The global sports fishing equipment market surpassed a US$ 2.5 Bn valuation in 2020, and is poised to reflect a moderate rate of growth through the forecast period (2021 and 2031). Sports fishing equipment sales are increasinazgly driven growing civilian interest in water sports and recreational fishing. The industry is likely to register a steady resurgence in growth in 2021 over 2020, as lockdown restrictions due to the COVID-19 pandemic are gradually being relaxed. The market outlook remains largely steady over the coming years, and is expected to register a 4.4% CAGR from 2021 to 2031.
Substantial developments have taken place in terms of technology in recent years, such as craft technology gear and catch handling practices, mechanization of propulsion, adoption of synthetic gear materials, acoustic fish detection, and even satellite-based remote sensing technologies. Further efforts have been made towards responsible fishing to ensure sustainability of fish stocks, without compromising on environmental safety, biodiversity, and energy efficiency. Consumer demand for environment-friendly fishing gear, energy conservation, and technologies to minimize by-catch of non-target species will gain importance.
Key Takeaways from Sports Fishing Equipment Market Study
- Fishing rods are likely to hold the lead during the assessment period, accounting for more than US$ 817 Mn in 2020.
- Sports organizers hold a major market share, estimated to account for more than 50% of the industry in 2021, supported by a large number of regional and international sports fishing events.
- Sales through franchised sports outlets are displaying a higher-than-average growth rate at 5% CAGR, driven by geographical brand expansion endeavors.
- Adoption of electronics and radar and sensor-based solutions is expected to display faster growth for fish school detection applications.
What are the Prospects of Braided Lines in Sports Fishing?
Braided fishing lines have largely gained acceptance among bass anglers, and light-tackle fishing methods. This can be attributed to advantages in terms of easier casting. Also, braided lines are more resistant to twisting and stretching, unlike monofilament alternatives, thereby providing superior durability.
In recent years, braided lines have also gained ground in offshore fishing. Dyneema and Spectra are popular brands of braided fishing lines in the offshore world. Replacing conventional Dacron backing with braids has allowed reels to hold more than 1,500 yards of braid of the same strength – a three time increase. Consequently, capacity concerns have largely been negated with braided lines.
Braided lines have also found key roles in daytime deep-dropping practices. Solid-core braided lines, usually comprise a 65-pound-test, have become the professional line option for this fishery method. This can be accounted for by lower resistance to water current, allowing for straighter connections between weight and the rods at substantial depths.
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