Global Fishing Reels Market Insights Forecasts to 2032
- The Global Fishing Reels Market Size was valued at USD 5.26 Billion in 2022.
- The Market is Growing at a CAGR of 5.7% from 2022 to 2032
- The Worldwide Fishing Reels Market Size is expected to reach USD 9.17 Billion by 2032
- Europe is Expected to Grow the fastest during the forecast period
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The Global Fishing Reels Market Size is expected to reach USD 9.17 Billion by 2032, at a CAGR of 5.7% during the forecast period 2022 to 2032.
A fishing reel refers to a hand-cranked reel commonly utilized in fishing to reel in and stow bait lines. It is usually attached to a fishing rod, although it may be utilized as well for retrieving a hooked arrow while bow fishing. Traditionally fishing reels are employed in the leisure pastime of angling. They tend to work in tandem with a fishing rod, while certain specialty reels are fastened tightly to boat gunwales or transoms. There are many different types, designs, and specifications of fishing reels available in the present day. All of them are intended for a specific style of fishing. Bait casting reels or traditional reels, spinning reels, and fly reels are among the majority of common types. Due to a robust fisheries industry and the worldwide increase in the number of recreational sports gaining popularity, the fishing reels market has been gradually growing in the past few decades.
The major key players in the global fishing reels market include Stradic, Daiwa, Tica Fishing Tackle, 13 Fishing, Okuma Fishing Tackle, Kastking Creed, GT, Penn Spinfisher, Pflueger, and Shimano. With the goal of gaining a competitive advantage over competitors, these corporations are increasingly focused on R&D to manufacture technologically improved products. In this context, manufacturers are increasingly using lighter metals, such as aluminum and alloys, to lower the weight of reels, according to rising consumer demand.
For instance, on May 2023, Okuma has introduced new Okuma Ceymar "A" spinning reels. The Ceymar "A" is geared for everyday freshwater and light inshore fishermen looking to increase their fishing experience, with a variety of innovative features and enhancements. The corrosion-resistant frame, side plate, and rotor of Ceymar "A" spinning reels are built to last. Ceymar "A" will be sold for $59.99 to $79.99 and will come with a 1-Year Limited Warranty.
Global Fishing Reels Market Report Coverage
|Market Size in 2022:||USD 5.26 Billion|
|Forecast Period 2022-2032 CAGR:||5.7%|
|2032 Value Projection:||USD 9.17 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product Type, By Material Type, By Sales Channel, By Region.|
|Companies Covered:||Stradic, Daiwa, Tica Fishing Tackle, 13 Fishing, Okuma Fishing Tackle, Kastking Creed, GT, Penn Spinfisher, Pflueger, Shimano, LL Bean, Orvis, Creed, ABU Garcia, BCF Australia.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The increasing number of people taking advantage of outdoor recreation among millennials, such as fishing, is predicted to produce an increased demand for fishing reels over the projection period. Furthermore, the overall fishing reels market is predicted to develop significantly throughout the forecast period due to the growing influence of the marine industry on a nation's GDP. The growing popularity of recreational, leisure, and sporting hobbies is expected to fuel the expansion of the fishing reels sector. In addition, fishing is growing increasingly common among people of all ages all over the world.
The rising curiosity younger generations have in fishing and related activities has produced new business opportunities for players. In addition, fishing has become one of the most popular outdoor hobbies for both children and adults. Furthermore, parents are motivating their children to begin fishing because it helps them improve their focus and perseverance. Additionally, there are also a variety of easy fishing poles available that are specifically made for youngsters. As a result, the growing interest of children in fishing activities, as well as the simple availability of fishing equipment for children, fuels the expansion of the fishing reels market.
Furthermore, introducing and launching new fishing gadgets has been a popular practice to entice potential customers. Producers' ability to supply higher quality reels as a result of enhanced production processes is enhancing sales possibilities. To build a position in the fishing reels market, certain organizations are even offering innovative technologies. In addition, companies are expanding their customer base outreach by offering products to consumers and fishing club customers via e-Commerce and other internet-based platforms.
By Product Type Insights
The spinning reel segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global fishing reels market is segmented into the spinning reel, baitcasting reel, spin cast reel, fly reel, and others. Among them, the spinning reel sector has the highest revenue share of 38.6% over the projection period, owing to the rising usage of spinning reels among fishermen for an extended period of time. Spinning reels are chosen due to their advantages such as ease of use. Spinning reels, often known as spinners, are very useful for fishing with lighter baits such as live hooks or soft plastics. Spinners are the most popular among novice fishermen. Additionally, the primary advantage of spinning reels is that they are more maneuverable than traditional fishing rods. They can be utilized in both saltwater and freshwater environments, using bait or lures, and for both freshwater and saltwater game species.
By Material Type Insights
The stainless steel segment is witnessing significant CAGR growth over the forecast period.
On the basis of material type, the global fishing reels market is segmented into stainless steel, aluminium, graphite, and others. Among these, the stainless steel segment is witnessing significant CAGR growth over the forecast period. The main characteristics of stainless steel reels are opulence, versatility, corrosion resistance, durability, and strength, which make them an excellent option for fishing in saltwater as well as freshwater. Product manufacturers are incrementally incorporating stainless steel and electroplated components onto these reels to improve fishing handling. Such variables are expected to facilitate growth over the forecast period. However, the ever-changing costs of the raw materials essential to make stainless steel are a crucial problem that may stymie the segment's progress.
