Racquet Sports Equipment Market to Reach $272.40 Million Globally by 2031 at a CAGR of 4.3%: Allied Market Research
The growing popularity of table tennis and increasing participation in the game globally, increased awareness of fitness, sports activities and exercise among people due to the increase in Sports education and sports training at universities, and increasing sports initiatives by governments in emerging economies are driving the growth of the global racquet sports equipment market.
PORTLAND, Oregon. , August 22, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Racket Sports Equipment Market by type of product (racquets, balls, glasses, racket bags, accessories), by end user (men, women, children), by application (badminton, racquetball, squash, tennis), by distribution channel (hypermarket, specialized stores , e-Commerce, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global racquet sports equipment industry generated $176.80 million in 2021, and should reach $272.40 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chain, regional landscape and competitive scenario.
Drivers and Opportunities
The growing popularity of table tennis and increasing participation in the game globally, increased awareness of fitness, sports activities and exercise among people due to the increase in Sports education and sports training at universities, and increasing sports initiatives by governments in emerging economies are driving the growth of the global racquet sports equipment market. However, the increasing penetration of internet, smartphones, computers and other electronic media and entertainment devices which are leading to increase in youth participation in indoor activities is hampering the growth of the market. On the other hand, the entry of major brands into markets where the availability of sports facilities and products is insufficient, the establishment of sports facilities, sports centers and playgrounds by key players, the donation of equipment, the construction of sports facilities, the free conduct of expensive sports competitions and the free training of potential athletes by various organizations and NGOs, and the growing interest of young people in sports are expected to provide potential opportunities for growth. market in the years to come.
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- The COVID-19 pandemic has forced the suspension of the majority of sports competitions. Precautionary measures imposed by governments have resulted in the closure of many non-essential businesses, social withdrawal, bans on public meetings and lockdown directives in many countries around the world.
- The majority of sports equipment manufacturing companies and community fitness centers have been closed, leading to reduced demand for sports equipment globally.
- However, the market is returning to its normal phase as the pandemic slowly recedes.
The bullets segment will hold the lion’s share during the forecast period
Based on product type, the balls segment contributed the highest market share in 2021, capturing more than a quarter of the global racquet sports equipment market, and is expected to maintain notable growth during the forecast period. Increased participation of young people in various racquet tournaments, increase in the number of tennis players worldwide, increase in tennis competitions, short replacement cycle of tennis balls requiring frequent purchase of new balls, and introduction of a variety slower balls and smaller courts are driving the global tennis ball market. The accessories segment is expected to witness the fastest CAGR of 6.2% from 2022 to 2031. The wristband market is driven by innovation and major competitors are developing products with enhanced features that attract a large consumer base to smart bracelets.
The badminton segment will dominate the market during the forecast period
Based on applications, badminton segment was the largest market in 2021, holding more than two-fifths of the global racquet sports equipment market share, and is expected to show significant growth during the forecast period. This is due to technological advancements in badminton rackets, shoes and shuttlecocks. Badminton workouts are also more intense and some are even backed by sports science. However, the tennis segment is expected to show the fastest CAGR of 5.4% from 2022 to 2031.
Specialty store segment leads over the forecast period
Based on the distribution channel, the specialty store segment held the largest share of more than one-third of the global racquet sports equipment market in 2021 and is expected to maintain notable growth over the forecast period. Specialty stores are popular because all products are readily available there. Manufacturers make constant efforts to increase the visibility of their products on the shelves and therefore mainly target these stores. However, the e-commerce segment is expected to show the fastest CAGR of 5.6% from 2022 to 2031. This is because online sales channels are more preferred by consumers in developed countries owing to an increase in l adoption of mobile phones and Internet penetration.
Asia Pacific to achieve the fastest growth by 2031
Based on the region, North America held the highest share in 2021, accounting for more than a third of the global racquet sports equipment market. However, the Asia Pacific The market is expected to show the fastest CAGR of 5.6% during the forecast period. This is due to the increase in the purchasing power of consumers and the increase in the population of the middle class in the Asia Pacific Region. Additionally, increase in marketing initiatives such as intensive marketing campaigns and celebrity endorsements are also fueling the market growth in the region.
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Main market players
- BABOLAT VS SA
- ONEX CO., Ltd.
- SPORTY HEAD
- Volkl Ski International GmbH
- Sumitomo Rubber Industries
- Amer Sports Corporation
- PACIFIC Holding GmbH
- Solinco Sports
- Donnay Sports
- PowerAngle LLC
- Maus Feres
- Authentic brand group
- FILA inc.
- Nike Inc.
- Counter strike table tennis
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SOURCE Allied Market Research