With a projected revenue of US$ 1,136.1 million in 2022, the global archery equipment market is expected to grow at a compound annual growth rate (CAGR) of 6.1% to reach US$ 2,062.7 million by the end of 2032.
Since many prospective nations have not yet adopted archery as a major sport, there is comparatively less money spent on archery equipment. In 2021, archery equipment accounted for about two percent of global sports goods consumption; however, by 2032, it is expected to rise to five percent.
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Nowadays, archery has evolved into a contemporary activity that appeals to people of all ages and genders. It is acknowledged that archery is a pleasurable pastime in addition to a competitive sport. Another factor contributing to the sport's widespread adoption and a major force behind the equipment business is the mobility of archery gear.
Throughout history, archery activities have grown in popularity among younger people. Target archery is a lifetime hobby, and programs like "explore archery" are made specifically for newcomers to teach the fundamentals of the discipline. Events such as equipment contributions for archery also help the players who are struggling financially. For example, MDC provides St. Louis Country Police with archery equipment for its youth program.
Key Companies Profiled
- Escalde Inc
- The Bohning Company
- Outdoor Group LLC
- Simack Sports
- Easton Archery
- Daisy Outdoor Products
- Mathews
- Martin Archery
- Darton Archery
- Bear Archery
Due to the aforementioned historical trends, sales of archery equipment increased at a compound annual growth rate of 5.6% between 2017 and 2021.
The market for archery equipment will grow as a result of research and development into player-friendly equipment, and equipment donation will remain a significant factor in the industry during the projection period. The planning of initiatives such as national event series and national archery school programs stimulates student interest in archery, which in turn boosts sales of archery equipment.
The main factor influencing its adoption is the portability of archery equipment
The main equipment for archery is a bow and arrow, making it an extremely versatile game. Kids' interest in archery has grown thanks to the development of kid-friendly bows and arrows. Also, the introduction of collapsible bows and arrows has improved their mobility and, consequently, their uptake among young people who value convenience.
Because it's so simple to use, archery is becoming more and more popular as a recreational activity at camps and tours. Such moderately strenuous sporting events are popular weekend excursions in natural areas.
The archery sport's equipment market is expected to grow in the next years due to development driven by consumer participation
The younger generation's participation in archery is increased by the development of programs like 3D shooting. Archery is a 3D shooting game in which you walk the course. A single shot is allowed to each archer at a three-dimensional target, such as an animal's foam. The younger generation finds them to be thrilling excursions.
In addition, archery is a rapidly expanding sport. Over the past several years, there has been a notable growth in the number of people who participate in archery, especially women and girls. Additionally, improvements in CAM design, laser range finder technology, and arrow speed are examples of technical developments in archery equipment that spur interest in the sport and grow the market for archery equipment.
The lack of archery ranges and increased product costs will restrict market expansion
Professional archery equipment is expensive and out of reach for those with lesser incomes. All age groups have enjoyed archery as a hobby, but due to the high cost of equipment, professional involvement in the sport is very low.
In addition, larger areas and particular topography are needed for the competitive sport of archery. For example, 220 yards is the normal archery practice range. The amount of competitive archery practice is limited by the inaccessibility of such a range. The sales of archery equipment have been constrained by these issues together.
Competitive Landscape
The top producers of archery gear are concentrating on acquisitions as a means of growing the company's geographic reach and diversifying its line of products. In addition, producers concentrate on developing and innovating new items to introduce products that are beneficial to archers, such as laser rangefinders. Additionally, manufacturers are working with different schools and organizations to raise young understanding of sports.
- In honor of the company's 90th anniversary, Bear Archery revealed their portfolio of conventional compounds and crossbow accessories in October 2023.
- Escalade and Life Fitness inked an absolute agreement in January 2022 for Escalade to purchase the assets of Brunswick Billiards in order to increase marketing tactics with enhanced supply chain, logistics, RD, and retail distribution.
Segmentation of Archery Equipment Industry Research
- By Product Type:
- Bows
- Compound
- Recurve
- Crossbow
- Others
- Arrows
- Target and 3D
- Hunting Arrow
- Traditional Arrow
- Targets
- Bag Target
- Foam Layer Block
- 3D Practice
- Accessories and Support Equipment
- Bow Accessories
- Arrow Components
- Range Equipment
- By Archery Style:
- Target Archery
- Bow Hunting
- By Buyer Type:
- Individual
- Promotional
- Institutional
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Oceania
- MEA
The global archery equipment market is poised for steady growth, driven by increasing interest in archery as both a competitive sport and recreational activity. The market's expansion is supported by advancements in equipment technology, rising participation in archery events, and growing awareness of the sport's benefits.
FAQ:
Which type of archery equipment holds the largest market share?
Bows accounts for 51.3% share of global sales in 2021.
Which region dominates the archery equipment market with the highest market share?
North America tops the global archery equipment market and will account for 45.4% market share by the end of 2022.
How has the archery equipment market performed in recent years?
During 2017-2021, sales of archery equipment increased at 5.6% CAGR.
