A racket, or racquet, is a sports implement used for striking a ball or shuttlecock in games such as squash, tennis, racquetball, badminton, and paddle. In the strictest sense, a racket consists of a handled frame with an open hoop across which a network of strings is stretched tightly. An increasing interest in outdoor activities in order to maintain wellbeing and fitness is a major driving factor for the growth of the market. The upgrading of society in the developing regions, backed up by an improved economy, has been motivating the locals to develop a liking for racket sports that require individual equipment. However, due to the preference of a large portion of the European population for football and other sports and adventure activities, the market in the developed region is likely to experience hampered growth. The increase in the number of racket sports courts worldwide is driving the racket sports equipment market's growth. However, factors such as the increase in the number of tournaments may challenge the market's growth. The number of health and fitness clubs is also rapidly increasing due to the high prospects of this industry. These clubs are introducing exclusive packages to attract consumers and offering them as yearly or monthly packages with discounts. The rise in the number of memberships in health and fitness clubs has increased the demand for health and fitness equipment, which will further boost market growth.
According to the research report, "Global Racket Sports Equipments Market Outlook, 2028," published by Actual Market Research, the overall market is projected to reach a size of USD 4880 Million, increasing from USD 3670 Million in 2022 and registering a CAGR of around 5%. Racket sports can also aid in the maintenance of a healthy body weight and the reduction of resting blood pressure. Racket sports do have some muscle-strengthening benefits, both for the upper body and arms and legs. They can also improve coordination, balance, and general mobility. There are more than 30 racket sports played worldwide. However, the most commonly played racket sports include tennis, badminton, squash, ping pong (table tennis), and racquetball. Badminton is the market leader; accounting for more than 40% of the market in 2022. Due to the easy availability of raw materials and low labour costs, the segment is anticipated to witness higher growth during the forecast period. Also, racket sports, mainly badminton, are gaining much more attention and popularity, mainly due to the rise of the region’s star players competing and winning. Countries such as India and China are expected to drive regional market growth.
The global racket sports equipment market is segmented into five major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among them, Asia-Pacific will lead the market in 2022. Asia-Pacific is projected to observe a significant amount of growth in the racket sports and golf equipment markets due to the rise in disposable income and growing consumer expenditure. Moreover, several countries have been hosting a variety of sporting events, and the growing demand for sporting goods is anticipated to propel the growth of the ET sports and golf equipment market in the region in the coming years. Countries such as China, Australia, Japan, and India have witnessed significant growth in this sport in the past few years. An increasing number of amateurs in the above-mentioned countries are expected to expand the scope of tennis in the near future. Over the past few years, these leading companies have been involved in strategic business expansion activities such as partnership, acquisition, and product innovation to promote market growth. Asia-Pacific is considered one of the high-potential markets for sports analytics due to the strong inclination of people towards sports. The increase in the investments made in different sports and sports technology by several sports organisations and public and private companies is the main driver of market growth in this region. The rise in the number of sports leagues held in countries like China and India, where the adoption of sports technology is high, is expected to instigate further market growth.
Further, according to the report, the market is segmented into various sport types, including tennis, table tennis, badminton, squash, padel, and others such as racquetball. Among them, badminton leads the market with more than 40% market share in 2022, as it is the second most played sport following soccer, with approximately 220 Million people that play it each year. The market is widespread, with a lot of shopping options available globally. Based on the product type, the market is anticipated to be dominated by rackets in the analytical year due to the increasing global popularity of badminton, squash, and lawn tennis. As for the end users, men dominate the market with more than 40% of the market share, followed by women. According to players in the racket sports equipment industry, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the distribution channels were nearly shut down in the first quarter of the pandemic. However, online channels such as Amazon and Flipkart were delivering the products. The key players included in the 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.
Further, people all over the world, particularly in North America, have always valued sports. Football, tennis, and baseball have been popular sports since the late 1800s, dominating sporting events, whether professional or recreational, and becoming ingrained in American culture. Sports are an essential and important part of American society; they have a huge impact on a variety of public arenas, including economics and the media. Sport intersects with community values and political organisations in its attempt to define the morals and ethics attributed not only to athletes but to society as a whole. North America was the most prominent regional market in 2019. This can be attributed to the growth in the adoption of sports activities in the US and Canada. North America leads the world in terms of market share due to the establishment of various clubs that teach children to play tennis and encourage regular participation, as well as rising disposable income. The North American market is led by the U.S., as the country has a large number of individuals involved in playing tennis, racquetball, etc. According to the report, the North American market is segmented into three major countries, including the United States, Canada, and Mexico. Among them, the United States will hold more than a third of the market in 2022. One in four adults (25%) in the U.S. currently plays sports, including more than 50 different types of sports.
On the other hand, sports have always been popular among the people in Europe, owing to which the sport and fitness equipment industry has witnessed steady growth for many years. Sporting goods include different types of products such as apparel, equipment, and shoes. They are used for various purposes, such as body protection, performance enhancement, aesthetic improvement, and others. The rising prevalence of obesity in Europe, which is fuelling demand for fitness-related sports equipment, is expected to boost sporting goods market growth. According to the most recent WHO Childhood Obesity Surveillance Initiative (COSI) data (2015–2017), southern European countries have the highest rate of child obesity. In Cyprus, Greece, Italy, Malta, San Marino, and Spain, one in every five boys (18% to 21%) is obese. As a result, the region's rising obesity rate is driving demand for fitness-related goods, which is driving market growth for sporting goods. The growing emphasis of European governments on promoting various racket sports activities in the region in order to encourage people to participate in sports and improve their quality of life is expected to drive the growth of the industry. Sport, according to the European Committee on Culture and Education, is an integral part of an individual's life and aids in the integration of people from different cultures, ethnicities, and borders. Furthermore, rising disposable income is expected to drive future revenue growth for European sporting goods equipment.
An increasing interest in outdoor activities in order to maintain wellbeing and fitness is a major driving factor for the growth of the market. The upgrading of society in the developing regions, backed up by an improved economy, has been motivating the locals to develop a liking for racket sports that require individual equipment. Moreover, the growing knowledge related to general health and fitness is further estimated to cushion the growth of the South American racket sports equipment market. In addition, the growing number of tournaments will further provide potential opportunities for the growth of the racket sports equipment market in the coming years. The market in South America, the Middle East, and Africa is projected to increase at a slow pace due to less marketing, less popularity, and less interest among people, plus less availability of labour. The South Africa region is expected to grow most during the forecast period. Over the next few years, the sports industry in the Middle East is expected to be witness significant growth in the world, despite the coronavirus pandemic. Beyond the challenges, the opportunities result from the fact that the sports industry is expected to grow faster in this region than anywhere else in the world over the forecast period. The region continues to be competitive by hosting "elite events" such as the Abu Dhabi and Bahrain Grand Prix, the Saudi Cup, the Dubai Duty-Free Tennis Championship, and the Aramco Saudi Ladies International, among others. Those events cover a wide range of sports with international fame and reach, like soccer, Formula 1, car and motorcycle races, tennis, horse riding, the Gulf, rugby, or even boxing. In the coming years, the region will host high-profile international competitions, such as the 2030 Asian Games.
Covid-19 Impacts:
The COVID-19 pandemic forced the suspension of a majority of athletic competitions. The precautionary measures imposed by governments led to the closure of many non-essential companies, social withdrawal, bans on public meetings, and stay-at-home directives for numerous countries around the globe. A majority of sports equipment manufacturing companies and community fitness centres were closed, leading to a reduced demand for sports equipment worldwide. However, the market is gaining back its normal phase as the pandemic is slowly receding.
