Fishing Rods Segment to Dominate Europe Fishing Equipment Market during 2020–2028
According to The Insight Partners market research study on “Europe Fishing Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Distribution Channel” is expected to reach US$ 9,671.63 million by 2028 from 7,711.13 US$ million in 2021. The market is estimated to grow at a CAGR of 3.3% from 2021 to 2028. The report provides trends prevailing in the Europe fishing equipment market along with the drivers and restraints pertaining to the market growth. Recreational fishing getting popular is the major factor driving the growth of the Europe fishing equipment market. However, issues associated with environmental hazards hinders the growth of Europe fishing equipment market.
Europe fishing equipment market is segmented into type, distribution channel, and country. By type, the Europe 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 Europe 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 Europe fishing equipment market is segmented into France, Germany, Italy, UK, Russia, rest of Europe. Rest of Europe held the largest market share in 2020.
In Europe, currently, the UK, France, and Russia are the hardest-hit countries by the COVID-19 outbreak. The region is estimated to suffer an economic hit due to the lack of revenue from various industries subjected to disruption in the supply chain. The disruptions in the supply chain, the shutdown of manufacturing units, and labor shortages have had a negative impact on the fishing equipment market. Countries such as Poland, France, Germany, and the UK had restrictions on recreational fishing during the lockdowns caused by the COVID-19 pandemic, which negatively impacted the demand for fishing equipment. In comparison, Denmark encouraged people to take part in recreational fishing, which increased the sales of mandatory licenses for recreational fishing in the country, leading to a positive impact on the demand for fishing equipment. In the Netherlands, outdoor activities such as recreational fishing were allowed during the pandemic. After the upliftment of the lockdown, most countries across Europe lifted the restrictions on recreational fishing, which led to increased fishing activities, thereby positively impacting the demand for fishing equipment.
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 Europe 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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