Transparency Market Research
Crossbows Market - Overview
Crossbow is the archery weapon that has a riser mounted on a rigid stock. It is also referred to as ranged weapon, comprised of a horizontal bow-like assembly attached on a frame. These weapons are majorly used for hunting and target shooting. Crossbows have undergone many developments in terms of design and technology in the last few years. In general, crossbows are getting narrower and lighter and offer speeds ranging from 300 to 370 feet per second with bows topping 400 feet per second, depending on the bow design and arrow weight.
Crossbows Market - Drivers and Restraints
Governments of various countries have assigned special governing bodies, federations, and associations for the proper growth and development of archery, for instance, Archers Association of America, Archers Association of Serbia etc. Furthermore, global associations for the development and growth of archery have been established, known as Archers Association. Small changes in the sports equipment have also influenced archery, further positively impacting the industry, for instance, implementation of carbon nanomaterial in the equipment. Carbon nanomaterials are the single or multiple graphite atomic layers wound tightly into tubes. Reduced weight and friction, increased hardness, resilience, enhanced strength to weight ratio, and durability is achieved due to the carbon nanotechnology in the equipment which has further led to the increased adoption of technology in the manufacturing process. Increasing per capita incomes, changing mindset of consumers, and growing preferences of consumers to invest in recreational activities have further enhanced the popularity of various outdoor sports which includes archery. Increasing number of women athletics in the segment, and the availability of training facilities is also anticipated to spur the industry growth. Various private sports agencies, sports academies, and governments are enthusiastically involved in the promotion of archery and are holding various events to increase the awareness of the sport among the population. Furthermore, there are both local and established brands offering multiple options of crossbows with varying price points. The availability of counterfeit products is expected to impact the crossbows market negatively. Counterfeit products are perceived as the original products and hence are diluting the value of original products in the crossbows market.
Crossbows Market - Segmentation
Crossbow manufacturers are focused on improving the design and technology which has further created opportunities for dealers to offer upgraded product to customers. The increased sales of crossbow accessories have also augmented the possibility of add-on sales. The crossbows market is categorized based on type, application, distribution channel, and region. The type segment is further segregated into Recurve crossbow, Compound crossbow, Pistol crossbows, and others. The others segment includes rifle crossbows, bullet crossbows, and repeating crossbows. The application segment is categorized into hunting, target shooting, and others. The distribution channel is segmented into online and offline, where offline channel includes direct sales and distributors. Increase in consumer interest in adventure sports such as bow hunting, river rafting, and paragliding etc. is anticipated to fuel the crossbows market growth over the forecast period.
The region segment is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America region is expected to hold major share in the crossbows market. The North America Crossbow Federation is responsible to establish the basic standards and testing procedures for the crossbow industry according to the procedure set by ANSI (American National Standards Institute).
Crossbows Market - Key Players
Some of the prominent players in the crossbows market includes Bowtech (Eugene), TenPoint Crossbow Technologies (U.S.), Barnett Crossbows (U.S.), Crosman (U.S.), PSE Archery (U.S.), Parker Bows (U.S.), Darton Archery (U.S.), Eastman Outdoors (U.S.), EK Archery (Netherlands), Armex Archery (UK), Man Kung (Taiwan), Poe Lang (Taiwan), and Jiaozuo Sanlida Archery Equipment (China).
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