Immense Opportunities Exist for Manufacturers in the Archery Equipment Market, Mass Merchants and Box Stores Primarily Responsible in Creating Lucrative Growth Prospects
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High-tech innovation has redefined the paradigms of traditional archery equipment sold in the international market. Conventional archery equipment designs have evolved over the years, incorporating innovative raw material to manufacture bows and arrows to bring about a significant jump in performance of archery equipment. These advanced archery equipment do come with an associated high cost factor; however, the trade-off is worth it, given the fact that technology enabled archery equipment is more accurate and performs exceedingly well.
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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.
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Sales of Archery Equipment to Receive a Fillip with Increased Focus on Archery as a Recreational Activity
Archery is fast becoming more of an activity of recreation and a large number of people across the world are indulging in this sport to ease their daily work and life stress. Archery Trade Association data indicates that the participation of adult Americans in archery has increased exponentially in the last few years. This has naturally led to a spur in demand for archery equipment and the market for archery equipment is projected to stay on an upward growth path in the coming years. Further, the last few years have witnessed an increasing participation by women in the sport of archery. With archery now part of Olympics, the number of women archers has increased and this trend is expected to continue into the future. This means increased adoption and subsequently sales of archery equipment, thereby pushing revenue growth of the archery equipment market.
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Archery as a sport is finding widespread adoption across key regions of the globe. Asian countries such as China and Korea continue to dominate in various international archery competitions. This is projected to boost the revenue share of archery equipment in the Asia Pacific region in the near future.
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