market is expected to continue its upward trend, offering significant opportunities for both global and regional players. The health benefits and well-being associated with archery make it an attractive recreational activity for people of all ages and backgrounds.

Market Research Overview

According to Technavio, the global archery equipment market is a segment of the broader global leisure products market, which falls under the umbrella of the household durables market. The household durables market encompasses various product categories, such as sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-driven games. The global household durables market size is determined by the total revenue generated by manufacturers of household durables, including consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products. The growth of the global leisure products market is anticipated to be driven by the surge in health and fitness club memberships, which have seen a consistent increase in the last decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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