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Archery is an activity which involves the launching of arrows with the help of bows. It was invented for hunting animals and for survival purposes in the past, but with the passage of time, it substantially evolved and is now considered as an art, sport, skill, and practice. It is also a popular leisure-time activity.
This activity is majorly known to enhance certain physical and mental abilities of players especially in children, making it one of the most desirable sports activities in the world.
Archery equipments primarily consist of bows, arrows, bracers, finger tabs, quivers, bow stands, stringers and targets and a wide range of accessories meant for the protection of archers from injuries. These equipments are available in various sizes, shapes, and color and are designed for beginners, recreational, and experts accordingly.
Archery is one of the most widely played sports and is also an important part of several international gaming events such as The Olympics and The Commonwealth Games etc. High-quality archery equipments are required by the players in these international tournaments for better performance.
The global archery equipment market is projected to grow at a moderate rate in the forthcoming years.
The growth of this market is attributed towards major pertaining factors including; the growing preference for archery as a recreational sport globally, the worldwide increasing female participation in local tournaments and international competitive events, the increasing popularity of archery equipment across multiple regions, the high rate of youth participation in recreational activities, the increasing number of institutional bodies supporting archery and the rising acceptance of archery equipment for hunting drives etc.
Additionally, the governments across various regions around the globe are seen to be formulating various policies and programs to promote archery as a professional sport and for the purpose bringing growth in public participation. They are increasingly investing in games and sports and are forming special central federations, organizations, and associations for appropriate progress and development of archery as a sport. For instance, The Archery Association of India, Archery Association of Serbia, and Archers Association of America have been established in their respective regions. This is set to escalate the demand comprehensively and also open new doors for the expansion of the archery equipments market in the near future.
Moreover, the number of sports clubs and gaming centers around the world has been on a steep rise recently. Not only that, the availability of advanced training facilities for archers in many of these clubs and gaming centers is proliferating extensively. This enhancement in infrastructure for sports activities globally has increased the opportunities for people to practice archery and develop the required skills. This is providing ample scope for the increase in demand for archery equipments globally.
Furthermore, other factors such as the growing availability of high-quality bows, arrows, and gear leading to a large population of people to practice archery as a skill, the increasing consumer awareness regarding sports and fitness, the increasing reputation of archery sport across the world, the expansion of manufacturers through e-commerce and the rising disposable incomes of people further augments the growth of the market.
However, the only factor that restrains the growth of this market heavily is the presence of counterfeit products at lower prices, predominantly in the North American region.
ARCHERY EQUIPMENT MARKET SEGMENTATION:
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The European region is the most prominent regional market for archery equipment and is expected to continue to dominate in the market in the foreseeable future as well. This can be accounted to various factors such as the presence of large populace of people playing Archery as a recreational sport in the region, the surging establishment of official organizations and institutions by governments for the purpose of propelling public participation in the sport, the increasing prevalence of indoor sports in the region and the presence of well-established market players in the region etc.
The Asia Pacific region is the fastest growing regional market for archery equipment and is projected to witness robust growth in the upcoming years as well. The growth in the region can be well attributed to factors such as; the increasing awareness in people regarding Archery as a sport, the growing number of sports clubs and gaming centers in the region and the increasing disposable incomes of people in the major economies of the region etc.
FEW KEY PLAYERS IN ARCHERY EQUIPMENT MARKET:
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