Fishing reels are devices that can be hand-held on mounted on boats gunwales; they are used in consort with fishing rods for winding and packing fish. The fishing reels market has seen steady growth in the recent past on account of a blooming fisheries industry and keeping in line with the trend of leisure sports gaining popularity across the globe.
The fishing reels market is a highly fragmented market on account of several global and local players. Notably, Chinese manufacturers have been able to make strong inroads into other markets on account of their access to cheap labour and raw materials. Furthermore, product innovation has been key in manufacturers’ ability to capture market share.
Manufacturers have been exploring ways to enhance fishing reels by increasing depth, improving movement control and adapting products for differing angle styles. Simultaneously, manufacturers have also sought to develop fishing reels for multiple application, including reels that are adaptable to both salt-water and fresh-water fishing, leading to increased emphasis on corrosion resistant and high-strength lines.
Key players in the fishing reels market are Stradic, Daiwa Corporation, Abu Garcia, Shimano, Creed, Okuma, Pflueger, GT, Penn Spinfisher, Orvis, Bass Pro Shops, LL Bean, Shakespeare Fishing Tackle, Scientific Anglers, Cadence, Weihai Guangwei Group, KastKing, Cabelas, Zebco, Piscifun, RYOBI, Kalex , Sougayilang, Joyday and Aftco Manufacturing.
Prominent products in the market include Abu Garcia Black Max Low Profile Baitcasting Fishing Reel, Daiwa CC80 Baitcasting Reels, Daiwa Fuego CT Baitcast Fishing Reels, KastKing MegaJaws Baitcasting Reel, Daiwa BG Saltwater Spinning Reel, Pflueger President XT Low Profile Reel, Cadence CS10 Spinning Reel, Penn Pursuit III 4000C, PLUSINNO Fishing Reel, Piscifun Sword Fly Fishing Reel.
Alternatively, some manufacturers have also introduced cheaper and easy to use products for beginners. Some of these products include Sougayilang Spinning Reels, Joyday Fishing Reel, Piscifun Flame Spinning Reels, KastKing Cadet Spincast Fishing Reel, Kalex XL3 Baitcast Low Profile Fishing Reel, Cadence Ideal Spinning Reel, Casting Fishing Reel, Daiwa SF4000-B Stikeforce-B Spinning Reel.
Drivers of the Fishing Reels Market
While the commercial demand for fishing reels has been driven by the growing fisheries sector and criticism of mass fishing techniques, a rise in leisure sports and disposable incomes has also driven the fishing reels market.
Impact of Covid-19
Lockdowns by various governments instituted during the Covid-19 pandemic led to a significant increase in demand for fishing reels. However, this rise is likely to be a cosmetic growth in the market and will fade in the aftermath of the pandemic.
The economic implications of the Covid-19 lockdowns are likely to have a negative impact on the fishing reels market as disposable incomes reduce and the leisure sports industry suffers. However, the commercial segments may benefit from the situation as people and communities attempt to increase self-sufficiency.
The economic crisis caused due to the pandemic is also likely to intensify trade wars with China, which had hitherto been dominating the manufacturing of fishing reels. Countries, especially major powers like the US, may seek to reduce their complex interdependency with China, thus boosting the local fishing reels market. This presents an opportunity to new players entering the market.
The North American regional segment has been dominating the fishing reels market by a fair margin owing to an abundance of fishing avenues and a high standard of living. This dominance is expected to continue in the near future.
The European segment has been the second largest regional segment for the market, while the East Asian regional segment has been the fastest growing on account of rising incomes, mainly driven by China. However, East Asia poses limited growth opportunities in view of its consolidated fisheries industry.
On the other hand, South Asia has tremendous potential for growth, but has been restrained due to lower human development indices. Latin America, Oceania, and Middle East and Africa are the other notable regional segments.
The fishing reels market can be segmented based on the following:
The report on fishing reels market covers exhaustive analysis on:
Regional analysis for fishing reels market includes
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.