According to the latest report by IMARC Group, titled " Archery Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ," The global archery equipment market reached a value of US$ 3.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$5.22 Billion by 2027, exhibiting a CAGR of 7% during 2022-2027.
Archery is a sport that involves the use of various equipment for shooting a target from a set distance. These archery equipment consist of numerous tools and gears, including arrows, bows, bracers, quivers, bow stands, finger tabs, stringers and targets. It is a widely popular game that is played across the globe and forms an important part of several international gaming events and tournaments, such as the Olympics. The game is known to improve concentration and hand-eye coordination in players, especially among young participants, due to which it is gaining widespread prominence as a preferred sports activity at school levels.
Global Archery Equipment Market Trends:
The global market is primarily driven by the growing popularity of archery as a recreational sport among the masses. This has facilitated a considerable increase in the number of archery competitions held across the globe, which has provided a thrust to the uptake of archery equipment. Along with this, significant improvements in sports infrastructure on the global level have created a positive outlook for the market. Numerous gaming centers and clubs are now providing archery training, which is contributing to the escalating popularity of the sport further.
Moreover, governments of multiple countries are taking initiatives to promote archery as a professional sport and increase public participation. This, coupled with the aggressive promotional activities by archery equipment manufacturers and easy product accessibility through online retail platforms, is providing an impetus to the market growth. Some of the other factors contributing to the market growth include changing lifestyle preferences of the masses and the shifting preference of individuals toward sports as a career.
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Global Archery Equipment Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Breakup by Product:
Breakup by End User:
Breakup by Distribution Channel:
Breakup by Region:
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