[Research Report] The fishing reels market is expected to grow from US$ 6,254.74 million in 2021 to US$ 8,958.36 million by 2028. It is estimated to rise at a CAGR of 5.30% from 2021 to 2028.
A fishing reel is a cranking reel attached to a fishing rod used to wind and stow fishing lines. It is traditionally utilized in the recreational sport of angling and competitive casting. The rising awareness regarding various types of fishing reels, the increasing number of anglers in developing countries, and the growing popularity of recreational activities among millennials are the key factors fueling the demand for fishing reels, which is expected to drive the market growth during the forecast period. However, the high preference for rented equipment is likely to hamper the market growth over the long run.Europe is considered one of the largest markets for fishing reels worldwide due to an increasing number of anglers across the region. The fishing reels market in Europe is expected to grow at a remarkable CAGR over the forecast period. The significant presence of fishing tackle manufacturers in this region is the key factor behind this growth. According to the Social and Economic Aspects of Recreational Angling report 2019, around 2,900 manufacturers and wholesalers and 12,900 retail and sports serving shops are present across the region. An increased presence of manufacturers is expected to lead to various developments and innovations in the product development stage of fishing reels. At the same time, the rise in the number of retail shops will enhance the availability of fishing reels, supporting the market growth in Europe.
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Fishing Reels Market: Strategic Insights
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Fishing Reels Market: Strategic Insights
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Impact of COVID-19 Pandemic on Fishing Reels Market
The ongoing pandemic has drastically altered the status of the chemical and materials sector and negatively impacted the growth of the fishing reels market. Implementing various measures to combat the spread of the virus has aggravated the situation and impacted several industrial sectors' growth. The shutdown of manufacturing units, difficulty in procuring raw materials, and restrictions on imports and exports have hampered the market considerably. The lockdowns and movement restrictions are causing massive shipping delays in Asia Pacific, where most fishing reels are manufactured. For instance, China is a key manufacturing hub of fishing reels, and, due to the pandemic, the Chinese ports were operating at 40, 50, or 60% capacities between 2020 and 2021.
Introducing the COVID-19 vaccine has eased the situation to some extent, leading to a rise in business activities across the world. Also, with relaxation in Covid-19 related norms, people are increasingly getting involved in leisure activities, and the demand for fishing gear, including reels, has risen. As per the study conducted by the Recreational Boating and Fishing Foundation in 2021, 55 million Americans went fishing in 2020, among which 4.4 million went fishing the first time, which is a 42% increase. An increase in fishing activities and a rise in rookie anglers are expected to increase the demand for fishing reels, most commonly spinning reels. This, in turn, is likely to keep the demand for fishing reels high, thereby positively impacting the market over the next few years.
Market InsightsRising Awareness Regarding Different Fishing Reels
A fishing reel is a mechanical device linked to a fishing rod that uses a revolving arm to store, release, and collect the fishing line. Most anglers prefer a specific style of fishing reel based on their location, target species of fish, budget, and level of experience. Beginners usually prefer or opt for spinning reels, also known as spinners as they are relatively priced low and are easy to use. They are widely available and are the most widely adopted type of fishing reel across the globe. Professional anglers opt for baitcasting reels, and this segment is expected to register high growth during the forecast period.
The spinning reel is quite popular among anglers of all levels due to its superior open-faced design, providing the required adaptability while offering excellent usability and accuracy. In reality, the design allows the spool to have an extensive line capacity while being simple to switch lines as needed. Therefore, it is essential to equip the fishing rod with the appropriate reel because each type of fishing reel requires a distinct skill level and function. Thus, the rising awareness regarding the use and benefits of different types of fishing reels is driving the market substantially.
Type Insights Based on the type, the fishing reels market is segmented into spinning reels, baitcasting reels, spin-cast reels, and other reels. The spinning reel segment accounted for a larger market share in 2020 and is expected to grow at a significant rate during the forecast period. Spinning reels is a smooth and high-quality drag system that can be used when drift fishing in a current, allowing the fish to run with the bait before engaging the reel and striking. Thus, the growing demand for sport fishing equipment is expected to boost the demand for spinning reels during the forecast period. Baitcasting reels can carry heavy lines and have much pulling power, making them an excellent choice for larger fish, thereby boosting the segment's growth.
Distribution Channel Insights
Based on distribution channel, the fishing reels market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment is anticipated to grow, owing to a large number of consumers worldwide continuing to favor these stores since these stores allow them to assess the quality and design of products. The supermarkets and hypermarkets segment offers a diverse product combination and several brands of fishing reels, all under one roof, fueling the segment's growth.
