Compound Bow Market Size, Share, Growth, and Industry Analysis, By Type (Target Bow, Hunting Bow, Practice Bow, Children Bow and Others), By Application (Sports, Training and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Compound Bow Market REPORT OVERVIEW

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The global compound bow market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

A compound bow is a modern archery bow that uses a levering mechanism, typically made up of cables and pulleys, to bend the limbs. They are commonly used for target practise and hunting. Because of the mechanical advantage provided by the pulley/cam arrangement, the limbs of a compound bow are substantially stiffer than those of a recurve bow or longbow. Because less energy is squandered in limb movement, the compound bow is more energy-efficient than other bows. Holless Wilbur Allen of North Kansas City, Missouri, invented the compound bow in 1966, and a US patent was obtained in 1969. The compound bow has grown in popularity. The compound is the most common type of bow in the United States.

COVID-19 Impact: The COVID-19 Underlying Condition Upgraded the Market Growth

A major coronavirus outbreak in 2019 led to the COVID-19 global epidemic. Following the outbreak, people began purchasing sports equipment from shops or their chosen brand stores in the middle of 2020. Offline shops allow customers to try things out before making a final purchase, pushing them to spend more. Furthermore, with greater workload and societal acceptance of Western culture, sports participation has grown in popularity because it aids in strength building, which supports the global market's expansion. COVID led to increased demand for online shopping. Hence, e-commerce platforms have increased the need for compound bow across a number of businesses.

LATEST TRENDS

"Increasing Awareness and Expansion of Sports Clubs with Promotional Activities to Influence the Market Growth. "

One of the important factors positively influencing the market is the growing knowledge among individuals about the benefits of archery, such as greater attention, hand-eye coordination, and upper body strength. Furthermore, increased preferences for archery as a recreational sport, particularly among the millennial population, are fueling global demand for archery equipment. Together with this, considerable advances in global sports infrastructure are producing a good picture for the sector. This, together with increased promotional activity by manufacturers and the spread of online retail platforms enabling simple product access with numerous deals and discounts, is strengthening industry growth. Furthermore, the expansion of sports clubs and gaming zones, as well as the availability of superior training facilities for archers, are likely to drive market growth.

Compound Bow Market SEGMENTATION

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• By Type

Based on type the market is classified as target bow, hunting bow, practice bow, children bow and others.

The type target bow is the leading part of the type segment.

• By Application

Based on application the market is classified as sports, training and others.

The sports type is the leading part of the application segment.

DRIVING FACTORS

"Rising Fitness Activities and Growing Popularity of Sports to Decipher the Market Share"

Compound bow market sales among male clients are increasing as the popularity of sports and fitness hobbies as does the number of men who participate in these pursuits. Furthermore, the market for sports equipment has grown significantly as a result of increased participation in sports and leisure activities among all demographics, as well as sponsorships from various groups to promote sports in the area. Owing to rising health concerns and the hectic lifestyles of the world's working population, people are being driven to incorporate sports activities into their daily routines in order to stay in shape and be healthy. Furthermore, the global demand for compound bow is being pushed by the growing trend towards more active participation in sports activities.

"The Rising Government Initiatives to Inflate Market Share"

In recent years, the demand for sports equipment has been considerably bolstered by a rise in government efforts in many countries to stimulate sports participation. The Sports Authority of India (SAI), for example, fostered sports participation through strategic programmes such as the Healthy India Movement, the Khelo India Scheme, the Sports Talent Search Portal, the Target Olympic Podium Scheme, and the National Sports Awards Scheme, among others. Furthermore, governments in many countries are enacting a slew of regulations and initiatives to promote archery as a professional sport and enhance public involvement, which bodes well for the business. During the forecast period, such factors will drive compound bow market growth.

RESTRAINING FACTORS

"The Advent of Novel Coronavirus to Pose Challenges In Market Growth"

The COVID-19 epidemic is impacting the supply of kraft paper, which is made worse by the lack of shipping containers, and is causing the industry to experience one of its most difficult periods in history. Government inaction and the digital revolution in underdeveloped nations are expected to impede market expansion. Throughout the forecast period, the compound bow market is anticipated to face challenges related to access to affordable and high-quality raw materials.

Compound Bow Market REGIONAL INSIGHTS

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"North American region to Lead the Market With Presence of Major Players and Rising Fitness Activities"

Over the forecast period, North America has the largest compound bow market share. The market's expansion can be ascribed to factors such as increased engagement in fitness activities such as running in countries such as the United States. Nonetheless, market growth in this region will be slower than in the rest of the world. Furthermore, the United States and Canada are the two most important countries in North America for the compound bow market. In addition, the major participants in the North American industry are investing in e-commerce to make it easier for shoppers to make online purchases. The expansion of online businesses in North America is expected to accelerate due to increased Internet access and an increase in smartphone users over the forecast period. Owing to changing customer purchasing behaviours, retailers are focusing on their online businesses.These factors are also propelling the growth in region's compound bow market share.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

Leading market players are focusing on diversifying their product portfolios, which is increasing competition in the market under consideration. Key players in the industry have made a significant share in the market sales. These companies have taken major steps to enhance their global market penetration, including the construction of new bases and the establishment of additional production sites, as well as the associated R&D.

List of Market Players Profiled

• Bear Archery (U.S.A)
• Gold Tip (U.S.A)
• Mathews (U.S.A)
• New Archery Products (U.S.A)
• Precision Shooting Equipment (U.S.A)
• Darton Archery (U.S.A)
• Hoyt Archery (U.S.A)
• Kinsey's (U.S.A)
• Martin Archery (U.S.A)
• Trophy Ridge (U.S.A).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.