The global racket sports equipment market was valued at $176.8 million in 2021, and is projected to reach $272.4 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. Racket sports equipment are utility devices or tools useful for engaging in sports activity. Increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost demand for sports equipment. In addition, however, decline in participation of the young generation in sports activity hampers the market growth.
Increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market. For instance, Sports Gift, Let’s Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment through online retail platform is anticipated to boost the market growth in near future.
The market for sports equipment is quickly approaching the pre-COVID stages, due to the economic recovery in most emerging economies, and a stable growth rate is envisaged throughout the forecast period. The resumption of sport activities, and ease in international sport travel restrictions are key factor behind recovery of the sports equipment and apparel market. These factors are projected to boost the growth of racket sports equipment market after the COVID-19 prediction period.
Consumers are becoming more health conscious due to work-related stress and lifestyle disorders. Thus, increase in number of health-conscious consumers has created a strong demand for sports equipment including racket sports, which, in turn, augments growth of the overall market. Moreover, rise in trend of outdoor sports propels growth of the market. Furthermore, continuous innovations in product category notably contributes toward growth of the market.
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 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.
According to the market 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 racket sports equipment 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.
Increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market. For instance, Sports Gift, Let’s Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment through online retail platform is anticipated to boost the market growth in near future.
The market for sports equipment is quickly approaching the pre-COVID stages, due to the economic recovery in most emerging economies, and a stable growth rate is envisaged throughout the forecast period. The resumption of sport activities, and ease in international sport travel restrictions are key factor behind recovery of the sports equipment and apparel market. These factors are projected to boost the growth of racket sports equipment market after the COVID-19 prediction period.
Consumers are becoming more health conscious due to work-related stress and lifestyle disorders. Thus, increase in number of health-conscious consumers has created a strong demand for sports equipment including racket sports, which, in turn, augments growth of the overall market. Moreover, rise in trend of outdoor sports propels growth of the market. Furthermore, continuous innovations in product category notably contributes toward growth of the market.
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 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.
According to the market 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 racket sports equipment 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.
Key Market Segments
By Product Type
- Rackets
- Tennis
- Racquetball
- Squash
- Badminton
- Paddle tennis
- Balls
- Eyewares
- Racket Bags
- Accessories
By End User
- Men
- Women
- Kids
By Application
- Badminton
- Racquetball
- Squash
- Tennis
By Distribution Channel
- Hypermarket
- Specialty Stores
- E-Commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- 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.
- Counter Strike Table tennis
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RACKET SPORTS EQUIPMENT MARKET, BY PRODUCT TYPE
CHAPTER 5: RACKET SPORTS EQUIPMENT MARKET, BY END USER
CHAPTER 6: RACKET SPORTS EQUIPMENT MARKET, BY APPLICATION
CHAPTER 7: RACKET SPORTS EQUIPMENT MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 8: RACKET SPORTS EQUIPMENT MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Racket sports equipment Market," the Racket Sports Equipment Market Size was valued at $176.80 million in 2021, and is estimated 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, is estimated to reach $82.0 million by 2031, with a CAGR of 2.8%.Rise in expenditure on sports training and development among children, owing to increase in consciousness about the benefits of engaging in sports activity such as increased concentration and problem-solving ability has fuelled the demand for racket sports equipment. Moreover, changing paradigm of educational system supports the Racket Sports Equipment Market Growth. In addition, rise in sports education and sports training in academics has significantly increased the awareness towards sports and fitness. Thus, many of the school/educational institutes are providing training to the students, providing them with the opportunity to compete in various sports competitions. Furthermore, upsurge in state, national, and international level competitions conducted by various governments across the world is leading to increased participation and developing interest of the youth in sports activities. This in turn has resulted in increased demand for racket sports equipment, which significantly contributes to the overall growth of the market.
Rise in penetration of internet, smartphones, computers, and other electronic media & entertainment devices has significantly increased involvement of children and youth towards indoor activities. This has resulted in diminished health and deterioration of skills & abilities of this population, which in turn has declined the interest and rate of participation in sports and reduced sales of sports equipment and apparel. Thus, decline in interest of children and young population in sports, owing to mounting interest in media & entertainment devices restrains the market growth.
Various big brands are entering the untapped market where lack of availability of sports facilities and products is witnessed. These key players are setting up sports facilities, sports centers, and play grounds, and correspondingly promoting their products. Likewise, various organizations and NGOs are donating the sports equipment, building sports facilities, conducting free of cost sports competitions, and training the potential athletes free of cost. Moreover, developing interest of the young population in sports is anticipated to offer potential Racket Sports Equipment Market Opportunities in the near future. These factors altogether significantly contribute towards the growth of the market in untapped regions.
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 was the highest contributor to the market, 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 racket sports equipment market 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 racket sports equipment 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 racket sports equipment 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 nalysis of racket sports equipment market 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 Findings of the Study
- On the basis of type, balls segment dominated the global market and has the Racket Sports Equipment Market Share of 2.9%.
- On the basis of end user men segment the global racket sports equipment market in the year 2021 and is likely to remain dominant during the forecast period.
- On the basis of Distribution Channel, e-commerce segment is expected to be the fastest growing segment during the forecast period.
- Region wise, LAMEA region is expected to be the fastest growing segment during the forecast period and North America dominated the global market with the market share of 34.7%.
Companies Mentioned
- 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.
- Counter Strike Table Tennis
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 282 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 176.8 million |
| Forecasted Market Value ( USD | $ 272.4 million |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
