Fishing reels market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

Global fishing reels market is estimated to generate a revenue of US$ 6,060.6 Mn by 2031 from US$ 4,043.3 Mn in 2022 at a CAGR of 4.6% during the forecast period 2023–2031. 

The fishing reel market has experienced a growing demand in recent years. This is due to several factors, including the increasing popularity of recreational fishing, the rising number of fishing tournaments, and the growing demand for high-quality fishing equipment.

Moreover, the fishing reels market is also being driven by technological advancements in the industry, which have led to the development of more advanced and efficient fishing reels. For example, many fishing reels now come with advanced features such as digital displays, improved drag systems, and better casting mechanisms, which make them easier and more efficient to use.

In addition, the increasing awareness of the environmental benefits of fishing has also contributed to the growth of the fishing reel market. More and more people are turning to fishing as a way to connect with nature and enjoy the outdoors, and they are willing to invest in high-quality fishing equipment that is both effective and environmentally friendly.

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Market Dynamics

Drivers:

Growing Popularity of Recreational Fishing

Recreational fishing has become a popular leisure activity across the global fishing reels market, driven by the desire for outdoor activities, stress relief, and a connection with nature. According to the American Sportfishing Association, over 49 million Americans participate in recreational fishing, generating an estimated $48 billion in economic output. Similarly, in Europe, fishing is the second most popular outdoor activity after walking, with over 25 million people participating in freshwater fishing alone. This growing popularity of recreational fishing is expected to continue to drive the demand for fishing reels in the coming years.

Technological Advancements in Fishing Reels 

The fishing industry has been advancing rapidly in recent years, with significant technological innovations in fishing gear, including fishing reels in the global fishing reel market. For example, advanced materials such as carbon fiber and titanium are now being used to make reels stronger, lighter, and more durable. Digital displays, improved drag systems, and better casting mechanisms are also being incorporated into fishing reels, making them more efficient and easier to use. These technological advancements are attracting more customers to fishing, particularly younger anglers who value convenience and advanced features.

Restraints:

Growing Environmental Concerns

Overfishing and the depletion of fish stocks have led to environmental concerns and restrictions on fishing in certain areas in the fishing reel market. In some countries, recreational fishing is strictly regulated, and anglers are required to obtain permits and follow specific rules and regulations. Additionally, some consumers may be concerned about the environmental impact of fishing gear, which could affect their purchasing decisions. To mitigate these concerns, many manufacturers in the fishing reel market are developing environmentally-friendly fishing reels made from sustainable materials.

Competition from Other Recreational Activities

Recreational fishing faces competition from other outdoor activities such as camping, hiking, and kayaking. These activities offer similar benefits to fishing, such as spending time in nature and stress relief, and may be more appealing to some consumers. Additionally, the high cost of fishing gear, particularly high-end fishing reels, may deter some consumers from taking up fishing as a hobby. To remain competitive, manufacturers in the fishing reel market focus on developing innovative products that offer unique features and benefits to attract and retain customers.

Segmental Analysis of Global Fishing reel market 

By Reel Type:

The spinning reel segment accounted for around 60% of the global fishing reel market share in 2022. This is due to the fact that spinning reels are versatile and can be used for a wide range of fishing styles, making them popular among both novice and experienced anglers. Moreover, advancements in spinning reel technology, such as improved drag systems and lighter materials, have further increased their demand.

Electric reels are gaining popularity due to their ease of use and advanced features. For example, electric reels can automatically retrieve fishing line, which can be helpful when fishing in deep waters or for species that require a lot of line to be reeled in. Electric reels are also helpful for anglers with physical disabilities or those who want to conserve energy during a long day of fishing.

By Reel Mechanism

Direct drive reels are the most popular type of reel mechanism in 2022, accounting for around 40% of the fishing reel market share. Direct drive reels are characterized by a one-to-one gear ratio, which means that the spool rotates at the same speed as the handle. This results in a smoother and more responsive reel, making them popular among experienced anglers.

Anti-reverse reels are gaining popularity due to their ability to prevent the handle from turning backwards, which can be helpful when fighting a fish. This mechanism reduces the chances of losing the fish due to the reel slipping or the line breaking.

By Price Range:

Fishing reels priced below US $100 accounted for around 70% of the global fishing reel market share in 2022. This is due to the fact that many anglers in emerging economies have lower incomes and are looking for affordable options. In addition, there are a number of entry-level fishing reels that are priced below US $100 and are popular among novice anglers.

