PUBLISHER: Grand View Research | PRODUCT CODE: 1575267
PUBLISHER: Grand View Research | PRODUCT CODE: 1575267
The global archery equipment market size is estimated to reach USD 3.14 billion in 2030 and is projected to grow at a CAGR of 3.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for archery equipment is on the rise, driven by several key factors and trends. One of the primary reasons for this increase is the growing popularity of archery as a sport, particularly among younger generations. Innovative programs, such as 3D shooting, are attracting more participants by offering exciting experiences that involve walking a course and taking shots at three-dimensional foam targets. This engaging format not only makes archery more appealing but also encourages individuals to explore the sport further.
The portability and convenience of modern archery equipment have made it more accessible to a broader audience. The introduction of kid-friendly bows and arrows has opened the door for younger enthusiasts to participate, while collapsible bows enhance portability for those who value convenience. This ease of handling and transport has led to increased adoption of archery as a leisure activity at camps, outdoor events, and recreational tours, making it an attractive option for families and individuals alike.
The availability of professional training through various institutions is another significant factor contributing to the rising demand for archery equipment. As long-range target shooting requires ample space and specialized gear, many individuals find it beneficial to enroll in organized programs that provide training, host small-scale events, and educate participants about international regulations. These institutions help aspiring archers prepare for national and international competitions, fostering a deeper commitment to the sport.
Moreover, government initiatives aimed at promoting archery are playing a crucial role in expanding its reach. By implementing policies, organizing tournaments, and launching long-term development programs, governments are actively working to increase participation and improve the standard of archery. These efforts not only aim to boost local interest but also seek to enhance national performance in major competitions like the Commonwealth Games, Asian Games, and Olympic Games.