The fishing rods market is poised to expand at a value CAGR of 4.5%, and is expected to create an absolute dollar opportunity of US$ 1.5 Bn during the forecast duration of 2020-2030. The outbreak of COVID-19 will have a short-term impact on the fishing rods market. However, rising participation in fishing activities and increasing fishing boat sales will drive the growth the fishing rods market over the coming years. Offshore wind farms provide an opportunity for the fishing industry. The U.S. Department of Energy has allocated approximately US$ 200 Mn for research, development, and demonstrations of offshore wind projects. As such, demand for fishing rods will increase in future.
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Key Segments of Fishing Rods Market
Fact.MR’s study on the fishing rods market offers information divided into five key segments-rod type, rod weight, flex type, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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Fishing Rods Market: Competitive Landscape
The fishing rods market is highly fragmented in nature with the presence of a large number of local players. Some of the prominent players in the market are Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St. Croix Rods, and Piscifun, among others.
The fishing rods market continues to grow at a steady pace, registering low-to-moderate growth in developed markets, with a slightly better expansion in developing markets. Low-entry barriers led to an influx of startups in the fishing rods landscape, which further added to the already intense competition. While stronger distribution remains the mainstay of leading players in the fishing rods market, emerging players are focusing on maintaining long-term relationships with existing suppliers.
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Key Takeaways from Fishing Rods Market Study
- The global fishing rods market is expected to be valued at US$ 2.7 Bn at the end of 2020, and is anticipated to surpass US$ 4.2 Bn by 2030-end.
- By rod type, spinning rods are foreseen to grow 1.7X than flying rods in 2020. On the other hand, casing rods will account for 18% of overall market share in 2020.
- By rod weight, lightweight is anticipated to grow, but lose 194 BPS over the course of the forecast duration.
- The fishing rods market in APEJ is expected to grow by experiencing a value CAGR of 5.5%, whereas, North America is projected to be valued 1.8X than Europe, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
“The COVID-19 pandemic has hit market players and will have short-term implications on the fishing rods market. However, e-Commerce websites have gained significant popularity in offering fishing gear. Manufacturers in the fishing rods market are seeing this as a revenue growth opportunity to increase their market presence,” says a Fact.MR analyst.
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