LONDON–(COMMERCIAL THREAD) – The global sport fishing market is expected to grow at nearly 4% CAGR during the period 2020-2024, according to Technavio’s latest market research report. Request a free sample report

Recreational fishing is one of the most popular outdoor activities in coastal areas of many countries. For example, in the United States, recreational fishing is the second most popular outdoor recreational activity after jogging. Recreational fishing also has the potential to boost countries’ economic growth. Several countries in the Mediterranean region are promoting fishing tourism to cope with the short-term losses of marine protected areas and to provide an alternative source of income. These factors create opportunities for the vendors to sell their sport fishing equipment thereby boosting the market growth.

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According to Technavio, innovations in sport fishing equipment will positively impact the market and contribute to its growth significantly during the forecast period. This research report also analyzes other important market trends and drivers that will affect the growth of the market during the period 2020-2024.

Global sport fishing equipment market: innovations in sport fishing equipment

The vendors focus on the development of integrated sport fishing equipment with innovative features. For example, several vendors offer fishing rods with an elongated tip to make it easy for anglers to catch hard-hitting fish. Other vendors offer fishing gear with sensors that can be connected to a smartphone to track activities and locate fishing hot spots. The introduction of these innovative products prompts consumers to spend more on sport fishing equipment. This will drive the sales and boost the growth of the global sport fishing equipment market during the forecast period.

“Besides innovations in sport fishing equipment, increasing market initiatives and expansion of product portfolio by suppliers are other major factors that will drive the market growth during the forecast period”, said a senior analyst at Technavio.

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Global Sport Fishing Equipment Market: Segmentation Analysis

This market report segments the global sport fishing equipment market by product (fishing rods, fishing reels, fishing lures and others), distribution channel (specialty and sports stores, department stores and discount stores, online and others) and geography (APAC, Europe, MEA, North America North and South America).

The North America region dominated the market in 2019, followed by Europe, APAC, South America and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance in the global market. This is due to the great availability of innovative sport fishing equipment in the region.

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Some of the main topics covered in the report include:

Market landscape

• Market ecosystem

• Market characteristics

• Market segmentation analysis

Market sizing

• Market definition

• Market size and forecast

Five forces analysis

Market segmentation

Geographic segmentation

• Regional comparison

• Main leading countries

Market factors

Market challenges

Market trends

Supplier landscape

• Covered suppliers

• Supplier ranking

• Positioning of sellers in the market

• Competitive scenario

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