Global Racket Sports Equipment Market Research Report, 2028

Global Racket Sports Equipment Market Research Report, 2028

Actual Market Research 31-12-2022 160 Pages Figures : 38 Tables : 110 Region : Global Category : Consumer Goods & Services Leisure

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 well-being 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 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 the market growth. According to the research report, "Global Racket Sports Equipments Market Research Report, 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 4.95%. The racket sports equipment market giants have been expanding their geographical presence by strengthening their distribution channels in the regional market as the craze for health and fitness increases at a global level. Expansion is the most preferred growth strategy, followed by new product developments. The manufacturers have been enhancing their products and are moving towards sustainable manufacturing by using recycled materials for making rackets and other equipment. The global players have an advantage in capturing the regional markets due to their esteemed reputations in their native regions, which can easily be revealed in the new market through the internet. The major players are thus hosting events and providing sponsorships in the new regions to catch hold of the potential markets and develop a strong consumer base in the forecast period. 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. This growth is attributed to factors such as the rising interest in racket sports among consumers and an increase in the number of facilities in schools and colleges. Moreover, the market in the region is expected to grow at a faster rate than in other regions. China, Japan, and India are the key countries for the racket sports equipment market across the region. However, events like Wimbledon, a lawn tennis tournament that takes place every year in England and is one of the oldest tournaments, have gained more popularity globally. Based on that, the European region has seen an upsurge in demand, due to which the demand for racket equipment has increased. On the other hand, North America has the largest percentage of the international racket sports equipment market due to an increase in racket sports and events. The United States leads the market in this region because the nation seems to have a great number of people who enjoy playing tennis, racquetball, and other sports. Over the years, the international racket sports equipment industry has undergone several transitions, like the production of recycled polyesters and advanced products. Several major brands are entering an untapped market where sports facilities and products are scarce. These key players are setting up sports facilities, sports centers, and playgrounds and correspondingly promoting their products. Likewise, various organizations and NGOs are donating sports equipment, building sports facilities, conduct free sports competitions, and train potential athletes free of charge. Moreover, the developing interest of the young population in sports is anticipated to offer potential racket sports equipment market opportunities in the near future. These factors together significantly contribute to the growth of the market in untapped regions. According to the report, the market is segmented into various product types, including rackets, balls, bags, eyewear, and accessories. Among them, the racket segment leads the market with a higher market share, followed by balls. Racquets come in many varieties based on price, weight, and quality. Major players like Yonex and Pacific have endorsed the use of celebrities to promote racket sports. The eyewear market is also growing year after year. Eyewear protects players' eyes from being harmed by small particles of the ball and shuttlecocks while they play. Manufacturers are increasingly concentrating on developments as well as the launch of new branded products in racket sports equipment. This is really a major driving force in the racket sports equipment market. Moreover, sellers are relying mostly on identifying and meeting the needs of consumers. With the increase in the popularity of racket sports, the demand for the products has increased. Because of this, merchants now provide various customized packages and deals to satisfy customers' needs. Further to that, aspects like higher living standards and an increase in the disposable income of middle-class households are also anticipated to make a substantial contribution to the racket sports equipment market during the forecast period. This has resulted in more production of quality products. The demand for the product is proportional to the income level of the consumer, thus transforming the racket equipment market. Based on the obtained data, the global tennis market was valued at around USD 370 Million in 2022 whereas the global padel market is anticipated to grow with a higher CAGR of more than 13% by the forecast period. Based on the distribution channel, the market is segregated into three parts, including hypermarkets and supermarkets, specialty stores, online channels, and others. Among them, specialty stores will lead the market in 2022. Further, according to the report, the market is segmented into various sports 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. The equipment is accessible in supermarkets and hypermarkets, as well as in specialty stores and online retailers. These racquets were earlier made of wood. Nowadays, most racquets are made of either graphite or carbon fiber. The advancement of technology in these badminton racquets and equipment has made the game even faster, with players striking the shuttlecock much harder. Increasing innovation in the industry and the launch of advanced, lightweight, and durable badminton rackets are anticipated to boost market growth by 2028. Continuous technological advances will augment the global badminton racquets market's growth in the forthcoming years. According to the analyst, the global badminton shuttlecock market is projected to add USD 279 Million market size from 2023 to 2028. Table tennis, on the other hand, is gaining popularity around the world due to its fast-paced nature and lack of a large playing area. It is an extreme fitness sport that requires stamina, speed, and flexibility. Table tennis has witnessed increased participation in the European region due to the dynamic sports taste of the natives. However, tennis is gaining popularity among the global population, especially due to events such as Grand Slams and popular tennis players such as Pete Sampras, Bianca Andreescu, Federer, Nadal, and Rafael Osuna. Moreover, unlike many other sports, women, and men fairly enjoy equal parity in tennis. According to the International Tennis Federation (ITF), women constituted around 47% of the total tennis-playing population across the globe in 2019. Although squash is not an Olympic sport as yet, it has been repeatedly petitioned to become one in the 2020 Tokyo Olympics and the 2024 Olympics. Initiatives by bodies such as the World Squash Federation (WSF) have played their roles in bolstering the game’s popularity. Further, growing awareness about the health benefits of playing squash is driving up participation as a recreational activity. These are key factors that are projected to have a positive impact on the expansion of the squash rackets market. According to players in the racket sports equipment industry, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, the entire distribution channel was nearly shut down in the first quarter of the pandemic. However, online channels such as Amazon and Flipkart were delivering the products. Growth temporarily plummeted during the pandemic crisis as worldwide athletic events were canceled to halt the coronavirus's spread. Individual uptake of these racquets, on the other hand, increased as consumers got more health-conscious throughout the lockdowns and focused on improving their physical fitness and participating in sports activities. Major Companies present in the market: Amer Sports Oyj, Babolat, Head NV, Yonex Co., Ltd, Völkl Int. GmbH, Fila Holdings Corporation, Nike Inc, Puma, karakal, Sumitomo Rubber Industries, Pacific Holding Gmbh, Li-Ning Studio LLP, Tibhar, Gamma Sports, Harrow Sports, Victor Rackets Ind. Corporation Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global racket sports equipment market with its value and forecast along with its segments • Region-wise racket sports equipment market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report: • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle East & Africa (UAE, Saudi Arabia, South Africa) By Product Type: • Rackets • Balls • Bags • Eyewear • Accessories (Cap, Wrist bands, Headband, Racquet grip, Racquet Strings, Racquet Covers, Gloves Etc.) By Sports Type: • Tennis (Lawn Tennis) • Table Tennis • Badminton • Squash • Padel • Others (Racquetball) By Distribution Channel: • Hypermarkets/Supermarkets • Specialty Stores • Online Stores • Other Distribution Channels By End-User: • Men • Women • Kids The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.  Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the racket sports equipment industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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