Innovation has entered the sphere of archery with smart archery equipment being introduced by manufacturers in the international market to stay ahead of competition. Earlier this year, two state-of-the-art auto-range digitalized laser powered bow sights were introduced in the archery equipment market – the one-of-a-kind archery equipment to be launched in the market. The groundbreaking technology underpinning this latest archery equipment helps archers automatically measure the distance range to the target and offers a virtually lit pin that helps achieve a perfect shot. These bow sights have been launched in partnership with the 2018 Archery Trade Association (ATA) Trade Show held in Indianapolis at the start of the year.
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Focused Initiatives by Government Bodies and Archery Institutions to Support Archery Equipment Sales
Governments across the world are realizing the benefits of including archery as a sport in schools, as the practice of archery is believed to benefit children in many ways. Practicing archery helps cultivate mental stamina and self-confidence in young children and archery has been included in the sports curriculum of certain schools in some of the states of the U.S. Organizations such as USA Archery and National Field Archery Association offer several programs such as National Archery in the Schools Program (NASP), Junior Olympic Archery Development Program (JOAD), and After School Archery Program (ASAP) to encourage school children to participate in archery. This has led to a surge in the demand and adoption of archery equipment, thereby positively impacting revenue growth of the archery equipment market.
Archery Equipment to be Sold Through Diverse Sales Channels
Archery equipment continues to be sold through independent sports outlets, modern trade channels, direct to customer channels, and third party online channels. Of these, sales through third party online channels is anticipated to witness the highest growth rate through 2028, followed by sales through the direct to customer channel. Different buyer types including individuals, promotional buyers, as well as institutional buyers leverage multiple sales and distribution channels to meet their requirements for archery equipment.