About Archery Equipment in Europe
The archery equipment market in Europe is driven by many growth factors — the positive influence of the ATA trade shows being one of the most important. The growing influence of media, especially movies and television broadcasting of archery games in the Olympics, is aiding in the market's growth in the region. The budding interest exhibited by the European population in archery as a sport, especially bowhunting, will also have a positive growth impact on the market over the coming years. The increasing use of carbon nanomaterials in the manufacture of archery equipment is an emerging trend, which, we expect, will propel the growth of the market in the region during the forecast period.
Technavio’s analysts forecast the archery equipment market in Europe to grow at a CAGR of 5.48% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the archery equipment market in Europe for 2016-2020. To calculate the market size, Technavio has taken into consideration the sales revenue of different types of archery equipment.
The market is divided into the following segments based on product type:
Technavio Announces the Publication of its Research Report – Archery Equipment Market in Europe 2016-2020
Technavio recognizes the following companies as the key players in the Archery Equipment Market in Europe: Archery World, Axion Archery, Bear Archery, Merlin Archery, and Quicks Archery.
Other Prominent Vendors in the market are: Alpine Archery, Bohning, Carbon Tech, Copper John, Easton Archery, Field Logic, HHA Sports, Hoyt Archery, Kinsey's Archery Products, Martin Archery, Parker Bows, and Rage Broadheads.
Commenting on the report, an analyst from Technavio’s team said: “The growing interest in archery is encouraging key vendors to innovate and introduce new products and archery gear for different archery events across the globe. Adding to this is the constant demand and need for better production techniques and products, which would not only add to the comfort and convenience of the user but also reduce production costs of the vendor. Today, vendors are coming up with new products for different archery tournaments, which can affect the market dynamics significantly over the coming years.”
According to the report, the popularity of archery is rising in the region and is the sport is expected to display a steady growth during the forecast period. The percentage of archery participants who are members of a club in England rose from 42.5% in 2012 to 46.2% in 2015, displaying a growing affinity toward the sport. Archery also became NBC's most-watched sport during the network's first week of Olympic Games' coverage in 2012, with an average of 1.5 million viewers. This trend is expected to continue during the 2016 Rio Olympics as well.
Further, the report states that high cost of archery equipment will be a challenge for the market. The high cost of archery equipment can restrict the growth of the market over the next five years. The cost of archery equipment offered by global and regional vendors is relatively high, which can be a challenge to the profit margins of renowned vendors, as most end-users are generally reluctant to shell out such high amounts. The prevailing expensive nature of branded archery equipment tends to limit their adoption to the upper-income population group while leaving a considerable untapped consumer base in the low and middle-income groups.
rchery World, Axion Archery, Bear Archery, Merlin Archery, Quicks Archery,Alpine Archery, Bohning, Carbon Tech, Copper John, Easton Archery, Field Logic, HHA Sports, Hoyt Archery, Kinsey's Archery Products, Martin Archery, Parker Bows, Rage Broadheads.
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