This is likely to play a significant role in influencing the global archery equipment market over the assessment tenure.
San Francisco, CA -- (SBWIRE) -- 04/02/2020 -- Like any other sport, archery also engages a large range of accessories and equipment. Most of the modern-day archery equipment is an evolution of the bows and arrows that were used across various cultures all over the world for several centuries. Today, there is wide recognition of a number of disciplines of equipment, or bowstyles. These bowstyles comprise compound bow and recurve bow. Recurve bow is used in the Olympic Games. The global archery equipment market is likely to make substantial gains from the wide recognition of the equipment of archery.
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The lives of people across the globe have become fast-paced and very hectic with hardly or no time for relaxation. Nevertheless, people are relentless looking for avenues to unwind themselves. Outdoor activities and sports have always been a great stress buster. Lately, people are resorting to various sports activities to ease mental pressure and relax. Archery is quickly emerging as a popular recreational activity and is expected to observe the augmented participation of people around the world. With increased participation, the sale of archery equipment is bound to rise in the forthcoming years. This factor is likely to support the rapid expansion of the global archery equipment market in the years to come. Furthermore, the inclusion of archery in prestigious events such as the Olympic games, as optional events in commonwealth games is likely to fuel demand of the archery equipment in the years to come.
Popularity of Archery amongst Children to Spur Growth of the Market
Over the years, archery has emerged as one of the major played sports and has also secured a place in many prestigious international gaming events such as the Olympics. This is likely to play a significant role in influencing the global archery equipment market over the assessment tenure.
The sport of archery has been developed to sharpen some mental and cognitive abilities in children, which makes it a popular sport amongst many children. This factor is predicted to increase the sales of archery equipment over the tenure of assessment. Apart from children women are also making increased participation in archery and various national and international archery events. This is likely to support developments in the global archery equipment market.
The governments in many countries are encouraging the adoption of archery as a sport. They are also implementing various programs that would assist in augmenting participation of people in archery. A case in point is the National Archery in the Schools Program (NASP) in the US schools and other NASP countries. This program encourages archery amongst students and involves around 18 million students across 14,000 schools in 11 different countries. Favorable government stance is likely to work in favor of the global archery equipment market in the years to come.
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Favorable Government Stance to Boost Market in Europe
In the global archery equipment market, Europe is one of the leading regions due to the growing importance and popularity of archery as one of the most common sports activities. Many institutional bodies such as the European Members of Archery Association (EMAA) have been set up to develop and promote archery in the region.
In North America, countries like Canada and the US conduct many archery programs in schools to promote archery amongst children.
Such initiatives are predicted to trigger the growth of the archery equipment market in North America over the period of forecast.
Product Innovation Leads to Increased Competition in the Market
Some of the prominent players detailed in the global archery equipment market comprise Precision Shooting Equipment, Outdoor Group LLC, The Bohning Company, New Archery Products,Escalde Inc, and Axion Archery. The global archery equipment market is regarded as a moderately fragmented and competitive one. Companies in the market are focusing on technological upgradation, innovation and marketing strategies to widen the reach of the archery equipment.
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