Racket Sports Equipment Market Research, 2031
The global Racket Sports Equipment Market Size was valued at $176.80 million in 2021, and is projected to reach $272.40 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. North America was the highest revenue contributor and is estimated to reach $82.0 million by 2031, with a CAGR of 2.8%. A racket, or racquet, is a sports implement used for striking a ball or shuttlecock in games such as squash, tennis, racquetball, badminton and paddle. In the strictest sense a racket consists of a handled frame with an open hoop across which a network of strings is stretched tightly.
The racket sports equipment market is segmented into Product Type, End User, Application and Distribution Channel.
Tennis is gaining popularity among the global population, especially due to events such as Grand Slams and popular tennis players such as Pete Sampras, Bianca Andreescu, Federer, Nadal, and Rafael Osuna. Moreover, unlike many other sports, women and men fairly enjoy equal parity in tennis. According to the International Tennis Federation (ITF), women population constituted around 47% of the total tennis playing population across the globe in 2019. Therefore, growth in popularity of tennis is encouraging people, especially women to increasingly participate in tennis. This factor is ultimately increasing demand the tennis equipment among global tennis playing population.
However, growth of e-sports is hampering the Racket Sports Equipment Market Growth. Electronic sports, sometimes known as "e-sports," are forms of competitive gaming where players compete against one another. This frequently entails working in teams to accomplish the objective. In addition, e-sports, a sort of gaming, have swept the globe. In a relatively short period of time, a plethora of e-sports competitions, sponsors, investors, teams, and fans have emerged, each with substantial prize pools, significant investment sums, and millions of followers worldwide.
Furthermore, participation rates in conventional sports like football, baseball, hockey, and soccer have been steadily declining over the past number of years. The key factor affecting this is the changing population. Traditional sports are less appealing to the newest generation, Generation Z. They spend too much time playing these sports, which are dull to the majority of people and don't accurately reflect who they are. As a result, non-traditional sports including e-sports, adventure sports, and variations of already popular sports are currently developing faster than traditional sports.
E-commerce or online store is a huge platform growing at a tremendous rate worldwide. Consumers of every age, including generation X, millennial, or generation Z prefer to shop from e-stores. This is attributed to the fact that online shopping is more convenient as compared to shopping at physical stores, due to rise in number of retailers focusing on e-commerce, thus making it convenient for consumers. Furthermore, increase in penetration of internet and rise in percentage of population inclining toward online shopping are expected to provide potential opportunity for the racket sports equipment manufacturers to sell their existing as well as novel products through online platform, thus making them easily available for consumers and increasing consumer awareness about their products.
The racket sports equipment market is segmented on the basis of product type, end user, application, distribution channel and region. Based on product type, the market is categorized into rackets, balls, eyewares, racket bags and accessories. By end user, it is classified into men, women, and kids. In terms of application, it is divided into badminton, racquetball, squash and tennis. On the basis of distribution channel the market is classified into hypermarkets/supermarkets, specialty stores, e-commerce and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By product type, the balls segment has the highest Racket Sports Equipment Market Share, in 2021, and is estimated to grow at a CAGR of 2.9% during the forecast period. However, the accessories segment is expected to witness higher growth rate during the forecast.
Depending on racket sports equipment market forecast by end user, the women segment led the market in 2021, and is estimated to grow at a CAGR of 5.2% during the forecast period. However, the men segment dominated the global market.
On the basis of market analysis by application, the badminton segment exhibited the highest growth in 2021, and is estimated to register a CAGR of 3.6% during the forecast period. However, the squash segment is expected to witness a high growth rate of 28.4% during the forecast period.
On the basis of market analysis by distribution channel, the specialty stores segment exhibited the highest growth in 2021, and is estimated to register a CAGR of 4.7% during the forecast period. However, the e-commerce segment is expected to witness a high growth rate of 5.6% during the forecast period.
Region wise, North America was the highest contributor to the market in 2021, and is estimated to grow at a CAGR of 2.8 during the forecast period. LAMEA region is expected to witness high growth rate during the forecast period.
According to the Racket Sports Equipment Industry players, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the Distribution Channel were nearly shut down in the first quarter of the pandemic. However, online channels such as amazon and flipkart were delivering the products. They key players included in the market analysis are BABOLAT VS S.A., YONEX CO.,Ltd, HEAD SPORTS, Volkl Ski International, GmbH, Sumitomo Rubber Industries, amer sports corporation, PACIFIC Holding GmbH, Solinco Sports, Donnay, PowerAngle LLC., Karakal, Maus Feres, Authentic Brands Group, FILA Inc., Nike Inc., and Counter Strike Table tennis.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the racket sports equipment market analysis from 2021 to 2031 to identify the prevailing racket sports equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the racket sports equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global racket sports equipment market trends, key players, market segments, application areas, and market growth strategies.
Racket Sports Equipment Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By End User |
|
 By Application |
|
 By Distribution Channel |
|
 By Region |
|
 Key Market Players | FILA Inc., YONEX CO.,Ltd, Counter Strike Table tennis, HEAD SPORTS, PowerAngle LLC., Sumitomo Rubber Industries, Nike Inc., Volkl Ski International, GmbH, PACIFIC Holding GmbH, Maus Feres, Karakal, amer sports corporation, BABOLAT VS S.A., Donnay, Solinco Sports, Authentic Brands Group |
Analyst Review
The racket sports equipment has witnessed steady growth even under several unrests such as global uncertainty, weakened global economy, terrorist attacks, and others. According to the insights of the CXOs, the other racket sports segment is anticipated to witness significant growth, owing to increase in health awareness and rise in sports awareness.
In addition, increase in sponsored sports events by government and private organizations to augment the participation of young population from the developing regions fosters the market growth. Moreover, rise in equipment donation by various organizations is anticipated to propel the market growth. Offline sales segments has enabled consumers to procure exclusive racket sports equipment with opportunity to try and experience the products.
The growth of the racket sports equipment market is majorly driven by increase in sports and fitness awareness and rise in government initiatives towards sports and fitness. Moreover, increase in health consciousness among consumers and rise in trend of racket sports equipment among young population are the significant factors that fuel the growth of the industry.
The global racket sports equipment market was valued at $176.80 million in 2021, and is projected to reach $272.40 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
2021 is base year calculated in the racket sports equipment market report
From 2022-2031 would be forecast period in the market report
The key players analyzed in the report are YONEX CO.,Ltd, HEAD SPORTS, Volkl Ski International, GmbH, Sumitomo Rubber Industries, amer sports corporation, PACIFIC Holding GmbH, Solinco Sports, Donnay, PowerAngle LLC. are the top companies hold the market share in racket sports equipment market.
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