Fishing Reels Market

Asia-Pacific is expected to showcase the highest CAGR of 4.8% during the forecast period 2022 to 2031

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, October 26, 2022 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global fishing reels market generated $5.0 billion in 2021, and is expected to reach $7.6 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.

Increase in participation of people in recreational, hunting, and leisure activities and surge in interest of children toward fishing and its related activities have boosted the growth of the global fishing reels market. Moreover, strong economic growth, increase in disposable income, and rise in government focus on developing marine economy are expected to open new opportunities in the future.

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Covid-19 scenario:

The Covid-19 pandemic drastically affected the demand for fishing reels due to complete or partial closure of manufacturing facilities, decline in recreational tourism, and disruptions in the supply chain.
The ban on international tourism and social gathering negatively affected the market. However, as government bodies across the world have declared relaxation on lockdown regulations and focused on vaccination drives, the market is expected to get back on track soon.
The report segments global fishing reels market on the basis of product type, material, fishing type, distribution channel, and region.

Based on product type, the bait casting segment is projected to register the highest CAGR of 4.9% during the forecast period. However, the spinning segment held the lion’s share in 2021, accounting for nearly half of the market.

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On the basis of material, the aluminum segment dominated the market in terms of revenue in 2021, contributing to nearly two-fifthsof the market. However, the stainless steel segment is anticipated to register the highest CAGR of 5.0% during the forecast period.

The global fishing reels market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to showcase the highest CAGR of 4.8% during the forecast period. However, the market across North America held the largest share in 2021, accounting for more than two-fifths of the market.

The global fishing reels market includes an in-depth analysis of the prime market players such as BCF Australia, ABU Garcia, Jarvis Walker Pty, Inc., Daiwa Corporation, Lew's Fishing, Kastking, Okuma Fishing Tackle Co., Ltd., Maver UK Ltd., Pure Fishing, Inc. (Penn), Piscifun, The Orvis Company, Inc., Shimano, Inc., Zebco, Tica Fishing Tackle, and 13 Fishing.

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Key findings of the study
The global fishing reels market size was valued at $5,024.1 million in 2021, and is estimated to reach $7,627.2 million by 2031, registering a CAGR of 4.3% from 2022 to 2031.
By product type, the baitcasting segment is estimated to witness the fastest growth, registering a CAGR of 4.9% during the forecast period.
By fishing type, the freshwater segment is estimated to witness the fastest growth, registering a CAGR of 4.4% during the forecast period.
By distribution channel, the online sales segment is estimated to witness the fastest growth, registering a CAGR of 5.2% during the forecast period.
In 2021, depending on material, the aluminum segment was valued at $1,882.3 million, accounting for 37.5% of the global market share.
In 2021, the U.S. was the most prominent market in North America, and is projected to reach $1,697.8 million by 2031, growing at a CAGR of 3.6% during the forecast period.

David Correa
Allied Analytics LLP
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