Fishing Reels Market size Grows Steadily to reach USD 6.87 billion by 2031

Introduction

A fishing reel is a hand-cranked tool for angling wind and stowing fishing lines. It is linked to a fishing rod. A tethered arrow can also be retrieved with bow fishing. Modern recreational fishing reels usually have fittings to improve casting distance and accuracy and control the pace and tension of line retrieval to reduce line snap and hook loss. Casting and angling competitions have historically involved the usage of fishing reels. Although some specialized reels with pressure sensors are available on downrigger systems linked directly to an ocean-going sport boat's gunwales or transoms and used for "deep drop" and trolling, they are typically attached near a fishing rod's handle.

Market Dynamics

Increasing Participation in Outdoor Recreational Activities Drives the Global Market

Several governments support tourism and a wide range of adventurous and leisurely outdoor activities to give their citizens an enriching experience. According to a study published in April 2017 by the Physical Activity Council (PAC) in partnership with several organizations operating in the sports, fitness, and leisure industries, including fishing, the United States experienced 11 billion outdoor outings in 2016. Water sports, in particular, have seen a sharp increase in global popularity in recent years. Consumers enjoy fishing and other water sports because they help to maintain their physical and mental health. According to the British Journal of Sports Medicine, near water increases serenity and lessens worry. Stress levels are reduced, and as a result, concentration is enhanced. The market is expected to expand as more people become aware of the benefits of fishing.

Hectic Schedules Driving Adoption of Indoor Games Creates Tremendous Opportunities

Due to busy lifestyles, especially among young folks, indoor activities like table tennis, chess, cards, snooker, and billiards are becoming increasingly popular. Companies like Google, YouTube, and Facebook host a variety of indoor recreational activities for their employees as breaks from their long workdays. These include cue sports like pool and others. In a Perkbox study conducted in 2018 on 2,315 people working either part- or full-time, a pool table in the office was identified as the second most desired perk among 100 other options. The emergence of multiple board games and advancements in digital media have led to the creation of creative and entertaining video games compatible with PCs, smart TVs, and other smart devices like phones and tablets. Virtual reality and augmented reality have also improved experiences in the indoor gaming industry. Modern features these technologies provide improve the game experience and increase player appeal and retention.

The COVID-19 outbreak has also resulted in a severe decrease in sales for the sporting products industry. Since most people are trapped indoors due to widespread lockdowns and instructions to stay home, various indoor and online games have replaced outdoor activities. Even when nations lift their restrictions on travel and mingling, players will likely be deterred from engaging in outdoor sports and leisure activities, like fishing, due to high safety concerns.

Regional Analysis

North America fishing reel market share is estimated to exhibit a CAGR of 4% over the forecast period. The rising popularity of recreational fishing in the region over the past few years has fueled the need for fishing reels. The American Sportfishing Association (ASA) estimates that over 49 million Americans fish recreationally yearly. As a result of the region's large population of fishermen, North America is predicted to be a lucrative market for fishing reels during the forecast period. It is anticipated that the high concentration of manufacturers in countries like the United States and Canada will hasten the growth of this market segment. Businesses are introducing new products and technologies, which is promoting this expansion.

Europe is anticipated to exhibit a CAGR of 3.7% over the forecast period. Because fishing is becoming increasingly popular in the area, there is a higher need for fishing equipment, particularly reels. A few of the many locations in Europe where fishing is possible include the Atlantic Ocean, the Celtic, North, and Baltic Seas, as well as the Black and Caspian Seas in the southeast, and the countless rivers, streams, and lakes dispersed across the continent's more than 50 countries, including Madeira in Portugal, the River Soca in Slovenia, Les Quis in France, Donegal Bay in Ireland, and Soroya in Norway. A number of the places in the region have also been commercialized with resorts and recreational facilities that offer visitors a unique fishing experience. These developments are predicted to drive the demand for fishing equipment in the area, particularly reels.

Key Highlights

• The global fishing reel market size was valued at USD 4.83 billion in 2022. It is estimated to reach USD 6.87 billion by 2031, growing at a CAGR of 4% during the forecast period (2023–2031).
• Based on the type, the global fishing reel market is bifurcated into the spinning reel, baitcasting reel, and spin-cast Reel. The spinning reel segment dominates the global market and is projected to exhibit a CAGR of 3.1% over the forecast period.
• Based on distribution channels, the global fishing reels market is offline and online. The offline segment dominates the global market and is predicted to exhibit a CAGR of 3.9% during the forecast period.
• North America is the most significant global fishing reel market shareholder and is estimated to exhibit a CAGR of 4% over the forecast period.

Competitive Players

Competitive Players

The key players in the global fishing reel market are Shimano, Inc.; Daiwa; 13 Fishing; Pure Fishing, Inc.; The Orvis Company, Inc.; Okuma Fishing Tackle Co., LTD.; LL Bean; ABU. Garcia; BPS Direct LLC; and W.C. Bradley Co.

Recent Developments

Market News

• In March 2023, DAIWA launched the TATULA MQ LT Spinning Reel. The exquisitely crafted Tatula MQ LT. The one-piece MONOCOQUE ZAION Vbody of the new Tatula MQ LT is the first of a long list of innovations that the vehicle embodies. The design framework provides greater room for larger gears, immediately boosting torque and power.
• In December 2022, Alvey Reels Australia, an Australian tackle firm, was acquired by Gowings Bros Ltd and will do business as usual.

Segmentation

Global Fishing Reels Market: Segmentation

By Type

• Spinning reel
• Baitcasting reel
• Spincast Reel

By Distribution Channels

• Offline
• Online

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa