NEW YORK, Dec. 8, 2023 /PRNewswire/ — According to Technavio, the size of the hunting equipment market in Americas is estimated to grow by USD 733.75 million from 2022 to 2027. The market is estimated to grow at a CAGR of 1.47% during the forecast period. Moreover, the growth momentum will accelerate. The growing prominence of hunters as conservationists is a key trend in the market. Hunters contribute to funding that supports wildlife conservation through various federal and state-level programs in countries such as the US and Canada. For instance, the Duck Stamp is mandatory for waterfowl hunting in the US, and about 98% of the revenue generated from its sales is used for wildlife conservation and habitat management. Therefore, the growing prominence of hunters as conservationists will positively influence the hunting equipment market in Americas during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Hunting equipment market in Americas – Segmentation assessment
Technavio has segmented the market based on product (firearms, ammunition and accessories, and archery equipment and knives) and end-user (commercial and personal).
- The firearms segment will account for a significant share of the market’s growth during the forecast period. Some examples of firearms used for hunting include rifles, shotguns, muzzleloaders, primitive firearms, pistols, and handguns. Hunters who use rifles and shotguns for game and bird hunting should carry equipment licenses. However, the regulations are less stringent for the use of muzzleloaders, primitive firearms, and handguns. Firearm permit holders can hunt with any legal equipment during hunting season in the US and Canada. These factors are expected to drive the growth of the firearms segment during the forecast period.
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Hunting equipment market in Americas – Market dynamics
Key factor driving market growth
- The rise in popularity of online sales is driving the hunting equipment market growth in the Americas.
- Countries such as the US, Canada, and Mexico have high internet penetrations, which has led to the rapid growth of the e-commerce industry in the Americas.
- Hunting equipment providers in the region offer a wide range of equipment, such as crossbows, arrows and shafts, firearms, ammunition, rifle scopes, and game calls, through their websites.
- E-commerce platforms enable customers to compare product features and prices, which helps in decision-making.
- The growth in logistics infrastructure in developing economies such as Mexico and Argentina will also encourage vendors to offer products online.
- Therefore, the growing popularity of online sales is expected to fuel market growth during the forecast period.
Major challenges hindering the market growth
- The seasonal nature of business is challenging the hunting equipment market growth in the Americas.
- The revenue generated from the sales of hunting equipment in the Americas is highly dependent on the season.
- For instance, in the US, Canada, and Argentina, hunting is prohibited during the closed season.
- The open season for hunting depends on the breeding period of animals. For instance, in New Hampshire, the open season for wild Turkey is in May, while deer can be hunted from October to December.
- Therefore, seasonal fluctuations in hunting activities are expected to hinder the growth of the market during the forecast period.
Insights on market drivers and challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) – Request a sample report!
What are the key data covered in this hunting equipment market in Americas report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the hunting equipment market in Americas between 2023 and 2027
- Precise estimation of the size of the hunting equipment market in Americas and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of vendors in the hunting equipment market in Americas
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- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
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