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Archery equipment market 2021-2025; A descriptive analysis of the five forces model, market dynamics, and segmentation – Technavio

Archery equipment market 2021-2025; A descriptive analysis of the five forces model, market dynamics, and segmentation – Technavio
PR Newswire
NEW YORK, Jan. 23, 2023

NEW YORK, Jan. 23, 2023 /PRNewswire/ — According to Technavio, the global archer…

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1 year ago

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Archery equipment market 2021-2025; A descriptive analysis of the five forces model, market dynamics, and segmentation - Technavio

PR Newswire

NEW YORK, Jan. 23, 2023

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- According to Technavio, the global archery equipment market size is estimated to grow by USD 1.13 billion from 2020 to 2025. The market is estimated to grow at a CAGR of 6.91% during the forecast period. Europe held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 38%. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Get detailed insights into the market study. Buy the report!

Archery equipment market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers – 

  • Bargaining Power of Buyers 
  • The threat of New Entrants
  • Threat of Rivalry
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • For more Insights on market size Request a sample report

Archery equipment market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Archery equipment market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on the product (bows and bows accessories, arrows, and other archery equipment), distribution channel (specialty and sports shops, departmental and discount stores, online retail, and others), and geography (Europe, North America, APAC, South America, and MEA). 

  • The market growth in the bows and arrows segment will be significant during the forecast period. Archery associations and manufacturers of bows and arrows are promoting the sport through social media to generate interest among consumers. Vendors are also adopting new technologies and adding new features such as the use of carbon nanotechnology to manufacture archery equipment such as bows and bow accessories. Such developments are fueling the growth of the segment.

Geography Overview
By geography, the global archery equipment market is segmented into Europe, North America, APAC, South America, and MEA. The report provides actionable insights and estimates the contribution of all regions to the growth of the global archery equipment market.

  • Europe will account for 38% of the market growth during the forecast period. The high adoption of the sport among both men and women is a key factor driving the growth of the archery market in Europe. In addition, the presence of adequate infrastructure and facilities for archery is fostering the growth of the regional market.

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Archery equipment market – Market Dynamics

Key factor driving market growth

  • The market is driven by the rise in consumer preference for adventure sports.
  • Consumers are being influenced by various ads, movies, and videos that portray sports activities such as river rafting, bowhunting, and paragliding recently.
  • The presence of several online and mobile application-based archery games has played a significant role in keeping the market buoyant and spreading awareness of the sport.
  • In addition, the inclusion of archery in sports events such as the Olympics Games, the Commonwealth Games, and regional tournaments such as the Asian Cup and the European Cup are fostering the growth of the global archery equipment market.

Leading trends influencing the market 

  • The greater availability of training facilities for archery is a key trend in the market.
  • Government and private sports organizations across the world are investing in facilities to encourage and promote archery.
  • They are holding competitions at regular intervals to spread awareness and find budding players.
  • For instance, in the US, a program called Junior Olympic Archery Development (JOAD) has been launched to teach archery to the youth and to provide opportunities and a platform to develop their archery skills. The program also encourages archers to enjoy the sport for recreational purposes.
  • Similarly, Lancaster Archery Academy, situated in England, offers comprehensive training in the sport of archery. It provides step-by-step instruction to amateurs, intermediate archers, and students.
  • The increase in the number of training facilities is driving the demand for archery equipment in the market.

Major challenges hindering the market growth

  • The presence of counterfeit products is the key challenge in the market.
  • Many consumers perceive counterfeit products to be of original brands, which affects the revenue and brand name of globally renowned companies.
  • The preference for these products is high among low-income groups as they are very affordable.
  • The increasing availability of counterfeit products is expected to have a negative impact on the growth of the market during the forecast period.

Driver, trend, and challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this archery equipment market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the archery equipment market between 2021 and 2025
  • Precise estimation of the size of the archery equipment market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the archery equipment market industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of archery equipment market vendors

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Related Reports:

  • The archery equipment market in the US has the potential to grow by USD 643.36 million during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 8.08%. The institutional bodies supporting archery is notably driving the archery equipment market growth in the US, although factors such as presence of counterfeit products may impede market growth.
  • The reflective sportswear market is estimated to grow at a CAGR of 4.3% between 2022 and 2027. The size of the market is forecast to increase by USD 333.51 million. The improved marketing strategies by key competitors are notably driving the market growth, although factors such as the greater availability of counterfeit products may impede the market growth.

