Fishing Reels Market Share & Share | Research Report 2028

Fishing Reels Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Spinning Reel, Baitcasting Reel, Spincast Reel, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)

Publication Month : Dec 2021

  • Report Code : TIPRE00020622
  • Category : Consumer Goods
  • Status : Published
  • No. of Pages : 141
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[Research Report] The fishing reels market is expected to grow from US$ 6,254.74 million in 2021 to US$ 8,958.36 million by 2028. It is estimated to rise at a CAGR of 5.30% from 2021 to 2028.

A fishing reel is a cranking reel attached to a fishing rod used to wind and stow fishing lines. It is traditionally utilized in the recreational sport of angling and competitive casting. The rising awareness regarding various types of fishing reels, the increasing number of anglers in developing countries, and the growing popularity of recreational activities among millennials are the key factors fueling the demand for fishing reels, which is expected to drive the market growth during the forecast period. However, the high preference for rented equipment is likely to hamper the market growth over the long run.

Europe is considered one of the largest markets for fishing reels worldwide due to an increasing number of anglers across the region. The fishing reels market in Europe is expected to grow at a remarkable CAGR over the forecast period. The significant presence of fishing tackle manufacturers in this region is the key factor behind this growth. According to the Social and Economic Aspects of Recreational Angling report 2019, around 2,900 manufacturers and wholesalers and 12,900 retail and sports serving shops are present across the region. An increased presence of manufacturers is expected to lead to various developments and innovations in the product development stage of fishing reels. At the same time, the rise in the number of retail shops will enhance the availability of fishing reels, supporting the market growth in Europe.

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Fishing Reels Market: Strategic Insights

fishing-reels-market
Market Size Value inUS$ 6,254.74 million in 2021
Market Size Value byUS$ 8,958.36 million by 2028.
Growth rateCAGR of 5.30% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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Impact of COVID-19 Pandemic on Fishing Reels Market

The ongoing pandemic has drastically altered the status of the chemical and materials sector and negatively impacted the growth of the fishing reels market. Implementing various measures to combat the spread of the virus has aggravated the situation and impacted several industrial sectors' growth. The shutdown of manufacturing units, difficulty in procuring raw materials, and restrictions on imports and exports have hampered the market considerably. The lockdowns and movement restrictions are causing massive shipping delays in Asia Pacific, where most fishing reels are manufactured. For instance, China is a key manufacturing hub of fishing reels, and, due to the pandemic, the Chinese ports were operating at 40, 50, or 60% capacities between 2020 and 2021.

Introducing the COVID-19 vaccine has eased the situation to some extent, leading to a rise in business activities across the world. Also, with relaxation in Covid-19 related norms, people are increasingly getting involved in leisure activities, and the demand for fishing gear, including reels, has risen. As per the study conducted by the Recreational Boating and Fishing Foundation in 2021, 55 million Americans went fishing in 2020, among which 4.4 million went fishing the first time, which is a 42% increase. An increase in fishing activities and a rise in rookie anglers are expected to increase the demand for fishing reels, most commonly spinning reels. This, in turn, is likely to keep the demand for fishing reels high, thereby positively impacting the market over the next few years.

Fishing Reels Market



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Market InsightsRising Awareness Regarding Different Fishing Reels

A fishing reel is a mechanical device linked to a fishing rod that uses a revolving arm to store, release, and collect the fishing line. Most anglers prefer a specific style of fishing reel based on their location, target species of fish, budget, and level of experience. Beginners usually prefer or opt for spinning reels, also known as spinners as they are relatively priced low and are easy to use. They are widely available and are the most widely adopted type of fishing reel across the globe. Professional anglers opt for baitcasting reels, and this segment is expected to register high growth during the forecast period.

The spinning reel is quite popular among anglers of all levels due to its superior open-faced design, providing the required adaptability while offering excellent usability and accuracy. In reality, the design allows the spool to have an extensive line capacity while being simple to switch lines as needed. Therefore, it is essential to equip the fishing rod with the appropriate reel because each type of fishing reel requires a distinct skill level and function. Thus, the rising awareness regarding the use and benefits of different types of fishing reels is driving the market substantially.

Type Insights Based on the type, the fishing reels market is segmented into spinning reels, baitcasting reels, spin-cast reels, and other reels. The spinning reel segment accounted for a larger market share in 2020 and is expected to grow at a significant rate during the forecast period. Spinning reels is a smooth and high-quality drag system that can be used when drift fishing in a current, allowing the fish to run with the bait before engaging the reel and striking. Thus, the growing demand for sport fishing equipment is expected to boost the demand for spinning reels during the forecast period. Baitcasting reels can carry heavy lines and have much pulling power, making them an excellent choice for larger fish, thereby boosting the segment's growth.

