Racket Sports Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.64 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Racket Sports Equipment Market Analysis
The racket sports equipment market is expected to register a CAGR of 2.64% over the next five years.
- The region is experiencing a surge in interest in sports and fitness activities among consumers, with global sports players promoting sports like tennis, badminton, and others worldwide. As a result, participation in sports and leisure activities is on the rise.
- The popularity of sports like table tennis, lawn tennis, and badminton is gaining traction in regions like North America and Europe, leading to an increased demand for sports equipment in these areas. Governments of different countries are also taking initiatives to promote racket sports by launching new schemes worldwide. For instance, in December 2022, India's Sports Minister, Mr. Anurag Thakur, launched the Khelo India Dashboard, which provides comprehensive information on sports, their venues, schemes, and famous coaches.
- Furthermore, sports such as table tennis are gaining popularity due to their fast-paced style and techniques. As parents exhibit interest in racket sports, children are also inclined to join sports clubs and teams. Consequently, the number of sports clubs is increasing.
- Additionally, international players are demanding lightweight and more efficient equipment that is easy to handle during gameplay. Market players are innovating and launching new products with advanced technologies and comfort to cater to this demand. For example, Yonex Co. Ltd. launched new Power Cushion Aerus Z badminton shoes in October 2022, which are lightweight and provide agile footwork to all players.
- Despite the growing demand for sports equipment, the increasing popularity of e-sports might pose a challenge to the market's growth. The number of shares to be granted, the price at which the shares may be acquired, and the vesting conditions are often outlined in this section.
Racket Sports Equipment Market Trends
Increasing Participation of Tennis Sport
- Table tennis, also known as ping pong, has been gaining popularity worldwide due to its fast-paced nature and the fact that it can be played in a relatively small area. It is an extremely physically demanding sport that requires players to have a high level of stamina, speed, and flexibility.
- In recent years, table tennis has seen increased participation in the European region due in part to the dynamic sports taste of the locals. According to Sports England data from 2021, over 641,800 people in England played table tennis that year.
- The sport has also been attracting attention from consumers in North America and Europe, thanks in part to the various global platforms and the fame of top players. As a result, market players are launching new table tennis equipment such as goggles, shoes, rackets, and other accessories to improve users' comfort and sports experience.
- For example, in August 2022, Yonex Co. Ltd. launched the Osaka Ezone racket and pro series bag for table tennis players, offering them enhanced performance and functionality. Overall, the increasing popularity of table tennis is a positive sign for the sport's growth and development in the coming years.
North America Dominates the Market
- North Americans have a strong interest in tennis due to its fast-paced nature and the fact that many renowned tennis players hail from the region. This has led to a significant fan following for the sport, which has, in turn, influenced children to take up tennis as a hobby or even a career path. As a result, various clubs and facilities have sprung up to train and support aspiring tennis players, leading to increasing demand for tennis and table tennis equipment in the regional market.
- Adults are also drawn to the sport because of the regular leagues and matches that take place throughout the year, which maintain their interest in the game. This has created a demand for professional equipment as teams and individual players strive to practice and perform at their best.
- Overall, the high buying power of North American consumers allows them to afford a personal set of racket sports equipment. The market offers a wide range of products at varying price points, making them accessible to almost everyone. In June 2022, Christopher Cloos, a leading maker of premium eyewear, launched its Cloos-Brooksby collection of eyewear, which includes blue light glasses and sunglasses designed specifically for tennis players.
Racket Sports Equipment Industry Overview
The market for racket sports equipment is highly fragmented, with both regional and global players competing for market share. Some of the prominent players in the market include Amer Sports, Yonex Co., Ltd., Gamma Sports, Asics Pte Ltd., and Tecnifibre. Expansion and new product development are the most preferred growth strategies among manufacturers in this market. These companies have been innovating their products and moving towards sustainable manufacturing practices, including the use of recycled materials for making rackets and other equipment required for racket sports.
Racket Sports Equipment Market Leaders
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Amer Sports
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Yonex Co., Ltd.
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Gamma Sports
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Asics Pte Ltd.
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Tecnifibre
*Disclaimer: Major Players sorted in no particular order
Racket Sports Equipment Market News
- December 2022: Yonex Co. Ltd. launched a new badminton racket series, Astrox Nextage. The Yonex Astrox Nextage is designed with a newly innovated frame that absorbs impact, providing a revolutionary hitting feel with controlled shots.
