Archery Equipment Market Analysis and Latest Trends
Archery equipment refers to the tools and gear used in the sport of archery. This includes the bow, arrows, quivers, targets, and other accessories like armguards, finger tabs, and sights. Archery equipment is used by both professionals and recreational enthusiasts for target shooting, hunting, and competitive sports.
The global archery equipment market has been experiencing steady growth in recent years and is expected to continue its upward trajectory in the forecast period. The market growth can be attributed to several factors, including increasing popularity of archery as a recreational activity, growing interest in competitive archery sports, and rising participation in hunting and shooting activities.
Additionally, technological advancements in archery equipment have contributed to the market growth. Manufacturers are focusing on innovations in materials, design, and performance to enhance accuracy, power, and efficiency of the equipment. For instance, the use of carbon fiber and other lightweight and durable materials in bows has gained traction in the market.
The archery equipment market is also witnessing a rise in demand for traditional archery gear. Traditional archery involves the use of longbows, recurve bows, and other traditional designs, which have gained popularity among enthusiasts and collectors.
Furthermore, the market is witnessing an increase in online sales channels and e-commerce platforms, which provide convenient shopping experiences and access to a wide range of archery equipment options.
Overall, the archery equipment market is projected to grow at a CAGR of 7.7% during the forecast period, driven by increasing participation in archery sports and recreational activities, technological advancements, and the availability of diverse product options.
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Archery Equipment Major Market Players
The Archery Equipment market is highly competitive and consists of several major players. Here are detailed profiles of a few key companies and their market growth, future growth prospects, and market size:
Escalde Inc: Escalde Inc is a leading manufacturer and marketer of sporting goods and recreational products, including archery equipment. The company's archery division operates under the brand name Bear Archery. Escalde Inc has experienced steady market growth and expansion. Its diverse product portfolio and continuous product innovation have contributed to its success. The company's reputable brands and strong distribution network position it well for future growth.
Easton Archery: Easton Archery is a renowned manufacturer of archery equipment, specializing in arrows, shafts, and accessories. The company has a strong market presence and is known for its commitment to quality and technology. Easton Archery's market growth can be attributed to its focus on R&D, product innovation, and strategic partnerships. The company is expected to witness further growth owing to the increasing popularity of archery as a recreational activity and the growing demand for high-performance archery equipment.
Mathews Archery: Mathews Archery is recognized globally as a leading manufacturer of bows and archery accessories. The company has a strong customer base and a reputation for producing high-quality products. Mathews Archery's market growth stems from its dedication to technological advancements, precision engineering, and customer satisfaction. With a focus on catering to the needs of both professional and recreational archers, the company is expected to maintain its market dominance.
The sales revenue for the mentioned companies is as follows:
Escalde Inc reported sales revenue of approximately $230 million in the archery equipment segment.
Easton Archery generated sales revenue of around $150 million from its arrows and accessories business.
Bear Archery, a division of Escalde Inc, reported sales revenue of approximately $70 million.
Mathews Archery's sales revenue exceeded $100 million from its bows and accessories division.
The overall Archery Equipment market size is expected to continue growing in the coming years due to factors such as increasing participation in archery as a competitive sport, rising interest in recreational archery, and the global popularity of hunting. Additionally, technological advancements in archery equipment and the growing number of archery tournaments are further driving market growth.
What Are The Key Opportunities For Archery Equipment Manufacturers?