The fishing rods market is poised to expand at a value CAGR of 4.5%, and is expected to create an absolute dollar opportunity of US$ 1.5 Bn during the forecast duration of 2020-2030. The outbreak of COVID-19 will have a short-term impact on the fishing rods market. However, rising participation in fishing activities and increasing fishing boat sales will drive the growth the fishing rods market over the coming years. Offshore wind farms provide an opportunity for the fishing industry. The U.S. Department of Energy has allocated approximately US$ 200 Mn for research, development, and demonstrations of offshore wind projects. As such, demand for fishing rods will increase in future.
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Key Takeaways from Fishing Rods Market Study
- The global fishing rods market is expected to be valued at US$ 2.7 Bn at the end of 2020, and is anticipated to surpass US$ 4.2 Bn by 2030-end.
- By rod type, spinning rods are foreseen to grow 1.7X than flying rods in 2020. On the other hand, casing rods will account for 18% of overall market share in 2020.
- By rod weight, lightweight is anticipated to grow, but lose 194 BPS over the course of the forecast duration.
- The fishing rods market in APEJ is expected to grow by experiencing a value CAGR of 5.5%, whereas, North America is projected to be valued 1.8X than Europe, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
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“The COVID-19 pandemic has hit market players and will have short-term implications on the fishing rods market. However, e-Commerce websites have gained significant popularity in offering fishing gear. Manufacturers in the fishing rods market are seeing this as a revenue growth opportunity to increase their market presence,” says a Fact.MR analyst.
Key Players to Focus on Product Innovation
The report reveals some of the prominent key players, including Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St. Croix Rods, and Piscifun, among others.
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These key players are continuously focusing on product innovation to gain market share and create a USP in this highly competitive market space. In the recent past, the fishing rods market has seen numerous innovations. For Instance
- Shimano Inc. has increased its product line up in the series of the rod ZODIAS with new products such as Saltie, Grappler, etc., to maintain sustainability in the brand with competitive up-gradations.
- Tiemco Ltd. is trying to enhance its product portfolio with the launch of EUFLUX glass master fly rods made with fiberglass.
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