It was estimated prior to this unanticipated outbreak Fishing Rods Market will reach CAGR of 6.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Fishing Rods Market Insights
Fishing Rods market is likely to witness a CAGR of 6.1% during the forecast period. The prime factor that is driving the fishing rods market is rising adoption of fishing rods as a recreational activity among people of various age groups.
Market Share Analysis
Fishing Rods Market Share: By Product Type
Based on the product type, the market is segmented as spinning rods, fly fishing rods, casting rods, and others. The spinning rods segment dominated the market in 2019 and is expected to maintain its position during the forecast period. Spinning rods are efficient in throwing lighter lures far and are useful in windy place. Fly fishing rods are expected to witness the highest growth during the forecast period owing to their capability for casting baits in distant water.
Fishing Rods Market Share: By Application Type
Based on the application type, the market is segmented as competitive casting, recreational fishing, commercial fishing, and others. Recreational fishing accounted for the largest share of the market and is expected to remain dominant during the forecast period. Increasing preference of people towards most popular fishing destination is the major factor behind the dominance of the recreational fishing segment.
Fishing Rods Market Share: By Region
In terms of regions, North America is estimated to be the largest market for fishing rods during the forecast period. Significant demand from both commercial and recreational applications is driving the growth of the region. Europe and Asia-Pacific also holds significant share of the market and are expected to witness healthy growth during the forecast period.
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