Racket Sports Equipment Market Size is Expected to Increase USD 272.40 Million by 2031, Growing at a CAGR of 4.3% from 2022 to 2031
According to a new report, the racquet sports equipment market is segmented on the basis of product type, end-user, application, distribution channel and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, September 27, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Racket Sports Equipment Market“Racket Sports Equipment Market size was valued at USD 176.80 Million in 2021 and is projected to reach USD 272.40 Million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. The report offers an in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces Analysis, and competitive landscape.
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The increase in the penetration of the Internet, smartphones, computers and other electronic media and entertainment devices has greatly increased the participation of children and young people in indoor activities. This has led to decreased health and deterioration of skills and abilities in this population, which in turn has reduced interest and participation in sports and reduced sales of sports equipment and apparel. Thus, declining interest of children and young people in sports, owing to the growing interest in multimedia and entertainment devices, is restraining the growth of the market.
Various big brands are entering the untapped market where there is a lack of availability of sports facilities and products. These key players set up sports facilities, sports centers and playgrounds, and promote their products accordingly. Similarly, various organizations and NGOs donate sports equipment, build sports facilities, organize free sports competitions and train potential athletes for free. Moreover, the development of the interest of the young population in sports is expected to provide potential opportunities in the racket sports equipment market in the near future. Together, these factors are contributing significantly to the growth of the market in the untapped regions.
The racquet 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, goggles, racket bags and accessories. By end user, it is categorized into men, women and children. In terms of application, it is divided into badminton, racquetball, squash and tennis. Based on the distribution channel, the market is classified into hypermarkets/supermarkets, specialty stores, e-commerce and others. Regionally, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
By product type, the balls segment was the largest contributor to the market, in 2021, and is expected to grow at a CAGR of 2.9% during the forecast period. However, the accessories segment is expected to witness a higher growth rate during the forecast.
According to the end-user racket sports equipment market forecast, the women’s segment dominated the market in 2021 and is expected to grow at a CAGR of 5.2% during the forecast period. However, the men’s segment dominated the global market.
Based on the racquet sports equipment market by application, the badminton segment showed the highest growth in 2021 and is expected 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.
Based on the analysis of the racket sports equipment market by distribution channel, the specialty store segment showed the highest growth in 2021 and is expected 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.
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Regionally, North America was the largest contributor to the racquet sports equipment market in 2021 and is expected to grow at a CAGR of 2.8 during the forecast period. The LAMEA region is expected to witness a high growth rate during the forecast period.
Major players included in the market analysis are BABOLAT VS SA, 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.
Main benefits for stakeholders:
○ This report provides quantitative analysis of market segments, current trends, estimates and dynamics of the Racquet Sports Equipment market analysis from 2021 to 2031 to identify opportunities in the Racquet Sports Equipment market .
○ Market research is offered with information related to key drivers, restraints, and opportunities.
○ Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of Racquet Sports Equipment market segmentation helps to determine the existing market opportunities.
○ Major countries in each region are mapped according to their contribution to global market revenue.
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