The analysts forecast the archery equipment market in the US to grow at a CAGR of 8.58% during the period 2018-2022.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is rise in number of women participants. The shrinking gender gap between the number of male and female players in Olympic Games is gaining traction in the market. The participation of women in outdoor sports such as archery has increased considerably over the last few years with an equal number of men and women participants.
According to the report, one driver in the market is institutional bodies supporting archery. Governments across the globe have assigned special governing bodies, associations, and federations for proper development and growth of archery. For instance, Archers Association of America, Archery Association of India, and Archery Association of Serbia have also been established.
Further, the report states that one challenge in the market is presence of counterfeit products. The archery equipment market in the US is marked by the presence of both established and local brands. The presence of local brands presents multiple options of varying price points.