The firm's report, Global Archery Equipment Market 2016-2020, provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecast for various market segments and all geographical regions.

The bows and bow accessories market alone is expected to exceed $3bn by 2020, growing at a CAGR of over 9 percent. According to Brijesh Kumar Choubey, lead research analyst at Technavio for outdoor gear, “This segment has the highest market share primarily because bows and bow accessories are expensive and a necessary equipment for the sport of archery.”

The growth is further driven by new product launches and the growing number of archers, especially women archers.

Archery associations and manufacturers are also promoting archery through social media platforms and games, with an attempt to generate interest among new customers, especially the youth.

Source: Technavio