New York, United States , June 28, 2023 (GLOBE NEWSWIRE) -- The Global Fishing Reels Market Size is to grow from USD 5.26 Billion in 2022 to USD 9.17 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.7% during the projected period.
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A fishing reel is a hand-cranked reel used in fishing to reel in and stow bait lines. It is typically attached to a fishing rod, but it can also be used to retrieve a hooked arrow while bow fishing. Fishing reels have traditionally been used in the leisure activity of angling. They are typically used in conjunction with a fishing rod, while certain specialty reels are tightly fastened to boat gunwales or transoms. There are several varieties, designs, and specifications of fishing reels available today. The fishing reels market has been gradually rising over the last several decades as a result of a thriving fisheries industry and a worldwide growth in the number of recreational sports gaining popularity. The growing popularity of outdoor activity among millennials, such as fishing, is expected to enhance demand for fishing reels over the projected period. Furthermore, due to the growing effect of the maritime industry on a nation's GDP, the total fishing reels market is expected to rise significantly throughout the projected period. The growing popularity of recreational, leisure, and sporting interests is predicted to propel the fishing reels market forward. Furthermore, fishing is becoming more popular among people of all ages all over the world.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Fishing Reels Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Spinning Reel, Baitcasting Reel, Spincast Reel, Fly Reel, Others), By Material Type (Stainless Steel, Aluminium, Graphite, Others), By Sales Channel (Direct Sales, Hypermarkets/ Supermarkets, Specialty Stores, Outdoor Sports Store, Online Retailers, Convenient Stores, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The spinning reel segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global fishing reels market is segmented into the spinning reel, baitcasting reel, spin cast reel, fly reel, and others. Among them, the spinning reel sector has the highest revenue share of 38.6% over the projection period, owing to the rising usage of spinning reels among fishermen for an extended period of time. Spinning reels are preferred due to benefits such as ease of usage. Furthermore, spinning reels have the benefit of being more agile than traditional fishing rods.
The stainless-steel segment is witnessing significant CAGR growth over the forecast period.
On the basis of material type, the global fishing reels market is segmented into stainless steel, aluminium, graphite, and others. Among these, the stainless-steel segment is witnessing significant CAGR growth over the forecast period. The major qualities of stainless-steel reels are opulence, versatility, corrosion resistance, durability, and strength, making them a fantastic choice for saltwater and freshwater fishing. The ever-changing costs of the raw materials required to manufacture stainless steel, on the other hand, are a critical issue that may hamper the segment's advancement.
The online retailers segment accounted for the largest revenue share of more than 41.3% over the forecast period.
On the basis of sales channel, the global fishing reels market is segmented into direct sales, hypermarkets/ supermarkets, specialty stores, outdoor sports stores, online retailers, convenient stores, and others. Among these, online retailers are dominating the market with the largest revenue share of 41.3% over the forecast period. In contrast to traditional storefronts, internet retailers frequently provide their products to clients all around the world 24 hours a day, seven days a week. In recent years, there have been numerous changes in the online space. Furthermore, the availability of a varied range of products on online platforms, as well as the ability to compare pricing, product designs, and features, will contribute to the expansion of online sales channels.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 53.7% market share over the forecast period. Growing demand for the product in North America is being driven by the growing popularity of winter fishing as a sport in countries such as the United States and Canada. Another significant motivator for individuals in North American countries is the availability of a large area of land open to authorized fishing. Furthermore, several forms of fishing contests are organized in the area, which is another significant factor fueling the demand for a broad assortment of reels. In contrast, Europe is predicted to grow the fastest during the forecast period. The increased demand for handcrafted goods has boosted the growth of European markets, particularly Italy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Fishing Reels Market include Stradic, Daiwa, Tica Fishing Tackle, 13 Fishing, Okuma Fishing Tackle, Kastking Creed, GT, Penn Spinfisher, Pflueger, Shimano, LL Bean, Orvis, Creed, ABU Garcia, BCF Australia, and among others.
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Recent Developments
On May 2023, Okuma has introduced new Okuma Ceymar "A" spinning reels. The Ceymar "A" is geared for everyday freshwater and light inshore fishermen looking to increase their fishing experience, with a variety of innovative features and enhancements. The corrosion-resistant frame, side plate, and rotor of Ceymar "A" spinning reels are built to last. Ceymar "A" will be sold for $59.99 to $79.99 and will come with a 1-Year Limited Warranty.
On January 2023, Shimano North America Fishing has announced new reel additions to its extensive portfolio of high-quality reels. The Speedmaster II 8 & 10, the Calcutta Conquest MD, and the SLX A Series are three new options that will appeal to a wide range of anglers, including salty bottom fisherman, tournament-savvy bass fans, and devoted swimbait experts.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Fishing Reels Market based on the below-mentioned segments:
Fishing Reels Market, Product Type Analysis
- Spinning Reel
- Baitcasting Reel
- Spincast Reel
- Fly Reel
- Others
Fishing Reels Market, Material Type Analysis
- Stainless Steel
- Aluminium
- Graphite
- Others
Fishing Reels Market, Sales Channel Analysis
- Direct Sales
- Hypermarkets/Supermarkets
- Specialty Stores
- Outdoor Sports Store
- Online Retailers
- Convenient Stores
- Others
Fishing Reels Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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