Fishing Reels Market Share, by Type – 2020 and 2028

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Distribution Channel Insights

Based on distribution channel, the fishing reels market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment is anticipated to grow, owing to a large number of consumers worldwide continuing to favor these stores since these stores allow them to assess the quality and design of products. The supermarkets and hypermarkets segment offers a diverse product combination and several brands of fishing reels, all under one roof, fueling the segment's growth.

 

A few players operating in the fishing reels market are Accurate Fishing; Innovative Reels Technologies Ltd.; Rather Outdoors, LLC.; The Orvis Company; Piscifun; Eposeidon Outdoor Adventure Ltd.; Cadence; JiuYu Fishing Tackle Co., Ltd.; NingBo HaiBao fishing tackle co., Ltd.; Cabela's LLC. These companies are actively taking up strategies, such as mergers and acquisitions and research and development, to expand their customer base and gain significant share in the global market, allowing them to maintain their brand name worldwide.

 

Report Spotlights

  • Progressive fishing reels market trends to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing fishing reels markets
  • Quantitative analysis of the fishing reels market size from 2019 to 2028
  • Estimation of global fishing reels market demand
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Fishing reels market trends and outlook as well as factors driving and restraining the growth of the fishing reels market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the fishing reels market growth
  • The fishing reels market size at various nodes
  • Detailed overview and segmentation of the market, as well as the fishing reels market dynamics
  • Fishing reels market size in various regions with promising growth opportunities

The global fishing reels market has been segmented as mentioned below:

By Type

  • Spinning Reel
  • Baitcasting Reel
  • Spincast Reel
  • Others

By Distribution Channel

  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Retail
  • Others

Company Profiles

  • Accurate Fishing
  • Innovative Reels Technologies Ltd.
  • Rather Outdoors, LLC.
  • The Orvis Company
  • Piscifun
  • Eposeidon Outdoor Adventure Ltd.
  • Cadence
  • JiuYu Fishing Tackle Co., Ltd.
  • NingBo HaiBao fishing tackle co., Ltd.
  • Cabela's LLC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region is expected to register the fastest CAGR in the global fishing reels market?

. Asia Pacific is estimated to register the fastest CAGR in the global fishing reels market over the forecast period. Various countries from the Asia Pacific region are witnessing a surge in fishing activities due to an increasing trend of recreational fishing across countries such as Australia, China, India, among others. Along with this, the different types of fishing activities practiced in different countries across the region will have a positive impact on the fishing reels market across the Asia Pacific.

. Based on distribution channel, which segment is the fastest growing segment in the global fishing reels market?

The online retail segment is the fastest growing segment in the global fishing reels market during the forecasted period. The online segment has grown significantly over the last decade. Moreover, various developments in the internet space have occurred in recent years with many manufacturers utilizing e-commerce and social media platforms for marketing as well as distribution.

. Based on distribution channel, which segment is leading the global fishing reels market during the forecast period?

The specialty stores segment held the largest share of the global fishing reels market in 2020. A substantial proportion of consumers around the world continue to favor these stores since these stores allow them to assess the quality and design of products, while the presence of trained staff help the customers with the required assistance in making a decision.

Based on type, which segment is leading the global fishing reels market during the forecast period?

The spinning reels segment held the largest share of the global fishing reels market in 2020. The spinning reel is the most popular reel used by fishermen of all levels because of its superior open-faced design. Due to the benefits and ease of use, the demand for the spinning reel is expected to grow during the forecast period.

Can you list some of the major players operating in the global fishing reels market?

The major players operating in the global fishing reels market are Accurate Fishing; Innovative Reels Technologies Ltd.; Rather Outdoors, LLC.; The Orvis Company; Piscifun; Eposeidon Outdoor Adventure Ltd.; Cadence; JiuYu Fishing Tackle Co., Ltd.; NingBo HaiBao fishing tackle co., Ltd.; Cabela’s LLC; among others.

Which region held the largest share of the global fishing reels market?

In 2020, Europe held the largest share of the global fishing reels market. The various countries from the Europe region are witnessing an upsurge due to growth in sports and recreational activities which is fueling the market growth during the forecast period.

The List of Companies - Fishing Reels Market 

  1. Accurate Fishing
  2. Innovative Reels Technologies Ltd.
  3. Rather Outdoors, LLC.
  4. The Orvis Company
  5. Piscifun
  6. Eposeidon Outdoor Adventure Ltd.
  7. Cadence
  8. JiuYu Fishing Tackle Co., Ltd.
  9. NingBo HaiBao fishing tackle co., Ltd.
  10. Cabela’s LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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