Published Date: 2019-07-01 | Pages: Ongoing | Tables: Ongoing | Report ID: 7290
Adoption of new fishing techniques and introduction of new products such as corrosion-free or those less susceptible to corrosion are expected to boost the growth of the global fishing rods market. Increasing involvement in recreational activities such as fishing could drive the sales of fishing rods. Growing popularity of prestigious fishing tournaments such as Bassmaster Classic is also anticipated to increase the demand for fishing rods.
Promotional and social activities such as donation of fishing equipment to charities are predicted to increase interest in the global market. In June 2019, American outdoor recreation merchandise retailers Bass Pro Shops and Cabela collaborated to donate around 55,000 fishing rods and reels to charities and children across the US. The demand to exclude sportfishing equipment from proposed tariffs on Chinese imports in the US is foreseen to create favorable business situations in the American market. In June 2019, the American Sportfishing Association expressed its views before the US Trade Commission to exclude sportfishing equipment from a future round of tariffs.
High Interest in Wind Turbine Projects to Positively Impact Global Market
One of the most unusual and unique drivers of the global fishing rods market is the development of offshore wind farms as they could form artificial reefs in deep waters over the course of time. Artificial reefs formed at the base of wind turbines because of the placement of rock armor to prevent erosion can attract fishes or encourage their colonization. This could make it easy for anglers to fish or ensure big catches near offshore wind farms, thus increasing the demand for fishing rods.
Growing enthusiasm of fishers, rising participation levels in fishing, and government support for recreational fishing initiatives could be other important factors auguring well for the global fishing rods market. Increase in the sales of fishing boats is also anticipated to work in the favor of fishing rods manufacturing companies.
Players to Bank on Demand for Task-focused Fly Fishing Rods
Some of the leading manufacturers of fishing rods are Pure Fishing, Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., TIEMCO Ltd., St. Croix Rods, and Piscifun. The competitive landscape is expected to hold a fragmented characteristic. Top companies are foreseen to govern almost one-fifth of the global fishing rods market, whereas the remaining part could be controlled by relatively new players.
With a view to improve their brand image and gain a strong market share, manufacturers are anticipated to approach popular fishers, expand their distribution network, and extend their product lines with new additions. Increasing popularity of fly fishing is predicted to create lucrative opportunities in the global fishing rods market. US seller of fly fishing rods, Sage Fly Fish will be launching three new families of fly fishing rods, viz. Trout LL, Trout Spey HD, and Payload in July 2019.
By Rod Type
● Spinning Rods
● Casting Rods
● Ice Fishing Rods
● Fly Rods
● Trolling Rods
● Surf Rods
● Telescopic Rods
By Distribution Channel
● Sports Store
● Direct Procurement
According to analysts, spinning rods are projected to collect a telling share of the global fishing rods market due to their convenience and user-friendly features. High preference for spinning rods, their affordability, and their versatile nature could be other vital factors pushing their demand globally. Among distribution channels, direct procurement is forecast to carry a high average profitability margin.
Researchers anticipate Europe to secure a leading share of the global fishing rods market due to the favorable impact of the implementation of government policies related to fishing techniques, gears, and activities. North America could be second on the list of high-growth regions. Europe and North America are prophesied to witness high focus of manufacturers on offering premium products and appealing to niche customers. Manufacturers could also launch innovative products to attract more number of customers.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
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