Fishing Reels Market Share, Size, Trends, Industry Analysis Report, By Product Type (Spinning, Baitcasting, Spincast, Fly); By Material Type; By Fishing Type; By Sales Channel; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3718
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global fishing reels market size and share was valued at USD 5404.89 million in 2023 and is expected to grow at a CAGR of 4.50% during the forecast period.
Growing innovations in the fishing reels market are playing a significant role in driving its growth. Okuma introduced a premium bass fishing rod that combines state-of-the-art engineering, superior craftsmanship, and unmatched performance. The X-Series Bass Rods are certain to transform the way bass fishing is done since they are made to fulfill the needs of even the most devoted fisherman. Incorporating advanced technologies such as advanced gear systems, improved drag systems, and enhanced materials has led to the development of high-performance fishing reels. These technological advancements provide anglers with smoother operation, increased durability, and improved casting and retrieval capabilities. Anglers are increasingly drawn to these innovative features, which drive the demand for new and improved fishing reels.
Fishing is an age-old profession of catching fish for food, recreation, trade, or other purposes. The activity requires the use of some essential tools, and fishing reels are one of them. A fishing reel is essentially a mechanical device that’s typically mounted onto a fishing rod and is primarily used to wind and stow fishing lines. Along with holding and spooling out fishing lines, the reels may be employed to get back a tethered arrow when bow fishing.
Several different types of fishing reels are available on the fishing reels market, with the most common ones being spinning reels, spincast reels, fly reels, and baitcasting reels. Spinning reels are known for being efficient and durable, whereas baitcasting reels provide top-notch precision and control. Spincast reels are beginner-friendly and excellent for catching small saltwater fish. Choosing a fishing reel primarily starts with knowing the type of fish that needs to be caught. The growing popularity of recreational fishing is one of the primary factors driving the fishing reels market growth.
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Industry Dynamics
Growth Drivers
- Increasing popularity of recreational fishing
The rising popularity of recreational fishing as a leisure activity has resulted in a larger consumer base for fishing equipment, including fishing reels. More people engaging in fishing activities drive the demand for high-quality and advanced fishing reels. With approximately 118 million people across North America, Europe, and Oceania actively engaging in fishing for recreation, there is substantial demand for fishing equipment, including fishing reels. As more individuals participate in the recreational fishery, the need for reliable and advanced fishing reels increases. This drives manufacturers and retailers to innovate and offer a wide range of fishing reel options to cater to fishing enthusiasts' diverse needs and preferences. The growing number of recreational anglers directly contributes to expanding the fishing reels market by creating a larger customer base and generating increased demand for fishing-related products.
The fishing reels market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.
The market report provides a thorough analysis of the fishing reels market, covering all the major aspects stakeholders need to know. It sheds light on the key developments and trends that are anticipated to drive the fishing reels industry demand over the forecast period. Besides, it maps the qualitative impact of various key factors on market segments and geographies. Furthermore, it examines the key steps taken by industry participants to strengthen their presence in the industry.
Report Segmentation
The market is primarily segmented based on product type, material type, fishing type, sales channel, and region.
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By Product Type |
By Material Type |
By Fishing Type |
By Sales Channel |
By Region |
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By Product Type
Spinning segment is expected to witness the fastest growth during the forecast period
The spinning segment is expected to have faster growth for the market during the forecast period. This offers versatility and ease of use, making it an attractive choice for beginners and experienced anglers. Its design allows for easy casting and smooth retrieval, enhancing the fishing experience. This accessibility has led to wider adoption of Spinning Reels among fishing enthusiasts, thus driving its market growth. Technological advancements have further fueled the growth of the spinning reel segment. Manufacturers are constantly innovating to improve the performance and functionality of Spinning Reels. They incorporate advanced drag systems, lightweight materials, and improved gear ratios to enhance the reel's efficiency and durability. These advancements attract anglers looking for high-quality and reliable fishing equipment, boosting the demand for Spinning Reels.
By Material Type
Aluminum segment is projected to witness the largest market share during the projected period
The aluminum segment holds the largest market share in the study period. It is widely recognized for its excellent strength-to-weight ratio. This characteristic makes it a preferred choice for manufacturing Spinning Reels, as it provides durability without adding excessive weight. Anglers value lightweight reels that are easily handled and comfortable for extended periods. The use of Aluminum in Spinning Reels allows manufacturers to create lightweight yet robust reels that meet the demands of anglers, thereby driving the growth of this segment. By using Aluminum in Spinning Reels, manufacturers can ensure that the reels can withstand the corrosive effects of saltwater, enhancing their longevity and performance. This corrosion resistance attribute of Aluminum attracts anglers who primarily engage in saltwater fishing, contributing to the segment's growth.
