According to the study undertaken by Astute Analytica the global fishing reel market was valued at US$ 3,883 Million in 2021 and is forecasted to reach US$ 5,075.5 Million by 2027. The market is expected to register a CAGR of 4.6% during the forecast period 2022-2027. A fishing reel is a device that uses a spool mounted on an axle to deploy and recover fishing line. A fishing reel is a cylindrical device that usually have fittings aiding in casting for distance and accuracy as well as retrieving line which are attached to a fishing rod. Traditional fishing reels are employed in the recreational sport of angling and competitive casting. The various types of fishing reels include bait casting reel, spinning reel, center pin reel and others. Fishing equipment comprises of baits, flies, tools and pliers, lures, hooks, sinkers, reels, rigs and poles among others.
Factors such as growing popularity of recreational activities among millennials and rise in consumer awareness towards the health benefit of fish drives the growth in the global fishing reel market. As younger millennial and gen Z consumers get older, seafood sustainability is becoming increasingly important in the marketplace, which witness a tremendous growth perspective in the fishing reel market. Moreover, growing demand for healthy food, brought on by a rapidly expanding population, rising literacy levels and technological advancement leads to high expectations from food services. Therefore, the robust growth of the urban population and improved healthy lifestyle of individuals create a high demand for the fishing reel market. However, the rising demand for organic seafood and fish is the main key factor that depletes the marine species, which results in restraining the growth of the market.
Advancements in Spinning Fishing Reels
Fishing Reel Market Insights by Reel Type
Based on reel type, the fishing reel market is segmented into spincast reels, spinning reels, baitcast reels, electric reel, fly fishing reel, offshore reels and others. The spinning reel segment holds the major share in 2021 due to its advantageous factors such as easy to use, effective and can be used to fish for nearly any freshwater species and most saltwater species. Moreover, electric reel segment is expected to project the highest CAGR in the global fishing reel market due to its easy-to-use features. Also, the electric fishing reels combine a manual handle override system with the power of an electric motor which makes them an ideal choice for people who love catching big species.
Fishing Reel Market Insights by Reel Mechanism
Based on reel mechanism, the fishing reel market is bifurcated into direct-drive reel and anti-reverse reel. Direct drive reel segment holds the largest market share in the global fishing reel market in 2021. The direct drive reel demand is rising as it is advanced feature of traditional fly reels. Whereas, anti-reverse reel segment is expected to hold the highest CAGR in the global fishing reel market during the forecast period. Moreover, anti-reverse on a spinning reel is a feature that prevents the reel from turning backwards and engages the drag.
Fishing Reel Market Insights by Price Range
Based on price range, the fishing reel market is segmented into < US$ 100, US$ 100 – 500, US$ 500 - 1,500 and > US$ 1,500. Among these ranges, the price range below US $100 is dominating the market in 2021 as the major population in the emerging economies are using fishing reels and their income is also low. Moreover, the price between US $100-500 is projected to grow at the highest CAGR during the forecast period.
Fishing Reel Market Insights by Sales Channel
The global fishing reel market, by sales channel is segmented into offline and online. Further, online segment includes e-commerce websites and offline channel includes sports stores and departmental stores. The offline segment holds the largest market share in 2021 as these retail outlets help them gauge the quality and design of products as well as seek the opinion of experienced staff for better purchasing decisions. Whereas, online segment is expected to grow at the highest CAGR over forecast period due to significant rise in the number of internet and mobile users in emerging markets.
Fishing Reel Market Insights by Application
The global fishing reel market, by application is segmented into freshwater fishing and saltwater fishing. The freshwater fishing segment holds the largest market share in 2021. Whereas, the saltwater fishing segment is growing with the highest CAGR over the forecast period.
Fishing Reel Market Insights by Regional Outlook
By region, North America is the dominating region in the fishing reel market in 2021 owing to the rising popularity of recreational fishing in the region. Moreover, at a macro level a remarkable rise in the number of angling tournaments in the U.S. over the years has been creating a healthy demand for a wide variety of fishing reels. Whereas Asia Pacific fishing reel market is growing at the highest CAGR during the forecast period owing to the increasing number of budget-friendly game fishing destinations across this region.
Competitive Insight
Global Fishing Reel Market is highly competitive in nature. Some of the key players operating in the global fishing reel market include Abu Garcia, Alvey Reels, Daiwa Corporation, Elec-Tra-Mate, Florida Fishing Products, Hooker Electric Inc., Mitchell Reel Co., Shimano Inc., Shakespeare Company. LLC, Zebco, Pokee Fishing, Cabela's Inc. and AFTCO Mfg among others.
Segmentation Overview
Global Fishing Reel Market is segmented based on reel type, reel mechanism, price range, sales channel, application and region. The industry trends in the global fishing reel market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Fishing Reel Market:
By Reel Type segment of the Global Fishing Reel Market is sub-segmented into:
By Reel Mechanism segment of the Global Fishing Reel Market is sub-segmented into:
By Price Range segment of the Global Fishing Reel Market is sub-segmented into:
By Sales Channel segment of the Global Fishing Reel Market is sub-segmented into:
By Application segment of the Global Fishing Reel Market is sub-segmented into:
By Region segment of the Global Fishing Reel Market is sub-segmented into:
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