Crossbows Market Size, Share, Growth, and Industry Analysis, By Type (Recurve Crossbows and Compound Crossbows), By Application (Hunting, Target Shooting and Others), and Regional Forecast to 2032

Crossbows Market Report Overview

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The global Crossbows market size was USD 711.2 million in 2022 and market is projected to touch USD 1895.61 million by 2032, exhibiting a CAGR of 10.3% during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with the crossbows market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A crossbow is a ranged weapon using an elastic launching device consisting of a bow-like assembly called a prod, mounted horizontally on a main frame called a tiller, which is hand-held in a similar fashion to the stock of a long gun. They shoot arrow-like projectiles called bolts or quarrels. A person who shoots crossbow is called a crossbowman or an arbalist (after the arbalest, a European crossbow variant used during the 12th century).

A crossbow is essentially a bow mounted on an elongated frame (called a tiller or stock) with a built-in mechanism that holds the drawn bow string, as well as a trigger mechanism which is used to release the string. The prod is the bow of the crossbow, and it is made of a strong material, such as wood or metal. The limbs are the two arms of the prod, and they are what store the energy that is used to propel the bolt. The trigger mechanism is what releases the bowstring, and it is typically made of a metal or plastic.

COVID-19 Impact: Pandemic Decreased the Market Demand

The COVID-19 pandemic has had a significant impact on the crossbows market share. Many countries imposed lockdowns and travel restrictions during the pandemic, which made it difficult for people to participate in outdoor activities. This included archery and target shooting, which are two of the most popular activities that use them. Some people were afraid of contracting COVID-19 from participating in outdoor activities, such as archery. This fear led to a decrease in the number of people who were willing to go outside and participate in these activities. The pandemic caused economic uncertainty for many people, which led to a decrease in disposable income. This made it difficult for some people to afford to purchase them, even if they were still interested in participating in archery or target shooting.

Latest Trends

"The development of lighter and more portable crossbows is expected to fuel the growth in the market"

Lighter and more portable crossbows are easier to use, especially for people who are not as strong or experienced. This makes them more appealing to a wider range of people, including women, children, and older adults. Lighter and more portable crossbows are easier to transport, which makes them more convenient for hunters and target shooters who want to be able to take them with them on the go. This is especially important for hunters who need to be able to hike or backpack into remote areas. Lighter and more portable ones are just as accurate as traditional ones, which means that they can still be used for hunting and target shooting. This is because the weight of the crossbow does not affect the accuracy of the shot. The development of lighter and more portable ones is a trend that is likely to continue in the future. As technology advances, manufacturers will be able to create ones that are even lighter and more portable, making them even more appealing to hunters and target shooters.

Crossbows Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Recurve Crossbows and Compound Crossbows

• By Application Analysis

Based on age, the market can be divided into Hunting, Target Shooting and Others.

Driving Factors

"The increasing popularity of archery to foster the market growth"

Archery is a growing sport, and the increasing number of people participating in archery is driving the demand for them. Archery is a relatively safe sport, and it is easy to learn. This makes it a good option for people of all ages and skill levels. Archery is a great way to get exercise and enjoy the outdoors. Archery can be a challenging and rewarding sport. As the popularity of archery continues to grow, the demand for them is also expected to grow. They are a popular choice for archers because they are more powerful than bows, and they are easier to use. The increasing popularity of archery is being driven by a number of factors, including the growing popularity of outdoor activities, the rising number of women and children participating in archery, and the increasing availability of archery ranges and clubs.

"The growing demand for self-defense weapons to result in the expansion of the market"

They are becoming increasingly popular as self-defense weapons, as they are seen as being more effective than traditional firearms.  They are silent, which makes them a good option for self-defense in situations where noise could be a problem. They are accurate, which means that they are more likely to stop an attacker. They are relatively easy to use, even for people who are not experienced with firearms. The growing demand for self-defense weapons is being driven by a number of factors, including the increasing crime rate, the fear of terrorism, and the increasing number of people who are looking for non-lethal alternatives to firearms.

Restraining Factors

"The potential for injury to hamper the market growth"

They are powerful weapons, and they can cause serious injury if they are not used properly. This can be a deterrent for some people, especially those who are not familiar with firearms or archery. They are typically heavier and larger than bows, which can make them difficult to transport and use. This can be a barrier to entry for some people, especially those who are looking for a more portable weapon.

Crossbows Market Regional Insights

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"North America to lead the market owing to increasing popularity of archery. "

The North America region has shown the highest crossbows market growth. Archery is a growing sport in North America, and the increasing number of people participating in archery is driving the demand. The increasing disposable income of consumers in North America is making it more affordable for people.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market.  "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

LIST OF TOP CROSSBOWS COMPANIES

• Pure Archery Group: Salt Lake City, Utah, USA
• Barnett Crossbows: Cave Creek, Arizona, USA
• Velocity Outdoor: Salt Lake City, Utah, USA
• TenPoint Crossbow Technologies: Gainesville, Georgia, USA
• PSE Archery: Salt Lake City, Utah, USA
• Mathews Inc: Osceola, Indiana, USA
• Bear Archery: Grayling, Michigan, USA
• FeraDyne Outdoors: Mankato, Minnesota, USA
• Darton Archery: Longmont, Colorado, USA
• Parker Bows: Salt Lake City, Utah, USA
• Xpedition Archery: Longmont, Colorado, USA
• Killer Instinct Crossbows: Portage, Indiana, USA
• Steambow GmbH: Ahrensburg, Germany
• EK Archery: Hong Kong
• Man Kung: New Taipei City, Taiwan
• Poe Lang: Guangdong, China

Report Coverage

This report examines an understanding of the crossbows market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.