Racket Sports Equipment Market By Product Type (Rackets, Balls, Eyewares, Racket Bags, Accessories), By End User (Men, Women, Kids), By Application (Badminton, Racquetball, Squash, Tennis), By Distribution Channel (Hypermarket, Specialty Stores, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global racket sports equipment market was valued at $176.8 million in 2021, and is projected to reach $272.4 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. Racket sports equipment are utility devices or tools useful for engaging in sports activity. Increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost demand for sports equipment. In addition, however, decline in participation of the young generation in sports activity hampers the market growth.
Increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market. For instance, Sports Gift, Let’s Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment through online retail platform is anticipated to boost the market growth in near future.
The market for sports equipment is quickly approaching the pre-COVID stages, due to the economic recovery in most emerging economies, and a stable growth rate is envisaged throughout the forecast period. The resumption of sport activities, and ease in international sport travel restrictions are key factor behind recovery of the sports equipment and apparel market. These factors are projected to boost the growth of racket sports equipment market after the COVID-19 prediction period.
Consumers are becoming more health conscious due to work-related stress and lifestyle disorders. Thus, increase in number of health-conscious consumers has created a strong demand for sports equipment including racket sports, which, in turn, augments growth of the overall market. Moreover, rise in trend of outdoor sports propels growth of the market. Furthermore, continuous innovations in product category notably contributes toward growth of the market.
E-commerce or online store is a huge platform growing at a tremendous rate worldwide. Consumers of every age, including generation X, millennial, or generation Z prefer to shop from e-stores. This is attributed to the fact that online shopping is more convenient as compared to shopping at physical stores, due to rise in number of retailers focusing on e-commerce, thus making it convenient for consumers. Furthermore, increase in penetration of internet and rise in percentage of population inclining toward online shopping are expected to provide potential opportunity for the racket equipment manufacturers to sell their existing as well as novel products through online platform, thus making them easily available for consumers and increasing consumer awareness about their products.
The racket 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, eyewares, racket bags and accessories. By end user, it is classified into men, women, and kids. In terms of application, it is divided into badminton, racquetball, squash and tennis. On the basis of distribution channel the market is classified into hypermarkets/supermarkets, specialty stores, e-commerce and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the market players, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the Distribution Channel were nearly shut down in the first quarter of the pandemic. However, online channels such as amazon and flipkart were delivering the products. . They key players included in the racket sports equipment 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.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the racket sports equipment market analysis from 2021 to 2031 to identify the prevailing racket sports equipment market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the racket sports equipment market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global racket sports equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
Rackets
Tennis
Racquetball
Squash
Badminton
Paddle tennis
Balls
Eyewares
Racket Bags
Accessories
By End User
Men
Women
Kids
By Application
Badminton
Racquetball
Squash
Tennis
By Distribution Channel
Hypermarket
Specialty Stores
E-Commerce
Others
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
New Zealand
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
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.
Counter Strike Table tennis
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