Market Trends of Archery Equipment Industry
This section covers the major market trends shaping the Archery Equipment Market according to our research experts:
Increasing Participation in Archery Sport
Rising consumer interest in archery sport as a recreational activity owing to the increased importance of physical fitness and well-being among the millennial population is a significant factor driving the demand for archery sports equipment. In the last few years, people have gained knowledge about the health benefits associated with archery sports which is accelerating the participation rate, especially among women and children. Further, Governments across different countries are including archery as a key sports activity in the school curriculum, as the practice of archery is believed to benefit children in many ways such as it helps cultivate mental stamina and self-confidence in young children. For instance, in certain schools in the United States, USA Archery and National Field Archery Association offer several programs such as National Archery in the Schools Program (NASP), Junior Olympic Archery Development Program (JOAD), and After School Archery Program (ASAP) to encourage school children to participate in archery.
Asia-Pacific Emerges as the Fastest Growing Region
The youth population in Asia-pacific is increasingly inclined towards sports increasingly preferring adventure sports to utilize leisure time which in turn drives the growing participation in archery sports, contributing to the growth of the archery equipment market in the region. Furthermore, sports authorities and government bodies of different countries such as Singapore, India, Japan, and South Korea are organizing various national level and regional archery tournaments and long-term development programs to encourage participation and improve the standard of archery sports to win more medals in the world archery championships. Archery equipment sales are likely to witness an increase on account of the steadily growing adoption of the sport among children as modern parents are aware of the cognitive health benefits associated with archery. It will contribute to more people taking up the sport, translating into new avenues of growth.