A few players operating in the fishing reels market are Accurate Fishing; Innovative Reels Technologies Ltd.; Rather Outdoors, LLC.; The Orvis Company; Piscifun; Eposeidon Outdoor Adventure Ltd.; Cadence; JiuYu Fishing Tackle Co., Ltd.; NingBo HaiBao fishing tackle co., Ltd.; Cabela's LLC. These companies are actively taking up strategies, such as mergers and acquisitions and research and development, to expand their customer base and gain significant share in the global market, allowing them to maintain their brand name worldwide.
Report Spotlights
- Progressive fishing reels market trends to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing fishing reels markets
- Quantitative analysis of the fishing reels market size from 2019 to 2028
- Estimation of global fishing reels market demand
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Fishing reels market trends and outlook as well as factors driving and restraining the growth of the fishing reels market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the fishing reels market growth
- The fishing reels market size at various nodes
- Detailed overview and segmentation of the market, as well as the fishing reels market dynamics
- Fishing reels market size in various regions with promising growth opportunities
Fishing Reels Market Regional Insights
Fishing Reels Market Regional Insights
The regional trends and factors influencing the Fishing Reels Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fishing Reels Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Fishing Reels Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 6.25 Billion |
| Market Size by 2028 | US$ 8.96 Billion |
| Global CAGR (2021 - 2028) | 5.30% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Fishing Reels Market Players Density: Understanding Its Impact on Business Dynamics
The Fishing Reels Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fishing Reels Market are:
- Accurate Fishing
- Innovative Reels Technologies Ltd.
- Rather Outdoors, LLC.
- The Orvis Company
- Piscifun
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Fishing Reels Market top key players overview
The global fishing reels market has been segmented as mentioned below:
By Type
- Spinning Reel
- Baitcasting Reel
- Spincast Reel
- Others
By Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- Others
Company Profiles
- Accurate Fishing
- Innovative Reels Technologies Ltd.
- Rather Outdoors, LLC.
- The Orvis Company
- Piscifun
- Eposeidon Outdoor Adventure Ltd.
- Cadence
- JiuYu Fishing Tackle Co., Ltd.
- NingBo HaiBao fishing tackle co., Ltd.
- Cabela's LLC
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
In 2020, Europe held the largest share of the global fishing reels market. The various countries from the Europe region are witnessing an upsurge due to growth in sports and recreational activities which is fueling the market growth during the forecast period.
The major players operating in the global fishing reels market are Accurate Fishing; Innovative Reels Technologies Ltd.; Rather Outdoors, LLC.; The Orvis Company; Piscifun; Eposeidon Outdoor Adventure Ltd.; Cadence; JiuYu Fishing Tackle Co., Ltd.; NingBo HaiBao fishing tackle co., Ltd.; Cabela’s LLC; among others.
The spinning reels segment held the largest share of the global fishing reels market in 2020. The spinning reel is the most popular reel used by fishermen of all levels because of its superior open-faced design. Due to the benefits and ease of use, the demand for the spinning reel is expected to grow during the forecast period.
The specialty stores segment held the largest share of the global fishing reels market in 2020. A substantial proportion of consumers around the world continue to favor these stores since these stores allow them to assess the quality and design of products, while the presence of trained staff help the customers with the required assistance in making a decision.
. Asia Pacific is estimated to register the fastest CAGR in the global fishing reels market over the forecast period. Various countries from the Asia Pacific region are witnessing a surge in fishing activities due to an increasing trend of recreational fishing across countries such as Australia, China, India, among others. Along with this, the different types of fishing activities practiced in different countries across the region will have a positive impact on the fishing reels market across the Asia Pacific.
The online retail segment is the fastest growing segment in the global fishing reels market during the forecasted period. The online segment has grown significantly over the last decade. Moreover, various developments in the internet space have occurred in recent years with many manufacturers utilizing e-commerce and social media platforms for marketing as well as distribution.
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The List of Companies - Fishing Reels Market
- Accurate Fishing
- Innovative Reels Technologies Ltd.
- Rather Outdoors, LLC.
- The Orvis Company
- Piscifun
- Eposeidon Outdoor Adventure Ltd.
- Cadence
- JiuYu Fishing Tackle Co., Ltd.
- NingBo HaiBao fishing tackle co., Ltd.
- Cabela’s LLC
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