Archery Equipment Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Historic period

2017-2021

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.91%

Market growth 2021-2025

USD 1.13 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.32

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

Europe at 38%

Key countries

UK, US, South Korea (Republic of Korea), Japan, and Brazil

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AMS BOWFISHING, Carbon Tech, Darton Archery LLC, Escalade Inc., Gold Tip LLC, Precision Shooting Equipment Inc., SAMICK SPORTS, Southwest Archery USA, SRS Archery, and The Bohning Co. Ltd.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem 
    • Exhibit 01: Parent market
  • 2.2 Market characteristics 
    • Exhibit 02: Market characteristics
  • 2.3 Value chain analysis 
    • Exhibit 03:Value Chain Analysis: Leisure products

3 Market Sizing

  • 3.1 Market definition 
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary 
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers 
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers 
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants 
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes 
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry 
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition 
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Product

  • 5.1 Market segments 
    • Exhibit 15: Product - Market share 2020-2025 (%)
  • 5.2 Comparison by Product 
    • Exhibit 16: Comparison by Product
  • 5.3 Bows and bows accessories - Market size and forecast 2020-2025 
    • Exhibit 17: Bows and bows accessories - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 18: Bows and bows accessories - Year-over-year growth 2020-2025 (%)
  • 5.4 Arrows - Market size and forecast 2020-2025
    • Exhibit 19: Arrows - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 20: Arrows - Year-over-year growth 2020-2025 (%)
  • 5.5 Other archery equipment - Market size and forecast 2020-2025 
    • Exhibit 21: Other archery equipment - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 22: Other archery equipment - Year-over-year growth 2020-2025 (%)
  • 5.6 Market opportunity by Product 
    • Exhibit 23: Market opportunity by Product

6 Market Segmentation by Distribution channel

  • 6.1 Market segments 
    • Exhibit 24: Distribution channel - Market share 2020-2025 (%)
  • 6.2 Comparison by Distribution channel 
    • Exhibit 25: Comparison by Distribution channel
  • 6.3 Specialty and sports shops - Market size and forecast 2020-2025 
    • Exhibit 26: Specialty and sports shops - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 27: Specialty and sports shops - Year-over-year growth 2020-2025 (%)
  • 6.4 Departmental and discount stores - Market size and forecast 2020-2025 
    • Exhibit 28: Departmental and discount stores - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 29: Departmental and discount stores - Year-over-year growth 2020-2025 (%)
  • 6.5 Online retail - Market size and forecast 2020-2025
    • Exhibit 30: Online retail - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 31: Online retail - Year-over-year growth 2020-2025 (%)
  • 6.6 Others - Market size and forecast 2020-2025
    • Exhibit 32: Others - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 33: Others - Year-over-year growth 2020-2025 (%)
  • 6.7 Market opportunity by Distribution channel
    • Exhibit 34: Market opportunity by Distribution channel

7 Customer Landscape

8 Geographic Landscape

  • 8.1 Geographic segmentation 
    • Exhibit 36: Market share by geography 2020-2025 (%)
  • 8.2 Geographic comparison 
    • Exhibit 37: Geographic comparison
  • 8.3 Europe - Market size and forecast 2020-2025
    • Exhibit 38: Europe - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 39: Europe - Year-over-year growth 2020-2025 (%)
  • 8.4 North America - Market size and forecast 2020-2025
    • Exhibit 40: North America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 41: North America - Year-over-year growth 2020-2025 (%)
  • 8.5 APAC - Market size and forecast 2020-2025
    • Exhibit 42: APAC - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 43: APAC - Year-over-year growth 2020-2025 (%)
  • 8.6 South America - Market size and forecast 2020-2025
    • Exhibit 44: South America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 45: South America - Year-over-year growth 2020-2025 (%)
  • 8.7 MEA - Market size and forecast 2020-2025
    • Exhibit 46: MEA - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 47: MEA - Year-over-year growth 2020-2025 (%)
  • 8.8 Key leading countries 
    • Exhibit 48: Key leading countries
  • 8.9 Market opportunity by geography 
    • Exhibit 49: Market opportunity by geography ($ billion)

9 Drivers, Challenges, and Trends

  • 9.1 Market drivers
  • 9.2 Market challenges 
    • Exhibit 50: Impact of drivers and challenges
  • 9.3 Market trends

10 Vendor Landscape

  • 10.1 Vendor landscape 
    • Exhibit 51: Vendor landscape
  • 10.2 Landscape disruption
  • 10.3 Competitive scenario

