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Archery Equipment Market in the US - Trends, Drivers, and Challenges | Technavio
[April 13, 2018]

Archery Equipment Market in the US - Trends, Drivers, and Challenges | Technavio

The archery equipment market in the US is expected to grow at a CAGR of close to 9% during the period 2018-2022, according to a new market research study by Technavio.

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Technavio has published a new market research report on the archery equipment market in the US from ...

Technavio has published a new market research report on the archery equipment market in the US from 2018-2022. (Graphic: Business Wire)

The report presents a comprehensive research of the archery equipment market in the US by distribution channel (offline stores and online stores) and by product (bows and bows accessories and arrows).

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Market driver: institutional bodies supporting archery

The government of various bodies has assigned special governing bodies, associations, and federations for proper development and growth of archery. For example, Archers Association of America, Archery Association of India, and Archery Association of Serbia. A global archery association called the Archers Association has also been established. Based on the country, state, and city, different institutional bodies are assigned for proper and uniform growth of the sport. Several competitions are held from time to time to increase awareness of the sport and find budding players.

According to a senior analyst at Technavio for outdoor gear research, "In countries such as the US, Junior Olympic Archery Development program was initiated to teach archery among young people. It provides a great opportunity and a platform for young archers to develop their skills and enjoy the sport recreationally. Rising Phoenix Archery is an archery club that has been recognized as the largest archery training program by the USA Archery. It offers training classes for beginners, intermediates, and advanced archers. There has been a rise in the number of many private and government sports bodies that hire coaches, offer proper coaching, and have all necessary equipment."

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Market trend: increased use of carbon nanotechnology in archery equipment

Minute changes in sports equipment can influence archery, which can further influence the results of the sport. Implementation of carbon nanomaterials in archery equipment is a new trend in the market. Carbon nanomaterials are single or multiple atomic layers of graphite wound tightly into tubes. Benefits such as reduced weight, increased hardness, reduced friction, enhanced durability and strength to weight ratio, resiliency, and wear resistance is achieved due to the advent of carbon nanotechnology in archery equipment. Such advantages have led to a higher adoption of nanotechnology in archery equipment. Currently, carbon nanotubes are used in bows and arrows to develop better products. Bows made of carbon nanotubes in their limbs and risers are lighter, faster, have less vibration, and are more accurate.

Market challenge: presence of counterfeit products

In countries such as the US, the archery equipment market is marked by the presence of both established and local brands. The local brands present multiple options of varying price points. Counterfeit products available in the market negatively impacts the growth potential of the key players in the market. As counterfeit products are perceived to be original products, they dilute the original brands. Thus, this affects the revenue and the brand name of globally-reputed companies. Several manufacturers have issued press releases and posted warnings on their websites to alert retailers and consumers about the problem.

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