What is Compound Bow and Crossbows - Global Market?
The global market for compound bows and crossbows is a fascinating segment within the broader archery equipment industry. As of 2023, this market was valued at approximately US$ 243.1 million, with projections indicating a growth to US$ 284.4 million by 2030. This growth is expected to occur at a compound annual growth rate (CAGR) of 2.3% from 2024 to 2030. The North American market, a significant contributor to this industry, also shows promising growth potential. Although specific figures for the North American market in 2023 and 2030 are not provided, it is anticipated to follow a similar upward trajectory during the forecast period. The steady growth in this market can be attributed to several factors, including the increasing popularity of archery as a recreational activity, advancements in bow technology, and a growing interest in hunting and target shooting sports. These factors collectively contribute to the expanding market size and the sustained demand for both compound bows and crossbows globally. As the market continues to evolve, manufacturers and retailers are likely to focus on innovation and customer engagement to capture a larger share of this dynamic market.
Compound Bow, Crossbows in the Compound Bow and Crossbows - Global Market:
Compound bows and crossbows are two distinct types of archery equipment that have gained popularity for their unique features and applications. A compound bow is a modern bow that uses a levering system, usually of cables and pulleys, to bend the limbs. This design reduces the amount of force needed to hold the string at full draw, allowing for more accurate and powerful shots. Compound bows are favored for their precision and ease of use, making them popular among both beginners and experienced archers. On the other hand, crossbows are a type of bow mounted on a stock that shoots projectiles, often called bolts. Crossbows are known for their power and ease of use, as they can be cocked and held in a ready-to-fire position without requiring the archer to maintain tension on the string. This makes them particularly appealing for hunting and target shooting, where quick and accurate shots are essential. The global market for these archery tools is driven by their versatility and the growing interest in archery sports. As technology advances, both compound bows and crossbows are becoming more sophisticated, with features such as adjustable draw weights, enhanced sight systems, and lightweight materials, further fueling their popularity across various regions.
Hunting, Target Shooting, Other in the Compound Bow and Crossbows - Global Market:
The usage of compound bows and crossbows spans several key areas, including hunting, target shooting, and other recreational activities. In hunting, these bows are prized for their accuracy and power, allowing hunters to take down game with precision. Compound bows, with their adjustable draw weights and advanced sight systems, offer hunters the ability to customize their equipment to suit different hunting scenarios, from small game to larger animals. Crossbows, with their ease of use and ability to remain cocked and ready, provide hunters with a significant advantage in situations where quick shots are necessary. In target shooting, both compound bows and crossbows are used for their precision and consistency. Archery competitions often feature these bows, with participants aiming for accuracy and skill. The sport of archery has seen a resurgence in popularity, partly due to its inclusion in the Olympics and other international competitions, which has driven interest in high-quality equipment. Beyond hunting and target shooting, compound bows and crossbows are also used in various recreational activities, such as archery tag and 3D archery courses, where participants can enjoy the thrill of shooting in a safe and controlled environment. These activities have contributed to the growing demand for archery equipment, as more people seek out new and exciting ways to engage with the sport. The versatility and adaptability of compound bows and crossbows make them appealing to a wide range of users, from beginners to seasoned archers, further solidifying their place in the global market.
Compound Bow and Crossbows - Global Market Outlook:
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| Report Metric | Details |
| Report Name | Compound Bow and Crossbows - Market |
| Forecasted market size in 2030 | US$ 284.4 million |
| CAGR | 2.3% |
| Forecasted years | 2024 - 2030 |
| Segment by Type: |
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| Segment by Application |
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| By Region |
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| By Company | Bowtech, TenPoint Crossbow Technologies, Barnett Crossbows, Crosman, PSE Archery, Mathews, Parker Bows, Darton Archery, Eastman Outdoors, EK Archery, Armex Archery, Man Kung, Poe Lang, Sanlida |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
