Archery Equipment Market in the US 2018-2022 | Rise in the Number of Women Participants to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2019--
The archery equipment market in the US is expected to post a CAGR of almost 9% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled US archery equipment market 2018-2022. (Graphic: Business Wire)
The US government has assigned special governing bodies, associations, and federations to encourage archery in the country. These institutional bodies organize competitions at specific intervals of time to increase awareness of the sport and find budding players. The Junior Olympic Archery Development (JOAD) program in the US teaches archery to young people. It also provides opportunities and a platform to develop their skills and helps archers enjoy the sport recreationally. Such support programs are encouraging people to join archery, which is one of the key factors driving the growth of the archery market in the US.
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As per Technavio, the rise in the number of women participants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Archery Equipment Market in the US: Rise in the Number of Women Participants
The participation of women in outdoor sports such as archery has significantly increased over the past few years. According to estimates, more than four million women are currently involved in archery and the number is expected to increase significantly during the forecast period. To capitalize on this trend, vendors are introducing archery equipment specifically designed for women. These factors are expected to positively impact the growth of the archery equipment market in the US.
“Increased use of carbon nanotechnology in archery equipment and rise in product visibility and accessibility through online retailing will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Archery Equipment Market in the US: Segmentation Analysis
This market report segments the archery equipment market in the US by product (bows and bows accessories, arrows, and other archery equipment) and distribution channel (offline stores and online stores).
The offline distribution channel led the market in 2017, followed by the online distribution channel. During the forecast period, the offline distribution channel is expected to maintain its dominance over the market. This is due to increasing sales of archery equipment in sports specialty stores in the US.
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Five Forces Analysis
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER SPORTS SPORTS
SOURCE: Technavio Research
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PUB: 11/20/2019 01:30 PM/DISC: 11/20/2019 01:31 PM