Report : North America Fishing Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Fishing Rods, Nets and Traps, Hooks, Reels, Fishing Line, Sinkers, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Others Segment to Dominate North America Fishing Equipment Market during 2020–2028
According to a new market research study on “North America Fishing Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Distribution Channel” is expected to reach US$ 9,413.77 million by 2028 from 6,961.44 US$ million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the North America fishing equipment market along with the drivers and restraints pertaining to the market growth. Rise of fish-based tourism is the major factor driving the growth of the North America fishing equipment market. However, issues associated with environmental impact hinders the growth of North America fishing equipment market.
North America fishing equipment market is segmented into type, distribution channel, and country. By type, the North America fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. The fishing rods segment held the largest market share in 2020. Based on distribution channel, the North America fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Specialty stores segment held the largest market share in 2020. Based on country, the North America fishing equipment market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
North America is one of the worst affected economies due to the COVID-19 pandemic. The US recorded the highest number of confirmed COVID-19 cases among all key countries in North America. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the fishing equipment market. However, in the US and Canada, there was minimal government action to restrict fishing activity, which was coupled with active campaigns to promote recreational fishing, leading to an increase in fishing equipment sales. Along with this, there was a sustained fishing activity due to the majority of anglers in the US and Canada considering recreational fishing to be a safe activity during a pandemic. As the vaccination campaigns are being carried out, recreational fishing is on the rise in North America, which is having a positive impact on the fishing equipment market.
AFTCO; Daiwa; Decathlon SA; Decathlon SA; Eagle Claw Fishing Tackle Co.; Okuma Fishing Tackle Co. Ltd.; Pure Fishing Inc; Rapala VMC Corporation; Shimano Inc.; Tica Fishing Tackle; and Weihai Guangwei Group Co., Ltd. are among the leading companies in the North America fishing equipment market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021 Shimano Inc., launched five new fishing reels namely Ultegra, TwinPower SW, TwinPower XD, Exsence, and Calcutta Conquest. These five new reels have improved strength, durability, and efficiency.
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