Lord of the Rings. The Hunger Games. The Avengers. Game of Thrones. We’ve gotten to see some impressive archery in the mainstream media and its impact is being felt throughout the sport. And if event owners want a look at the influencing factors and even 10-year forecast, a new report has that information.
Archery Equipment Market Forecast, Trend Analysis & Competition Tracking - Global Market insights 2018 to 2028, compiled by Fact.MR, was recently published and is available now.
Among the influencers driving the archery trend are the following:
Focused Initiatives by Government Bodies and Archery Institutions to Support Archery Equipment Sales
Not just in the U.S. but worldwide, governmental entities are realizing the benefits of including archery as a sport in schools. Not every student will be attracted to traditional sports, particularly those involving a large audience; in fact, it is this point that is driving the uptick in other single sports, such as bass fishing and triathlon.
USA Archery and National Field Archery Association offer programs such as National Archery in the Schools Program (NASP), Junior Olympic Archery Development Program (JOAD), and After School Archery Program (ASAP) to encourage student archery, leading to an uptick in the demand for archery equipment. Which brings us to the next point.
Advancements in Technology are Helping to Drive the Archery Market
Earlier this year, two state-of-the-art auto-range digitalized laser-powered bow sights were introduced in the archery equipment market, marking a unique advancement. These bow sights have been launched in partnership with the 2018 Archery Trade Association (ATA) Trade Show held in Indianapolis at the start of the year. High-tech innovation has redefined traditional archery equipment, creating a significant jump in performance of archery equipment.
The Promotion of Archery as a Recreational Activity Helps Drive Enthusiasm.
Data from the Archery Trade Association indicates that the participation of adult Americans in archery has increased exponentially in the last few years.
The Female Archery Population is Growing
An increasing participation by women in the sport of archery is being noticed, fueled in no small part by the media (we’re sure by now, everyone has seen the Bridgestone Tire commercial with Khatuna Lorig) this is a trend that is expected to continue
The Sport Has a Global Reach
Archery as a sport is finding widespread adoption across key regions of the globe. Asian countries such as China and Korea continue to dominate in various international archery competitions. This is projected to boost the revenue share of archery equipment in the Asia Pacific region in the near future.
Archery Equipment is Sold Through Diverse Sales Channels
Archery equipment continues to be sold through independent sports outlets, modern trade channels, direct to customer channels, and third-party online channels. Of these, sales through third party online channels is anticipated to witness the highest growth rate through 2028, followed by sales through the direct to customer channel.
One Bad Thing: Counterfeit Equipment is on the Rise
As soon as a sport gains success, counterfeit equipment pops up. It’s unfortunately a phenomenon that spans (and scams) all sports. Sometimes, the counterfeits have to do with apparel (jerseys and shirts bearing illegally-appropriated logs, such as those for NFL teams) and sometimes, it’s for equipment – golf clubs, tennis racquets – and archery equipment. This kind of archery equipment is made from low quality raw materials that may carry a lower price tag but don’t stand up to regular use.
The Good News for Event Owners: There’s Room for Growth at All Levels, Even Local
Archery is one of the most common sports activities in Europe and governments in the EU have established several institutional bodies to encourage increasing public participation in the sport. This has led to a rise in the sales of archery equipment across countries in Europe. In North America, the governments in U.S and Canada are conducting several archery programs for children in schools, thereby promoting the sport throughout the continent. This is expected to lead to a rise in the demand for archery equipment across North America.
And there’s Growth at the Club Level
With more individuals taking up archery, memberships in archery training clubs and institutes are increasing. That, in turn, drives the need for more events – and more economic impact for cities hosting such events.
Other pieces of information on the report, as well as information on purchasing it, can be found at this link.
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