Report : Asia Pacific Fishing Reels Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Spinning Reel, Baitcasting Reel, Spincast Reel, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
The Specialty Stores Segment to Dominate Asia Pacific Fishing Reels Market during 2021-2028
According to a new market research study on “Asia Pacific Fishing Reel Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Distribution Channel and Country,” is expected to reach US$ 2,686.49 million by 2028 from US$ 1,769.83 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific fishing reels market along with the drivers and restraints pertaining to the market growth. People gaining knowledge about different fishing reels and rising count of anglers in developing countries are major factors driving the growth of the Asia Pacific fishing reels market. However, rising usage of rented equipment may hinder the growth of Asia Pacific fishing reels market.
The governments of Asia Pacific countries are taking possible steps to reduce the effects of the COVID-19 by announcing lockdowns, which is impacting the revenue generated by the market. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of Asia Pacific. However, the uncertainty regarding future outbreaks, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The pandemic caused a shortage of labor, supply chain disruptions, the shutdown of manufacturing units, and transportation restrictions, negatively impacting the fishing reel market in Asia Pacific. In countries such as Australia and India, there was an increase in recreational fishing activities during the COVID-19 pandemic, which positively impacted the fishing reels market. Moreover, the relaxation of restrictions and the resumption of manufacturing operations will stabilize the region's fishing reels market.
The market for Asia Pacific fishing reels is segmented into type, distribution channel and country. Based on type, the market is segmented into spinning reel, baitcasting reel, spincast reel, and others. In 2020, the spinning reel segment held the largest share in Asia Pacific fishing reels market. Based on distribution channel, the Asia Pacific fishing reels market is divided into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific fishing reels market is segmented into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific fishing reels market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific fishing reels market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for fishing reels.
Accurate Fishing; The Orvis Company; Piscifun; Eposeidon Outdoor Adventure Ltd.; Cadence; JiuYu Fishing Tackle Co., Ltd.; and NingBo HaiBao Fishing Tackle Co., Ltd. are some of the leading companies in the Asia Pacific fishing reels market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
Asia Pacific Fishing Reels Market, By Country, 2020 and 2028 (%) 
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com