Innovation has entered the sphere of archery with smart archery equipment being introduced by manufacturers in the international market to stay ahead of competition. Earlier this year, two state-of-the-art auto-range digitalized laser powered bow sights were introduced in the archery equipment market – the one-of-a-kind archery equipment to be launched in the market. The groundbreaking technology underpinning this latest archery equipment helps archers automatically measure the distance range to the target and offers a virtually lit pin that helps achieve a perfect shot. 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.
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The sport of archery is fast emerging as a most favored recreational activity and is witnessing increasing participation by the global population. This has directly led to a rise in adoption of archery equipment, thereby increasing sales and subsequently revenue of the archery equipment market. The inclusion of archery in Olympics has increased the popularity of the sport, creating lucrative growth opportunities for manufacturers of archery equipment.
Focused Initiatives by Government Bodies and Archery Institutions to Support Archery Equipment Sales
Governments across the world are realizing the benefits of including archery as a sport in schools, as the practice of archery is believed to benefit children in many ways. Practicing archery helps cultivate mental stamina and self-confidence in young children and archery has been included in the sports curriculum of certain schools in some of the states of the U.S. Organizations such as USA Archery and National Field Archery Association offer several programs such as National Archery in the Schools Program (NASP), Junior Olympic Archery Development Program (JOAD), and After School Archery Program (ASAP) to encourage school children to participate in archery. This has led to a surge in the demand and adoption of archery equipment, thereby positively impacting revenue growth of the archery equipment market.
Sales of Archery Equipment to Receive a Fillip with Increased Focus on Archery as a Recreational Activity
Archery is fast becoming more of an activity of recreation and a large number of people across the world are indulging in this sport to ease their daily work and life stress. Archery Trade Association data indicates that the participation of adult Americans in archery has increased exponentially in the last few years. This has naturally led to a spur in demand for archery equipment and the market for archery equipment is projected to stay on an upward growth path in the coming years. Further, the last few years have witnessed an increasing participation by women in the sport of archery. With archery now part of Olympics, the number of women archers has increased and this trend is expected to continue into the future. This means increased adoption and subsequently sales of archery equipment, thereby pushing revenue growth of the archery equipment market.
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.
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Archery Equipment to be 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. Different buyer types including individuals, promotional buyers, as well as institutional buyers leverage multiple sales and distribution channels to meet their requirements for archery equipment.
Table of Contents
Chapter 1 Executive Summary
Chapter 2 Global Archery Equipment Market Overview
2.2 Market Definition
2.3 Scope of the report
Chapter 3 Market Dynamics
3.1 Key Growth Drivers
3.1.1 Increased Participation in Recreational Archery
3.1.2 Government Support for Archery Institutions
3.2 Key Market Restraints
3.2.1 Declining Participation in Hunting
3.2.2 Counterfeit Archery Equipment
3.3.1 Increased Women Participation
3.3.2 Growing Online Sales
3.4 Key Market Trends
3.4.1 Media Influence to Boost Sales
3.5 Investment Feasibility Analysis for archery equipment
3.6 Market White Space and Wheel of Fortune Analysis
3.7 Product Life Cycle Analysis
3.8 Porter’s Five Forces Analysis
3.9 PESTLE Analysis
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