Archery Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Archery Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Archery Equipment market is projected to register a CAGR of 5.8% during the forecast period, 2022-2027.

In 2020, during COVID-19, many sports equipment industries including archery equipment affected due to the economic crisis. As outdoor sports activities were restricted due to the strict lockdown measure imposed by the government which led to the decline in sales of archery equipment. However, in 2021 market recorded a slight recovery due to the relaxed norms and the opening of sports clubs and recreational activities. Further, to overcome the pandemic some companies restructured their marketing initiatives to boost revenue. For instance, in December 2020, Toxon Technologies announced its Affiliate Program, which was designed to help independent archery stores in Canada generate revenue and connect with archers while store traffic was limited due to the pandemic. With the Affiliate Program, independent archery dealers sold Toxon's BOWdometer archery practice companion without having to carry additional inventory. BOWdometer is a tool that uses a combination of sensors to capture performance data during an archer’s shot.

The archery sport is emerging as one of the most favored recreational activities and witnessing increased participation across different parts of the key geographies, which in turn drives the demand for archery equipment. Moreover, the growing number of women contestants and high investment and initiatives by governments in the sports sector are also contributing to the growth of the archery equipment market. For instance, in June 2022, the Youth Affairs and Sports Ministry of India approved a total sum of INR 75 Lac to host the "Khelo India National Ranking Women Archery Tournament" over six phases. The first phase of the tournament was held in April 2022 and was hosted by TATA Archery Academy, Jamshedpur. Through this initiative, the government aims to create a competitive environment for the young girls that desire to participate in the Olympic games.

Improving the infrastructure of sports clubs has allowed people to play archery sports clubs. Various gaming centers or gaming zones are opening up archery as a sport in their complexes which is expected to boost the archery equipment market during the forecast period.

Key Market TrendsIncreasing Participation in Archery Sport

Rising consumer interest in archery sport as a recreational activity owing to the increased importance of physical fitness and well-being among the millennial population is a significant factor driving the demand for archery sports equipment. In the last few years, people have gained knowledge about the health benefits associated with archery sports which is accelerating the participation rate, especially among women and children. Further, Governments across different countries are including archery as a key sports activity in the school curriculum, as the practice of archery is believed to benefit children in many ways such as it helps cultivate mental stamina and self-confidence in young children. For instance, in certain schools in the United States, USA Archery and National Field Archery Association offer several programs such as National Archery in the Schools Program (NASP), Junior Olympic Archery Development Program (JOAD), and After School Archery Program (ASAP) to encourage school children to participate in archery.

Asia-Pacific Emerges as the Fastest Growing Region

The youth population in Asia-pacific is increasingly inclined towards sports increasingly preferring adventure sports to utilize leisure time which in turn drives the growing participation in archery sports, contributing to the growth of the archery equipment market in the region. Furthermore, sports authorities and government bodies of different countries such as Singapore, India, Japan, and South Korea are organizing various national level and regional archery tournaments and long-term development programs to encourage participation and improve the standard of archery sports to win more medals in the world archery championships. Archery equipment sales are likely to witness an increase on account of the steadily growing adoption of the sport among children as modern parents are aware of the cognitive health benefits associated with archery. It will contribute to more people taking up the sport, translating into new avenues of growth.

Competitive Landscape

The archery equipment market is highly competitive with the presence of global and regional players. A few of the key players operating in the global archery equipment market are Escalade, Inc, New Archery Products, Inc., PSE Archery, Inc., Jas. D. Easton, Inc, Vista Outdoor Inc., Mathews Archery Inc., and Axion Archery. Major players in the market are adopting various strategic approaches such as regional expansion, product launches, technological development, and mergers and acquisitions to enhance their position in the market. For instance, in January 2021, Toxon Technologies launched the BOWdometer Open Platform. The BOWdometer Open Platform allows archery manufacturers and app developers to use real-time shooting data from the BOWdometer archery practice companion in their products. This data can is available to enhance existing products or develop new products and apps for all archers from target archers to bowhunters.

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