Fishing rod market expected to exceed $ 4.2 billion by 2030
The fishing rod market is poised to grow at a CAGR value of 4.5% and is expected to create an absolute dollar opportunity of US $ 1.5 billion during the forecast period of 2020-2030.
The COVID-19 outbreak will have a short-term impact on the fishing rod market. However, the increasing participation in fishing activities and increasing sales of fishing boats will boost the growth of the fishing rod market over the next few years.
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Offshore wind farms offer an opportunity for the fishing industry. The US Department of Energy has allocated approximately US $ 200 million for research, development and demonstration of offshore wind projects. As such, the demand for fishing rods will increase in the future.
Key Points From The Fishing Rods Market Research
The global fishing rod market is expected to be valued at US $ 2.7 billion by the end of 2020 and is expected to exceed US $ 4.2 billion by the end of 2030.
By type of rod, spinning rods are expected to grow 1.7 times compared to flying rods in 2020. On the other hand, casing rods will account for 18% of the overall market share in 2020.
In rod weight, light weight is expected to increase, but lose 194 BPS over the forecast duration.
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The APEJ fishing rod market is expected to grow experiencing a CAGR value of 5.5%, while North America is expected to be valued at 1.8X compared to Europe, and is expected to account for a significant share of the demand pie by the end of the forecast period.
âThe COVID-19 pandemic has hit market players and will have short-term implications for the fishing rod market. However, e-commerce websites have gained popularity by offering fishing gear. Manufacturers in the fishing rod market see this as a revenue growth opportunity to increase their presence in the market, âsays a Fact.MR analyst.
Key players to focus on product innovation
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The report reveals some of the top key players including Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St Cross Rods and Piscifun, among others.
These key players continuously focus on product innovation to gain market share and create a USP in this highly competitive market space. In the recent past, the fishing rod market has seen many innovations. for example
Shimano Inc. has expanded its product line in the ZODIAS rod series with new products such as Saltie, Grappler, etc., in order to maintain the sustainability of the brand with competitive improvements.
Tiemco Ltd. is trying to improve its product portfolio with the launch of EUFLUX Glass Master fiberglass fly rods.
Find more valuable insights into the Fishing Rods Market
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Fact.MR in its new offering puts forward an unbiased analysis of the global fishing rod market, presenting historical demand data (2015-2019) and forecast statistics for the period 2020-2030.
The study reveals compelling information about the fishing rods market based on the type of rod (casting rods) [carbon fiber, glassfiber], casting rods [carbon fiber, glass fiber]ice fishing rods [carbon fiber, glassfiber]fly rods [carbon fiber, glassfiber], trolling rods [carbon fiber, glassfiber]surf rods [carbon fiber, glassfiber], and telescopic rods [carbon fiber, glassfiber], the weight of the rod (ultra-light, light, medium, medium-heavy, heavy and extra-heavy), the type of flex (tip flex, mid flex and full flex) and the sales channel (supermarkets / hypermarkets, sports stores, specialty stores, online [company websites, third-party online, and specialty online]), in seven regions.
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Research overview: https://www.factmr.com/report/1339/fishing-rod-market
Source of content:https://www.factmr.com/media-release/1731/fishing-rods-market-trends
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