Archery Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Bows and Bow Accessories, Arrows, and Other Archery Equipment), By Application (Hunting, Sports, and Others), Regional Insights, and Forecast From 2024 To 2031

Archery Equipment Market Overview

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The global archery equipment market size is USD 3968.6 million in 2022 and is projected to touch USD 6742.93 million by 2031, exhibiting a CAGR of 6.1% during the forecast period.

Archery was invented to hunt animals for survival in old times. With time it was adopted as a sport. It is a sport yet to be experienced by a mass population. The tools and gears used to shoot a target from a distance while performing archery are called archery equipment. It includes quivers, bows, bracers, arrows, stringers, bow stands, targets, and finger tabs. Among all this equipment, a bow is a flexible and long staff affixed to a string, whereas an arrow is a slender stake with feather-like vanes used against the bowstring. A bow string helps in stringing and unstringing the bow. The finger tab keeps fingers safe while pulling and aligning the string.

At first, archery was used for hunting. This weapon was integrated with deadly weapons used in battlefields. Archery helps improve hand and eye coordination, patience, focus, and strength. It also enhances self-esteem and confidence in the player. A rise in awareness among people about fitness coupled with archery is likely to boost the market growth.

COVID-19 Impact: The Market Witnessed an Abrupt Downfall Owing to Covid-19

The global COVID-19 pandemic has been unprecedented and staggering, with archery equipment experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over. 

Many sports equipment industries experienced financial difficulties during COVID-19, and the archery equipment industry has suffered significant losses due to the spread of the Wuhan coronavirus. The government ordered a nationwide lockdown to stop and control the spread of coronavirus illnesses, but this severely disrupted the supply chain for raw materials and the production cycle. The government's lockdown and restrictions on participating in outdoor sports during the pandemic have resulted in a significant drop in demand for products related to archery equipment. To prevent the spread of the coronavirus disease, which led to a significant reduction in population growth, even after limitations were removed from sports clubs that many people frequent daily, many people are still reluctant to go there.

LATEST TRENDS

Rising Number of Game Zones and Sports Clubs to Foster Growth

People now have the chance to practice archery in sports clubs thanks to improved infrastructure. Archery is now being offered as a sport in a number of gaming facilities or zones. Additionally, consumers engage in the recreational activity of archery during their free time. Government spending on games and sports is anticipated to drive the market throughout the forecast period by increasing sports participation. Moreover, the rising health concern among the population is also likely to surge the demand for archery equipment in the global market.

Archery Equipment Market Segmentation

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• By Type Analysis

By type, the market is segmented into bows and bow accessories, arrows, and other archery equipment.

• By Application Analysis

Based on application, the market is classified into hunting, sports, and others.

DRIVING FACTORS

Portability of the Equipment to Drive Major Growth in the Market

The main tools in the game of archery are a bow and an arrow. The advent of kid-friendly bows and arrows has made archery more common among young people. Additionally, the introduction of collapsible bows and arrows has boosted their portability and led to their appeal among young people who value convenience. Archery is becoming increasingly popular due to its simplicity of use. It is a recreational activity at camps and tours. Such hardly taxing sports activities are popular during weekend getaways and outdoor excursions. The aforementioned elements translate to a growing popularity of archery, expanding the archery equipment market growth. Moreover, the popularity of archery sports is increasing, which is anticipated to propel the demand for the product in the global market.

Availability of Professional Archery Training to Accelerate the Demand for the Product

The most common way to obtain professional archery training is through institutions. Long-range target shooting requires a huge area of levelled land, and professional equipment is quite expensive for each individual. These elements encourage reliance on institutions by making it impossible to practice professional archery at home. Institutions are well known for hosting small-scale events that help archers get ready for national and international competitions. Institutions also educate players about international regulations and have them follow them during practice sessions to better prepare them for contests.

RESTRAINING FACTORS

High Cost of the Product May Retard Market Expansion

The cost of archery equipment is unaffordable to many middle-class people as it is high. The high cost of the product is likely to resist the population from adopting it. Additionally, archery is professionally limited to a minimal population due to the cost of its equipment.

Archery Equipment Market Regional Insights

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Europe to Lead the Market Due to the Growing Awareness of Archery

Europe is predicted to dominate other regions because the awareness of archery and growing indoor sports incidences is increasing. Growing awareness will boost the demand for archery equipment in the region.

North America is anticipated to hold a sizable part in the archery equipment market share due to the rising participation of youth in archery. The U.S. formed a program known as Junior Olympic archery development, which helped the archers to enjoy sports. It also increased the participation of youth in archery competitions.

KEY INDUSTRY PLAYERS

Key Players Focusing On Innovative Technology Development to Grow in Market

There are many groups dedicated to archery sports that have been founded and offer instruction. These athletic clubs provide training from qualified instructors, which significantly improves athletes' performance. A fresh possibility has opened up for athletes with competence in archery sports. With more participants, sports clubs have made enormous profits, which has increased demand for archery equipment from archery sports clubs and other institutional organizations, which is driving the market's expansion. Through the analysis, synthesis, and summation of data from many sources as well as a review of significant factors, including monetary gain, sales prices, competition, and promotions, the analyst offers a thorough picture of the market.

LIST OF TOP ARCHERY EQUIPMENT COMPANIES

• Escalade (U.S.)
• Outdoor Group (New York)
• Easton Archery (U.S.)
• Bear Archery (U.S.)
• GOLD TIP (U.S.)
• Mathews Archery (U.S.)
• New Archery Products (U.S.)
• Precision Shooting Equipment (U.S.)
• Alpine Archery (U.S.)
• Axion Archery (U.S.)
• The Bohning Company (U.S.)
• Carbon Tech (Japan)
• Copper John (New York)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.