Portland, OR, Aug. 01, 2022 (GLOBE NEWSWIRE) -- 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.
Get detailed COVID-19 impact analysis on the Fishing Reels Market: https://www.alliedmarketresearch.com/request-for-customization/17266?reqfor=covid
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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