Global Fishing Reels Market - 2021-2028

Global Fishing Reels Market - 2021-2028

Market Overview

A fishing reel is a tubular apparatus connected to a fishing rod utilized in a stowing and winding line. New innovative fishing reels are known for their accuracy and distance, as well as retrieving lines. Fishing reels are hand-held or fixed on the gunwales of boats and are used to wind and pack fish in combination with fishing rods. They are conventionally utilized in the entertaining sport of competitive casting and angling. They are usually connected to a fishing rod, though a few specific reels are attached directly to boat transoms or gunwales. The rising popularity of recreational activities, such as fishing, among millennials, is likely to boost demand for the product over the projection period. The global fishing reels market is valued at USD XX million in 2020 and is forecasted to reach USD XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028)

Market Dynamics: Mounting popularity and rising demand from recreational anglers of sports fishing

Mounting popularity and rising demand from recreational anglers of sports fishing are estimated to drive the global fishing reels market size within the projected years. The growing popularity of sports fishing is anticipated to drive demand for fishing equipment and tools in the near future. Moreover, the rising demand from commercial fishing applications due to the criticism of mass fishing methods and increasing fisheries sector along with rising disposable income and leisure sports is also estimated to drive the demand for the global fishing reels market in the near future. Furthermore, as per the PNAS (Proceedings of the National Academy of Science) of the U.S. more than 220 million people are experiencing recreational fishing across the globe and this number is growing annually is anticipated to propel the global fishing reels market over the forecast period. However, to protect marine life, several countries’ governments worldwide have been executing licensing restrictions and rules which is estimated to hamper the growth of the global fishing reels market.

Market Segmentation: Spinning reel is the most widely applied type, holding about XX% of the global market

By type, the spinning reel type segment was accounted for the largest market share of the global fishing reels market in 2020 and it is estimated to be the dominating segment during the projected years. This is owing to spinning reels being chosen for their benefits including effortless and simple operability. These reels, also referred spinners, are especially advantageous when utilizing lighter baits, including soft plastics or live baits. Spinners are most famous and preferred by the ones who are new to fishing. Baitcasting reels accounted for the second-largest market share of the global fishing reels market and are expected to exhibit significant growth owing they are preferred by skilled anglers due to these products made available for lengthier casts than spinning gear. Moreover, these reels assist anglers in cast lures, including crankbaits, spinnerbaits, and jigs, with improved accuracy.

Geographical Penetration: North America is the largest market for fishing reels with a share of nearly XX% in global sales value in 2020

By geography, North America holds the highest market share of the global fishing reels market in 2020 and is anticipated to be the largest regional market during the projected year. This is owing to more than 49 million people participating in recreational fishing in the U.S. annually. The presence of a huge number of anglers in North America is also estimated to propel the demand for fishing reels in the region in the near future. The European market has observed significant growth in the market, due to the increasing demand for handcrafted products in the region, most notably Italy. Asia-Pacific is estimated to exhibit the fastest growth rate over the assessment period due to the rising popularity of the fishing sport in the region. China is dominating country for the exporter of fishing reels across the globe.

Competitive Landscape:

The global fishing reels market is highly competitive with the presence of many formulators. Some of the major players of the market include Shimano Fishing, Daiwa, Okuma Fishing, Pflueger and Penn Spinfisher among others. They have strengthened the market through their product offerings. Continuous innovation to introduce new products is the key competitive factor in the market. The key players across the globe are expected to concentrate on creating handmade pieces to attract a diverse set of buyers. Various players are focused to produce innovative anodizing methods and totally sealed drag systems. For instance, in July 2021, Orvis has announced the launch of the Helios Blackout Rod collection. The innovative fly rod collection is hand-built. NingBo HaiBao Fishing Tackle Co., Ltd. expanded its product portfolio to various types of fishing reels, including spincast reels, spinning reels, and baitcast reels.

COVID-19 Impact: The market witnessed a negative impact

Because disposable incomes are decreased and the leisure sports industry suffers, the economic implications of the Covid-19 lockdowns are anticipated to have a negative impact on the fishing reels market. Because it is the most afflicted region by the outbreak, North America, one of the most important regions in the fishing reels market, will witness the greatest drop in demand. However, despite a drop in retail fishing reel sales, consumers' increased usage of virtual technologies would boost online buying, which is predicted to progressively increase sales in the post-COVID period. Furthermore, manufacturers anticipate a near-term opportunity due to strong global expansion in the number of fishermen. This is anticipated to result in increased demand for fishing equipment and gear, including fishing reels, during the post-pandemic period.

Why Purchase the Report?
Understand the current market scenario and viability of global fishing reels over the forecast period
Visualize the composition of the global fishing reels market in terms of type, and application to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining to the market

What we offer?
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global fishing reels market regional and ccountry level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

Target Audience:
Fishing Reels Manufacturers
Fishing Communities
Industry Investors/Investment Bankers
Education & Research Institutes
Research Professionals