Market Size of Racket Sports Equipment Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Racket Sports Equipment Market Size Summary
The racket sports equipment market is experiencing a steady growth trajectory, driven by increasing consumer interest in sports and fitness activities globally. This surge is largely attributed to the promotion of sports like tennis, badminton, and table tennis by international sports players and government initiatives. Regions such as North America and Europe are witnessing a rise in participation, leading to heightened demand for sports equipment. The market is characterized by innovation, with companies like Yonex Co. Ltd. introducing advanced products that cater to the needs of players seeking lightweight and efficient equipment. Despite the positive growth outlook, the market faces challenges from the rising popularity of e-sports, which could potentially impact the demand for traditional sports equipment.
The market landscape is highly competitive, with both regional and global players such as Amer Sports, Yonex Co., Ltd., Gamma Sports, Asics Pte Ltd., and Tecnifibre vying for market share. These companies are focusing on expansion and new product development, often incorporating sustainable practices in their manufacturing processes. The North American market, in particular, benefits from a strong consumer base with high purchasing power, facilitating access to a wide range of racket sports equipment. The introduction of specialized products, such as premium eyewear for tennis players by Christopher Cloos, further underscores the market's commitment to enhancing the sports experience. Overall, the racket sports equipment market is poised for continued growth, supported by innovation and a growing consumer base.
Racket Sports Equipment Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Product
-
2.1.1 Rackets
-
2.1.2 Balls
-
2.1.3 Eyewear
-
2.1.4 Racket bags
-
2.1.5 Shoes
-
2.1.6 Accessories
-
-
2.2 Sport
-
2.2.1 Lawn Tennis
-
2.2.2 Table Tennis
-
2.2.3 Badminton
-
2.2.4 Squash
-
-
2.3 Distribution Channel
-
2.3.1 Supermarkets/Hypermarkets
-
2.3.2 Specialty Stores
-
2.3.3 Online Stores
-
2.3.4 Other Distribution Channels
-
-
2.4 Geography
-
2.4.1 North America
-
2.4.1.1 United States
-
2.4.1.2 Canada
-
2.4.1.3 Mexico
-
2.4.1.4 Rest of North America
-
-
2.4.2 Europe
-
2.4.2.1 United Kingdom
-
2.4.2.2 Gremany
-
2.4.2.3 France
-
2.4.2.4 Spain
-
2.4.2.5 Italy
-
2.4.2.6 Russia
-
2.4.2.7 Rest of Europe
-
-
2.4.3 Asia Pacific
-
2.4.3.1 China
-
2.4.3.2 Japan
-
2.4.3.3 India
-
2.4.3.4 Australia
-
2.4.3.5 Rest of Asia Pacific
-
-
2.4.4 South America
-
2.4.4.1 Brazil
-
2.4.4.2 Argentina
-
2.4.4.3 Rest of South America
-
-
2.4.5 Middle East & Africa
-
2.4.5.1 Saudi Arabia
-
2.4.5.2 South Africa
-
2.4.5.3 Rest of the Middle East & Africa
-
-
-
Racket Sports Equipment Market Size 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.
