The different tools and gears needed when practicing archery are referred to as archery equipment. The main components include targets, bracers, finger tabs, quivers, bow stands, stringers, and bows and arrows.
Archery has grown in popularity throughout time and has been included in many international sporting events, including the Olympics. Archery is one of the most popular sports that kids may play because it has been proven to help kids develop specific mental skills.
The archery equipment market is segmented by product type, sales channel, and end-user. By product type, the market is segmented into bows and bow accessories, arrows, and others. Based on sales channel, the market is segmented into online and offline. Further, the end-user market is individual consumers, sports club and gaming zones, sports organizers.
Industry Demand
The global archery equipment market is expected to grow at a CAGR of 6% during the forecast period (2023-2029). The expansion of archery competition tournaments is predicted to fuel the global market for archery equipment. For instance, the Indoor World Series Youth Finals in France, the Nimes Archery Tournament in France, the Vegas Shoot in the US, and other renowned archery competitions will be held in January 2023. These are a few elements that will contribute to the global market for archery equipment expanding at a faster rate than anticipated. Additionally, aggressive manufacturer promotional campaigns, the creation of online retail channels that offer consumers a hassle-free shopping experience while showcasing a wide variety of products, and ongoing improvements and innovations in archery equipment all contribute to the market's expansion during the forecast period.
The market will grow faster if archery equipment undergoes research and development to make it more user-friendly. Additionally, the market for archery equipment will continue to be significantly influenced by equipment donations. Additionally, setting up archery programs in the majority of large schools is fostering student interest in the sport and expanding the market. For instance, in September 2022, the Rhode Island Department of Environmental Management (DEM) announced the launch of the National Archery in the Schools Program. The National Archery in the Schools Program (NASP®) encourages target archery instruction as an after-school program for children in fourth grade through high school. This instruction is often given over the course of two weeks as a part of a Physical Education class. Additionally, throughout the school day, archery can be integrated into other subjects and classes, including history, language, and art.
Recent Developments
The market's expansion is being aided by major players such as Bear Archery, Crosman Corp., Daisy Outdoor Products, Darton Archery, Easton Archery, Escalde Inc., Martin Archery, Mathews Archery, Inc., Outdoor Group LLC, Precision Shooting Equipment Inc., Simack Sports, The Bohning Company, and others through a variety of mergers, investments, collaborations, and new product launch initiatives. Some recent market advancements include:
• In December 2022, TenPoint Crossbow Technologies presented a trio of crossbows that will be available in 2023, led by the brand-new Flatline 460, which the company describes as the fastest compact crossbow ever. TenPoint's Vector-Quad cable technology, which employs four cam cables rather than the conventional two, helps the Flatline 460's precision. The forces applied during the draw and shoot cycles are balanced out by employing top and bottom cables on each cam, resulting in level nock travel for constant, repeatable accuracy.
• In December 2022, Elite made a big splash in the carbon riser industry with its brand-new Era. The Era's hand-laid carbon fiber molded frame not only makes it lightweight, but Dual Riser cages also provide the platform strength and stiffness. With the Performance module, their SP Cam produces the promised IBO speeds of 336 fps while offering flexibility in the form of ultra-fine letoff adjustments and a rotating module allowing draw length adjustments between 25.5 and 31 inches. Additionally, The Era includes Elite's well-known Simplified Exact Tuning, also referred to as S.E.T. Shooters can attain greater accuracy due to this tuning mechanism, which guarantees optimum arrow flight.