The price range between US $100-500 is expected to grow at the highest CAGR during the forecast period. This is due to the fact that more and more anglers are willing to invest in high-quality fishing reels that offer advanced features, such as smoother drag systems and higher line capacity. Moreover, as anglers become more experienced, they are more likely to invest in mid-range reels that can handle more challenging fishing scenarios.

By Sales Channel:

The offline segment accounted for around 75% of the fishing reel market share in 2022. This is because many anglers prefer to visit physical stores to purchase fishing reels, where they can see and test the products before buying. Moreover, many anglers value the expertise of store staff, who can offer advice on which reel to choose based on their fishing style and preferences.

The online segment is expected to grow at the highest CAGR during the forecast period in the global fishing reel market. This is due to the fact that more and more people are becoming comfortable with online shopping, and are looking for the convenience of purchasing products from their homes. Moreover, online retailers often offer a wider range of products and competitive pricing, which can be appealing to anglers looking for a good deal.

By Application:

Freshwater fishing accounted for around 60% of the market share in 2022. This is because freshwater fishing is popular worldwide, and can be done in a variety of settings such as lakes, rivers, and streams. Many anglers use fishing reels to catch a variety of freshwater species, such as bass, trout, and panfish.

The saltwater fishing segment in the fishing reel market is expected to grow at the highest CAGR during the forecast period. This is due to the fact that more and more anglers are becoming interested in deep sea fishing, which requires specialized gear including high-quality saltwater fishing reels. Moreover, the demand for saltwater fishing reels is increasing due to a growing interest in catching larger and more challenging species, such as marlin and tuna.

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Region Analysis  

By region, North America is the dominating region in the fishing reel market in 2022 owing to the rising popularity of recreational fishing in the region has been creating a healthy demand for fishing reels over the years. However, the Asia Pacific region in the global market is growing at the highest CAGR during the forecast period.

The Asia Pacific region is witnessing significant growth in the fishing reel market due to several factors such as the increasing number of budget-friendly game fishing destinations across the region. Countries like Thailand, Indonesia, and Malaysia are emerging as popular fishing destinations due to their vast coastlines, rivers, and lakes. The region's favorable climatic conditions and the presence of a diverse range of marine life are also attracting fishing enthusiasts, further driving the demand for fishing reels.

Moreover, the growing population, rising disposable income, and improving living standards in the Asia Pacific region are driving the demand for recreational activities like fishing. This is boosting the demand for fishing equipment such as fishing reels. Additionally, the increasing awareness regarding the benefits of fishing as a stress-relieving activity is also boosting the market growth in the region.

Furthermore, the growth of e-commerce platforms in the Asia Pacific region is fueling the demand for fishing reels market. Consumers in the region are increasingly purchasing fishing equipment online due to the convenience and availability of a wide range of products at competitive prices. E-commerce platforms are also enabling manufacturers to reach a broader customer base, including those in remote areas, thus contributing to the growth of the fishing reel market in the Asia Pacific region.

List of Key Companies Profiled:

• Abu Garcia
• Alvey Reels
• Daiwa Corporation
• Elec-Tra-Mate
• Florida Fishing Products
• Hooker Electric, Inc.
• Mitchell Reel Co.
• Penn Reels
• Pflueger
• Scientific Anglers
• Shimano
• Shakespeare Fishing Tackle
• Zebco
• Pokee Fishing
• Cabela's Inc.
• AFTCO Mfg.
• Eagle Claw
• Other Prominent Players

Segmentation Overview 

Global Fishing Reel Market is segmented based on reel type, reel mechanism, price range, sales channel, application and region. 

Following are the different segments of the Global Fishing Reel Market:

By Reel Type:

• Spincast Reels
• Spinning Reels
• Baitcast Reels
  • Round Baitcasting Reel
  • Low-Profile Baitcasting Reel
• Electric Reel
• Fly fishing reel
• Offshore Reels
• Others

 By Reel Mechanism:

• Direct-drive reel
• Anti-reverse reel

By Price Range:

• < US$ 100
• US$ 100 - 500
• US$ 500 - 1,500
• > US$ 1,500

By Sales Channel:

• Offline
  • Sports Stores
  • Departmental Stores
• Online
  • E-commerce websites

By Application:

• Freshwater Fishing
• Saltwater Fishing

By Region:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Oceania
  • Australia
  • New Zealand
  • Rest of Oceania
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America