The Global Market for Sports Fishing Equipment is Projected to Reach US$20.4 Billion by 2024

Steady Proliferation of Connected Electronic Fishing Devices Drives Healthy Market Growth for Sports Fishing Equipment, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Sports Fishing Equipment market. The global market for Sports Fishing Equipment is projected to reach US$20.4 billion by 2024, driven by the steady penetration of advanced electronic fishing devices, and growing popularity of recreational fishing supported by its myriad health and well-being benefits.

The global market for sports fishing equipment is receiving a major boost with increasing number of people participating in recreational fishing. There are also numerous fishing associations that are being formed on a constant basis, encouraging the sport. Fishing has evolved from an activity for livelihood to recreational activity primarily due to the sheer pleasure and competitive spirit offered by the sport. Supported by the rising popularity of recreational fishing, sports fishing equipment market is registering healthy growth. Various health and well-being benefits provided by recreational fishing irrespective of age, sex, ability and mobility which are driving its increasing popularity include social bonding, relaxation, unplugging from daily grind and digital lifestyles in the fresh outdoor air, family bonding, fitness & physical exercise, stress relief, promoting mental and physical health, recovery from certain cancers, and nutritional benefits of eating the protein rich fresh fish, among others. Increasing expenditure by millions of anglers across the globe and special taxes collected on fishing tackle and motorboat fuel also contribute to the rising number of fish recreational programs and fisheries conservation thereby offering economic and ecological benefits.

Future growth in the market will be driven by the growing demand for and steady penetration of technologically advanced electronic fishing devices such as fishfinders, GPS navigation systems, marine radars, compass, mapping, multifunction displays and side scan sonar. Further, the integration of various electronic devices with smartphones and touch screens, and electronics on the boat being connected to personal devices and to the cloud is providing a phenomenal wealth of information in improving the fishing performance and increasing the productive catch. Innovative equipment benefiting market demand include fishing lines with higher abrasion resistance, durability, strength, smoothness, sensitivity, invisibility, low-stretch, and seamlessness; reels made of polymeric materials and features faster speed, better adjustment in changing wind conditions, satiny finish, and a larger spool; and rods made of carbon fiber that are lightweight and at the same time strong and slim, with enhanced grip, impeccable balance and mechanically efficient action. Other innovative equipment poised to benefit market prospects include lures that mimic sounds of fish, and the characteristic wobbling action; bobber with an integrated intel chip, and 3D printed bobbers; and a fishing camera for easy underwater viewing using tablets or smartphone. Millennials passion for outdoors and their drive to preserve nature along with increase in the percentage of female-anglers represent other important market growth drivers.

As stated by the new market research report on Sports Fishing Equipment, the United States represents the largest market worldwide supported by the great American outdoor culture where recreational fishing is viewed as a relaxing sport offering peace and tranquility. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.2% over the analysis period led by factors such as rise in fishing destinations in Southeast Asia, growing prominence of fishing vacations, increasing establishment of fishing resorts, untapped opportunities for sophisticated fishing equipment in a market dominated by traditional, indigenously made fishing gear, and westernization of lifestyles and hobbies.

Key players in the market include AFTCO Mfg. Co. Inc., Daiwa Corporation, Eagle Claw Fishing Tackle Co., Eppinger Mfg. Co., Gamakatsu Co. Ltd., Grandt Industries Inc., Jim Teeny Inc., Koppers Fishing and Tackle Corporation, O. Mustad & Son A.S., Okuma Fishing Tackle Corporation, Plano Synergy Holdings Inc., PRADCO Outdoor Brands Inc., Pure Fishing Inc., Rapala VMC Corporation, Sea Masterenterprise Co. Ltd., Shimano Inc., St. Croix Rods, Taylor Fly Fishing, TICA Fishing Tackle, and Zebco Sales Company LLC, among others.

The research report titled “Sports Fishing Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), and Latin America. Product segments analyzed in the report include Rods, Reels, & Poles; Lures, Flies, & Baits; Fishing Lines; Fishing Hooks, and Others.

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