Market Size of Archery Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Archery Equipment Market Analysis
The Archery Equipment market is projected to register a CAGR of 5.8% during the forecast period, 2022-2027.
In 2020, during COVID-19, many sports equipment industries including archery equipment affected due to the economic crisis. As outdoor sports activities were restricted due to the strict lockdown measure imposed by the government which led to the decline in sales of archery equipment. However, in 2021 market recorded a slight recovery due to the relaxed norms and the opening of sports clubs and recreational activities. Further, to overcome the pandemic some companies restructured their marketing initiatives to boost revenue. For instance, in December 2020, Toxon Technologies announced its Affiliate Program, which was designed to help independent archery stores in Canada generate revenue and connect with archers while store traffic was limited due to the pandemic. With the Affiliate Program, independent archery dealers sold Toxon's BOWdometer archery practice companion without having to carry additional inventory. BOWdometer is a tool that uses a combination of sensors to capture performance data during an archer's shot.
The archery sport is emerging as one of the most favored recreational activities and witnessing increased participation across different parts of the key geographies, which in turn drives the demand for archery equipment. Moreover, the growing number of women contestants and high investment and initiatives by governments in the sports sector are also contributing to the growth of the archery equipment market. For instance, in June 2022, the Youth Affairs and Sports Ministry of India approved a total sum of INR 75 Lac to host the "Khelo India National Ranking Women Archery Tournament" over six phases. The first phase of the tournament was held in April 2022 and was hosted by TATA Archery Academy, Jamshedpur. Through this initiative, the government aims to create a competitive environment for the young girls that desire to participate in the Olympic games.
Improving the infrastructure of sports clubs has allowed people to play archery sports clubs. Various gaming centers or gaming zones are opening up archery as a sport in their complexes which is expected to boost the archery equipment market during the forecast period.
