The changing dynamics Fishing Reels Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Fishing Reels Market.
It was estimated prior to this unanticipated outbreak Fishing Reels Market will reach CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Fishing Reels Market Insights
Fishing Reels Market is likely to witness a CAGR of 4.2% during the forecast period. The increase in attractiveness of different recreational for their benefits activities, and the impact of COVID-19 pandemic are the major factors driving the growth of the fishing reel market during the forecast period.
Market Share Analysis
Fishing Reels Market Share: By Type
Based on the type, the market is segmented as spinning reel, baitcasting reel, spincast reel, and others. Spinning reel segment is estimated to be the leading type of the market and are preferred for their offered advantages such as simple and effortless operability. These are also known as spinners, which are specifically helpful when lighter baits are used, such as live baits or soft plastics, and are also very popular among anglers who are new to fishing, eventually fueling the market growth during the forecast period. Furthermore, the baitcasting reels are considered by professional anglers owing to their allowance for longer casts as compared to that of a spinning gear.
Fishing Reels Market Share: By Distribution Channel Type
Based on the distribution channel type, the market is segmented as online and offline. The offline segment held over 87% share of the global revenue in the year 2019 and is estimated to be the dominating distribution channel type in the market during the forecast period. Some of the popular offline channels for fishing reels include specialty stores, departmental stores, discount stores, and individual sports outlets which are highly preferred by the consumers across the world as these retails outlets help them to estimate the product’s design and quality. Furthermore, growing requirements for purchase assistant across the globe is expected to boost the product demand in the market during the forecast period.On the other hand, online segment is estimated to be the faster growing segment in the market during the forecast period owing to various development in recent years.
Fishing Reels Market Share: By Region
In terms of regions, North America is estimated to be the largest region in the market with U.S and Canada being the major countries with lucrative growth opportunities owing to the growing popularity of ice fishing as a sport in the regional market during the forecast period. One of the major factors fueling the growth of the regional market is the availability of a large expanse of land open to legal fishing. Moreover, Asia-Pacific is estimated to be the fastest-growing region in the market owing to its offered location hosts for game fishing accelerating the market growth in the upcoming years. Europe is also expected to offer substantial growth opportunities during the forecast period.