11 Vendor Analysis

  • 11.1 Vendors covered 
    • Exhibit 54: Vendors covered
  • 11.2 Market positioning of vendors 
    • Exhibit 55: Market positioning of vendors
  • 11.3 AMS BOWFISHING 
    • Exhibit 56: AMS BOWFISHING - Overview
    • Exhibit 57: AMS BOWFISHING - Product and service
    • Exhibit 58: AMS BOWFISHING - Key offerings
  • 11.4 Carbon Tech 
    • Exhibit 59: Carbon Tech - Overview
    • Exhibit 60: Carbon Tech - Product and service
    • Exhibit 61: Carbon Tech - Key offerings
  • 11.5 Darton Archery LLC 
    • Exhibit 62: Darton Archery LLC - Overview
    • Exhibit 63: Darton Archery LLC - Product and service
    • Exhibit 64: Darton Archery LLC - Key offerings
  • 11.6 Escalade Inc. 
    • Exhibit 65: Escalade Inc. - Overview
    • Exhibit 66: Escalade Inc. - Product and service
    • Exhibit 67: Escalade Inc. - Key offerings
  • 11.7 Gold Tip LLC 
    • Exhibit 68: Gold Tip LLC - Overview
    • Exhibit 69: Gold Tip LLC - Product and service
    • Exhibit 70: Gold Tip LLC - Key offerings
  • 11.8 Precision Shooting Equipment Inc. 
    • Exhibit 71: Precision Shooting Equipment Inc. - Overview
    • Exhibit 72: Precision Shooting Equipment Inc. - Product and service
    • Exhibit 73: Precision Shooting Equipment Inc. - Key offerings
  • 11.9 SAMICK SPORTS 
    • Exhibit 74: SAMICK SPORTS - Overview
    • Exhibit 75: SAMICK SPORTS - Product and service
    • Exhibit 76: SAMICK SPORTS - Key offerings
  • 11.10 Southwest Archery USA 
    • Exhibit 77: Southwest Archery USA - Overview
    • Exhibit 78: Southwest Archery USA - Product and service
    • Exhibit 79: Southwest Archery USA - Key offerings
  • 11.11 SRS Archery 
    • Exhibit 80: SRS Archery - Overview
    • Exhibit 81: SRS Archery - Product and service
    • Exhibit 82: SRS Archery - Key offerings
  • 11.12 The Bohning Co. Ltd. 
    • Exhibit 83: The Bohning Co. Ltd. - Overview
    • Exhibit 84: The Bohning Co. Ltd. - Product and service
    • Exhibit 85: The Bohning Co. Ltd. - Key offerings

12 Appendix

  • 12.1 Scope of the report
  • 12.2 Currency conversion rates for US$ 
    • Exhibit 86: Currency conversion rates for US$
  • 12.3 Research methodology 
    • Exhibit 87: Research Methodology
    • Exhibit 88: Validation techniques employed for market sizing
    • Exhibit 89: Information sources
  • 12.4 List of abbreviations 
    • Exhibit 90: List of abbreviations
About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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One city held a mass passport-getting event

A New Orleans congressman organized a way for people to apply for their passports en masse.

Published

20 hours ago

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March 15, 2024

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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.

Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic. 

Related: Here is why it is (still) taking forever to get a passport

To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.

A passport case shows the seal featured on American passports.

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'Come apply for your passport, no appointment is required'

"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram  (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."

More Travel:

The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.

These are the countries with the highest-ranking passports in 2024

According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).

While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.

Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.

In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.

A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.

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Fast-food chain closes restaurants after Chapter 11 bankruptcy

Several major fast-food chains recently have struggled to keep restaurants open.

Published

23 hours ago

on

March 15, 2024

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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home. 

Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems. 

It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.  

Related: Wendy's menu drops a fan favorite item, adds something new

Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.

RBI also stepped in and purchased one of its key franchisees.

"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states." 

The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.

Burger King lost hundreds of restaurants in 2023.

Image source: Chen Jianli/Xinhua via Getty

Another fast-food chain faces bankruptcy problems

Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.

"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.

Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public. 

That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.

Bojangles has a messy bankruptcy situation

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9. 

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported. 

Bojangles sent the station a comment on the situation.

"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."

Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.

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Industrial Production Increased 0.1% in February

From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…

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24 hours ago

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March 15, 2024

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From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.
emphasis added
Click on graph for larger image.

This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).

Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022.  This was below consensus expectations.

Note: y-axis doesn't start at zero to better show the change.


Industrial Production The second graph shows industrial production since 1967.

Industrial production increased to 102.3. This is above the pre-pandemic level.

Industrial production was above consensus expectations.

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