The term ‘hunting gear’ refers to a feedback mechanism of steering gear that is able to reposition the floating lever of a hydraulic pump as the tiller makes movement toward its desired position. The global hunting gear market is estimated to be influenced by the growing popularity of recreational activity and increased need for engagement in outdoor and leisure activities.
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The importance of outdoor and leisure activities have increased due to the increased health consciousness of people who now wants to stay fit and live a long healthy life. Furthermore, hectic lifestyles and rapid urbanization have resulted in the increased participation in outdoor activities like hunting to de-stress. This factor is likely to play a significant role in the growth of the global hunting gear market in the years to come.
Emergence of Private Labels Fuels Competition in the Market
In some countries such as Canada and the US, hunting is observed as a vital tool in the management of wildlife and it is considered an important part of their rich heritage. The US has emerged as one of the leading markets for hunting gear. Thus, the vendors in the country come with a wide range of product portfolios and they emphasize on offering efficacious hunting gear to consumers. This factor is likely to work in favor of the global hunting gear market in near future.
One of the major trends in the global hunting gear market is the rise in the number of private label brands and this trend is expected to continue over the tenure of assessment. This is intensifying the competition amongst various regional and global vendors. Private labels are selling at rates lower than the retail prices of branded ones.
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Countries like the UK, the US, Japan, and Germany are observing a rise in the prominence of private labels. Consumers are buying more of these private labeled hunting gears as they come at cheaper price, which is limiting the growth of the branded products.