By Fishing Type
Saltwater Fishing segment is expected to hold the larger revenue share in the coming years
The saltwater segment will witness a larger revenue share in the coming years. It has gained significant traction among fishing enthusiasts around the world. The thrill and challenge of catching large and powerful saltwater fish species attract anglers seeking exciting experiences. As the popularity of saltwater fishing grows, the demand for fishing reels specifically designed for saltwater conditions increases, driving the market segment's growth. These reels designed for saltwater fishing come with specific features to enhance performance and durability.
By Sales Channel
Online Retailers segment is expected to have a higher growth rate during the projected period
The online retailer segment is projected to witness higher growth in the market during the forecast period. The convenience and accessibility of online shopping have led to a significant rise in consumers purchasing fishing reels online. Online retailers offer a wide range of options, competitive pricing, and the convenience of doorstep delivery, making it an attractive choice for many anglers. The growing popularity of online shopping platforms and marketplaces has contributed to the market's growth through this sales channel. They offer fishing reels from various brands, styles, and price ranges. Anglers can easily compare models, read customer reviews, and make informed purchase decisions. The availability of a wide product selection on online platforms attracts customers and drives the market's growth through online retailers.
Regional Analysis
APAC registered the highest growth rate in the study period
APAC is projected to witness a higher growth rate for the market. Rising government initiatives in developing countries are driving the growth of the market. The Department of Fisheries, Ministry of Fisheries, Animal Husbandry, and Dairying is driving the development of the fishing reel market in India through the implementation of the flagship scheme called "Pradhan Mantri Matsya Sampada Yojana (PMMSY) – to create Blue Revolution through sustainable and responsible development of the fisheries industry."
This scheme has a record investment of Rs. 20,050 crores over five years, from 2020-21 to 2024-25, covering all states and union territories in India. The PMSSY scheme creates favorable conditions for recreational and commercial fishing activities by improving infrastructure and modernizing fishing techniques. This, in turn, drives the demand for fishing reels as essential equipment for anglers and fishermen. The scheme also focuses on promoting aquaculture, which involves farming fish and other aquatic organisms. This diversification in the fisheries sector increases the need for specialized fishing reels suitable for different aquaculture practices.
North America is expected to witness a larger revenue share in the market. According to the latest data from the Recreational Boating & Fishing Foundation's (RBFF) 2022 Special Report on Fishing, there is a growing trend among Americans to embrace recreational fishing to find pleasure and relieve stress and anxiety. In 2021, 52.4 Mn Americans participated in fishing activities, reflecting a significant increase of 2.2 Mn compared to the previous two years and a remarkable growth of 7 Mn since the upward trend started in 2015. This surge in interest and participation in fishing activities is driving the development of the market. As more individuals engage in fishing for leisure, higher demand for quality fishing reels enhances their overall fishing experience. The increased enthusiasm for recreational fishing contributes to the expansion and development of the market in this region.
Competitive Insight
The Fishing Reels market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- 13 Fishing
- Abu Garcia
- Accurate
- Daiwa
- Fenwick
- G. Loomis
- Hardy
- Islander
- KastKing
- Lew's
- Mitchell
- Okuma
- Orvis
- Penn
- Pflueger
- Quantum
- Rapala
- Redington & Sage
- Ross
- Shakespeare
- Shimano
- St. Croix
- Van Staal
- Zebco
Recent Developments
- In January 2023, Shimano North America Fishing unveiled exciting additions to its diverse range of high-quality reels. These new offerings cater to the needs of various anglers, including saltwater bottom fishermen, avid bass enthusiasts, and dedicated swimbait experts.
- In August 2022, Penn, known for producing fishing reels, a game-changer in saltwater spinning reels introduced the all-new PENN Authority Spinning Reel, which has recently hit the shelves at Anaconda.
Fishing Reels Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 5636.22 million |
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Revenue Forecast in 2032 |
USD 7,990.74 million |
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CAGR |
4.50% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Material Type, By Fishing Type; By Sales Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
Navigate through the intricacies of the 2024 fishing reels market with precision, thanks to the comprehensive statistics on market share, size, and revenue growth rate assembled by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into the historical context but also extends its reach with a market forecast outlook until 2029. Immerse yourself in the richness of this industry analysis by securing a complimentary PDF download of the sample report.
FAQ's
The global fishing reels market size is expected to reach USD 7,990.74 Million by 2032
Key market players in the market 13 Fishing, Abu Garcia, Accurate, Daiwa, Fenwick, G. Loomis, Hardy, Islander, KastKing.
North America region contribute notably towards the global fishing reels market
The global fishing reels market is expected to grow at a CAGR of 4.4% during the forecast period.
The Fishing Reels Market report covering key segments are product type, material type, fishing type, sales channel and region.
