Hunting Equipment Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Firearms, Ammunition and Accessories, Knives, Archery Equipment and Others); Application (Individual, Commercial); and Region/Country
The global Hunting Equipment Market is expected to grow at a significant rate of around 7% during the forecast period. Any firearm, weapon system, or another item that can be used to pursue, dispatch, or even catch wildlife is referred to as hunting equipment. The preference for hunting and fishing as well as the expanding use of lead-free ammunition avoid harming wildlife and contaminating natural resources. The growing popularity of outdoor recreational activities is notably driving the hunting equipment market growth. In addition, the market is expanding because of the rising popularity of outdoor recreational activities, hunting games, and hunters increased role as conservationists.
American Outdoor Brands Inc., Beretta Holding S.p.A, BPS Direct LLC, Buck Knives Inc., Easton Technical Products Inc, FeraDyne Outdoors, Pure Fishing Inc, Spyderco Inc, Sturm Ruger and Co. Inc, Vista Outdoor Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, firearm category to witness robust CAGR during the forecast period”
Based on type, the market is segmented into firearms, ammunition and accessories, knives, archery equipment and others. The firearm category is to witness higher CAGR during the forecast period owing to the growing preference to adopt the modern way of hunting and an increase in the adoption of licensed weapons for hunting purposes. Moreover, following a passion, growing industries, and increasing recreational sports and games events are some of the factors driving the growth of the market.
“Amongst application, the commercial to hold a significant share in the market in 2020”
Based on the drive type, the market is categorized into individual and commercial. Among these, the commercial to hold a significant share of the market in the forecast period. Furthermore, the increasing investment of the market’s key players in the innovation and development of hunting equipment to grow the commercial industries is expected to drive the growth of the market.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global hunting equipment market. The increasing emphasis on leading healthy lives among the public, especially in the US and Canada, has resulted in an increase in the popularity of outdoor leisure activities throughout the Americas. Hunting is recognized as an integral part of North American culture, particularly in the US and Canada. Additionally, since a significant amount of the money obtained from hunting licenses and excise taxes on hunting equipment is used for habitat management and animal conservation in the US and Canada, hunting is an essential strategy for controlling wildlife in these countries. The increased popularity of outdoor recreational activities in the Americas is predicted to fuel the market expansion for hunting equipment there.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global hunting equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Hunting Equipment Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global hunting equipment market were the three major steps undertaken to create and analyze the adoption of hunting equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hunting equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the hunting equipment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the hunting equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hunting equipment market. Further, we conducted factor analysis using dependent and independent variables such as type, and applications of hunting equipment market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hunting equipment market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hunting equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the hunting equipment market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global hunting equipment market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hunting equipment market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global hunting equipment market.
The main objective of the Global Hunting equipment Market Study
The current & future market trends of the global hunting equipment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the hunting equipment market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and application.
- Define and analysis of the regulatory framework for the hunting equipment
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the hunting equipment market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the hunting equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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