- December 2022: Yonex Co. Ltd launched the 7th generation VCORE racket for tennis. The product features a trajectory spin ball that drops and bounces on a greater scale. The product allows players a wider range of strategic and aggressive gameplay.
- September 2021: Goode Sports brand Ashway launched 2 new badminton rackets, Superlight 11 Hex and Phantom XA Pro Lite. The product has a superlight frame that helps in faster shots. The company also launched a new racket bag, AHS09, in Black/Lava color, that can carry 2 rackets at a time.
Racket Sports Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product
5.1.1 Rackets
5.1.2 Balls
5.1.3 Eyewear
5.1.4 Racket bags
5.1.5 Shoes
5.1.6 Accessories
5.2 Sport
5.2.1 Lawn Tennis
5.2.2 Table Tennis
5.2.3 Badminton
5.2.4 Squash
5.3 Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 Online Stores
5.3.4 Other Distribution Channels
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Gremany
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East & Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of the Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Amer Sports
6.3.2 The Babolat
6.3.3 Head N.V.
6.3.4 Tecnifibre
6.3.5 Yonex Co., Ltd.
6.3.6 Goode Sport
6.3.7 Gamma Sports
6.3.8 Asics Pte Ltd.
6.3.9 SRI Sports Limited
6.3.10 Li-Ning Company Limited
6.3.11 Christopher Cloos
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Racket Sports Equipment Industry Segmentation
Racket sports are sports that involve hitting a ball or shuttlecock with a racket. Some examples of racket sports include tennis, badminton, squash, table tennis, racquetball, and pickleball. In these sports, players use rackets to hit a ball or shuttlecock back and forth across a net or a designated playing area. These sports can be played individually or in doubles and are popular around the world.
The racket sports equipment market is segmented by product into rackets, balls, eyewear, racket bags, shoes, and accessories. By sport, the market is segmented as equipment dedicatedly used in lawn tennis, table tennis, badminton, and squash. Based on the distribution channel, the market is classified into supermarkets/hypermarkets, specialty stores, online stores, and other distribution channels. The market is also segmented by geography into North America, Europe, Asia Pacific, South America, and the Middle East and Africa regions.
For each segment, the market sizing and forecast have been done based on the value (in USD million).
| Product | |
| Rackets | |
| Balls | |
| Eyewear | |
| Racket bags | |
| Shoes | |
| Accessories |
| Sport | |
| Lawn Tennis | |
| Table Tennis | |
| Badminton | |
| Squash |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Racket Sports Equipment Market Research FAQs
What is the current Racket Sports Equipment Market size?
The Racket Sports Equipment Market is projected to register a CAGR of 2.64% during the forecast period (2024-2029)
Who are the key players in Racket Sports Equipment Market?
Amer Sports, Yonex Co., Ltd., Gamma Sports, Asics Pte Ltd. and Tecnifibre are the major companies operating in the Racket Sports Equipment Market.
Which is the fastest growing region in Racket Sports Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Racket Sports Equipment Market?
In 2024, the North America accounts for the largest market share in Racket Sports Equipment Market.
What years does this Racket Sports Equipment Market cover?
The report covers the Racket Sports Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Racket Sports Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the impact of technological advancements on racket sports equipment?
The impact of technological advancements on racket sports equipment are a) Lighter materials b) Improved performance features c) Smart technology integration
Racket Sports Equipment Industry Report
The global racket sports equipment market is witnessing remarkable growth, fueled by an upsurge in participation in tennis, badminton, and squash, due to celebrity endorsements, consumer engagement, and the introduction of innovative products. This market, analyzed comprehensively by Mordor Intelligence™, is segmented by product type, end user, application, and distribution channel, highlighting trends like the increasing popularity of tennis and a shift towards online shopping. Despite challenges like the rise of e-sports, the market is on an upward trajectory, driven by product and technology innovations and the expansion of e-commerce platforms. The competitive landscape is focused on meeting the dynamic needs of enthusiasts, with market share, size, and revenue growth insights available in a free report PDF download from Mordor Intelligence™. This analysis provides a forecast outlook and historical overview, underscoring the market's potential for expansion amidst evolving consumer demands.
