The North America Fishing Rod Market is expected to be
USA, Rockville, MD, April 06, 2022 (GLOBE NEWSWIRE) — The fishing rod market is poised to expand at a CAGR of 4.5% and is expected to create an absolute dollar opportunity of 1.5 billion US dollars over the forecast period 2020-2030. The COVID-19 outbreak will have a short-term impact on the fishing rod market. However, the growing participation in fishing activities and the increase in sales of fishing boats will cause fishing rod market growth over the next few years. Offshore wind farms provide an opportunity for the fishing industry. The US Department of Energy has allocated about US$200 million for research, development and demonstrations of offshore wind projects. As such, the demand for fishing rods will increase in the future.
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Growing participation in fishing competitions and support for recreational fishing initiatives by governments of various countries is expected to drive the expansion of the fishing rod market size over the coming years. The development of deep-sea offshore wind projects, which involve low intervention with fishing activities and recreational boating, have enabled higher fishing performance for fishermen. The rise in offshore wind farm projects will continue to benefit fishing rod sales.
Key Findings from the Fishing Rod 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 rod type, spinning rods are expected to grow 1.7 times more than fly rods in 2020. On the other hand, casing rods will account for 18% of the overall market share in 2020.
- In rod weight, the lightweight is expected to increase, but lose 194 BPS over the forecast duration.
- The APEJ fishing rod market is expected to grow at a CAGR of 5.5%, while North America is expected to be valued at 1.8 times that of Europe and is expected to account for a significant portion of the pie demand by the end of the forecast period.
Fishing Rods Market Regional Outlook
North America is expected to dominate the fishing rod market share, followed by Europe, in 2020 and is expected to maintain its dominance in terms of value and volume over the forecast period. Rising demand for technologically advanced fishing rods in North America and Europe is expected to drive the fishing rod market in these regions. In the United States, recreational fishing is considered the second most popular outdoor activity in the country after jogging. These activities are expected to contribute to the growth of the fishing rod market in the region.
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Impact of COVID-19 on the Fishing Rods Market
The effects of COVID-19 have been profound lately, thus having significant implications on various sectors. Fish and fish products that rely heavily on international trade suffered early in the pandemic due to trade restrictions and the closure of global markets.
North America is one of the major regions in the fishing rod market and will witness the maximum decline in demand as it is the region most affected by the outbreak. However, amid slowing offline sales of fishing rods, the increasing use of virtual technologies will improve online shopping among consumers and is expected to gradually increase sales in the post-COVID-19 period.
Fishing Rods Market: Competitive Landscape
The fishing rod market is by nature very fragmented with the presence of a large number of local players. Some of the major market players are Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St. Croix Rods , and Piscifun, among others.
The fishing rod market continues to grow at a healthy pace, recording low to moderate growth in developed markets, with slightly better expansion in developing markets. Low entry barriers have led to an influx of startups into the fishing rod landscape, which has further aggravated the already intense competition. While stronger distribution remains the mainstay of the major players in the fishing rod market, emerging players are focusing on maintaining long-term relationships with existing vendors.
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Key segments of the fishing rods market
Fact.MR’s study of the fishing rod market offers information divided into five key segments: rod type, rod weight, flex type, sales channel and region. This report offers comprehensive data and insights on market dynamics and important growth parameters associated with these categories.
- Throwing rods
- casing rods
- Ice fishing rods
- Fly rods
- surf rods
- Telescopic rods
- Ultra light
- medium heavy
- Very heavy
- Tip bending
- Medium bending
- Total flexibility
- Sports shops
- Specialty stores
- Online stores
- Company websites
- Third party online
- Online specialty
- Direct supply
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