By Sales Channel Insights
The online retailers segment accounted for the largest revenue share of more than 41.3% over the forecast period.
On the basis of sales channel, the global fishing reels market is segmented into direct sales, hypermarkets/ supermarkets, specialty stores, outdoor sports stores, online retailers, convenient stores, and others. Among these, the online retailers are dominating the market with the largest revenue share of 41.3% over the forecast period. With regard to conventional storefronts, online retailers often provide their items to customers throughout the world 24 hours a day, seven days a week. Various developments in the internet space have occurred in recent years. Additionally, this development is related to expanding smartphone usage, rising accessibility to the Internet, increasing acceptance of e-commerce services, and improving supplier investments to strengthen their digital footprint. Furthermore, the readily accessible nature of a diverse selection of products on online platforms, as well as the opportunity to compare prices, product designs, and features, will contribute to the growth of online sales channels.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 53.7% market share over the forecast period. Growing demand for the product in North America is being driven by the rising popularity of winter fishing as a pastime, which is being driven by nations such as the United States and Canada. A further major encouragement for people in North American countries is the accessibility of a wide area of land open to lawful fishing. Furthermore, a large number of anglers and marine travelers, as well as increased government attempts to support the expansion of the Blue economy due to its significant impact on the region's GDP, has contributed to the region's supremacy in the global market. On top of that, various types of fishing contests are held in the local area, which is another notable aspect driving robust demand for a diverse selection of reels.
Europe, on the contrary, is expected to grow the fastest during the forecast period. The rising demand for handcrafted products has been strengthening the growth of the European markets, most notably Italy. Furthermore, in Europe an estimated approximately 10 million people, or 1.6% of the population, are engaged in marine recreational fishing, spending about $6.7 billion a year, and fishing for around 77 million days a year. In addition, the increasing presence of top global brands in the region is leading to rough competition among the players. To tackle such barriers, players are increasingly adopting new product launches and innovation in the existing reels.
The Asia Pacific market is expected to register a substantial CAGR growth rate during the forecast period. There are several opportunities for game fishing in this region. Furthermore, the region's growing popularity of anglers for recreation has created a solid consumer base for the fishing reels market over the years. China persists to be the world's leading exporter of fishing reels.
List of Key Market Players
- Tica Fishing Tackle
- 13 Fishing
- Okuma Fishing Tackle
- Kastking Creed
- Penn Spinfisher
- LL Bean
- ABU Garcia
- BCF Australia
Key Market Developments
- On May 2023, Okuma, a global leader in spinning reels, has released their latest product, the Inspira ISX "A" Spinning Reel. The Inspira ISX uses cutting-edge spinning reel technology to deliver incredible stability, smoothness, and power, and it promises to be a game changer for fishermen everywhere. The body of the Inspira ISX is built with Okuma's Torsion Control Armor (TCA) technology. TCA uses C-40X carbon fiber and a double arm design to provide stronger torsion and flex resistance under heavy pressure than typical single side designs. The Inspira ISX "A" will be priced between $99.99 and $104.99.
- On March 2023, DAIWA Introduces the TATULA MQ LT Spinning Reel, the new Tatula MQ LT encompasses a plethora of characteristics, beginning with its one-piece MONOCOQUE ZAION V body. This design framework allows for larger gears, which promotes enhanced torque and power from the start while maintaining the same gear ratios (5.8:1 and 6.2:1) as competing spinning reels.
- On January 2023, Shimano North America Fishing has announced new reel additions to its extensive portfolio of high-quality reels. The Speedmaster II 8 & 10, the Calcutta Conquest MD, and the SLX A Series are three new options that will appeal to a wide range of anglers, including salty bottom fisherman, tournament-savvy bass fans, and devoted swimbait experts.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Fishing Reels Market based on the below-mentioned segments:
Fishing Reels Market, Product Type Analysis
- Spinning Reel
- Baitcasting Reel
- Spincast Reel
- Fly Reel
Fishing Reels Market, Material Type Analysis
- Stainless Steel
Fishing Reels Market, Sales Channel Analysis
- Direct Sales
- Specialty Stores
- Outdoor Sports Store
- Online Retailers
- Convenient Stores
Fishing Reels Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of the Fishing Reels market?The Global Fishing Reels Market is expected to grow from USD 5.26 billion in 2022 to USD 9.17 billion by 2032, at a CAGR of 5.7% during the forecast period 2022-2032.
2. Which are the key companies in the market?Stradic, Daiwa, Tica Fishing Tackle, 13 Fishing, Okuma Fishing Tackle, Kastking Creed, GT, Penn Spinfisher, Pflueger, Shimano, LL Bean, Orvis, Creed, ABU Garcia, and BCF Australia
3. Which segment dominated the Fishing Reels market share?The online retailers segment in distribution channel type dominated the Fishing Reels market in 2022 and accounted for a revenue share of over 41.3%.
4. What are the elements driving the growth of the Fishing Reels market?The rising popularity of leisure activities in North American and European countries, as well as the expanding number of fishing tackle shops globally, are key factors driving market expansion.
5. Which region is dominating the Fishing Reels market?North America is dominating the Fishing Reels market with more than 53.7% market share.
6. Which segment holds the largest market share of the Fishing Reels market?The spinning reel segment based on product type holds the maximum market share of the Fishing Reels market.
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