Asia-Pacific Racket Sports Equipment Market Outlook, 2028

Asia-Pacific Racket Sports Equipment Market Outlook, 2028

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 toward sports. The increase in the investments made in different sports and sports technology by several sports organizations 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.

According to the research report, Asia-Pacific Racket Sports Equipment Market Outlook, 2028, published by Bonafide Research, the market is anticipated to add USD 495.76 Million during the forecast period. The growing interest in sports activities, as well as the expansion of various emerging markets such as South Korea, India, Japan, and China, would create lucrative growth opportunities for the racket sports equipment market in the region. This expansion is due to rising consumer purchasing power and an increase in the Asia-Pacific region's middle-class population. Furthermore, an increase in marketing initiatives such as heavy marketing campaigns and celebrity endorsements fuels the region's market growth. Due to rising disposable income and consumer spending, Asia-Pacific is expected to see significant growth in the racket sports and golf equipment markets. Furthermore, several countries have hosted a variety of sporting events, and the rising demand for sporting goods is expected to propel the ET sports and golf equipment market in the region over the next few years. Asia Pacific is the most appealing market, owing to its large population and the popularity of sports.

The Asia-Pacific region's market is expanding due to people's growing health concerns and the region's growing middle-class population. Furthermore, rising female participation is expected to increase the number of female-focused health club facilities in the region, boosting the market growth. For many years, badminton and table tennis have been among the most popular sports in China. Chinese players dominate professional table tennis and badminton on a global scale. Lin Dan, the best badminton player of all time and two-time Olympic champion, and five-time world champion is one of China's greatest sports idols and is well-known throughout Asia. According to ESPN, he is one of the world's 100 most famous athletes. Badminton and tennis are also popular leisure activities in China. Over a third of Chinese citizens participate in sports, but more than a fifth enjoy playing badminton and are happy to pick up a table tennis paddle. According to these factors, badminton will control more than 40% of the Asia-Pacific market by the end of the forecast period.

China has 30,000 tennis courts, and an estimated 14 million Chinese people play tennis on a regular basis, up from 1 million when the sport was reinstated in the Olympics. Tennis, on the other hand, is played by 3.73 million people in Japan. However, over the last fifty years, China has gained a reputation for dominating world championship competitions. China is the most successful country in Olympic table tennis, having won 60 medals (36 gold, 23 silver, and 8 bronze). Chinese athletes have won at least one medal in every event since 1992. China achieved an unprecedented medal sweep in both the men's and women's singles tournaments, as well as both team tournaments, at the 2008 Games. South Korea is the only other country to have won double-digit medals, trailing only China with 18 total medals. Furthermore, the best badminton players in the world can be found in China and Indonesia. The majority of the 220 million people who regularly play badminton live in Asia.

The Australian Sports Commission reports that 108,300 people play squash on approximately 3,500 courts. This equates to about 31 players per court. In Japan today, there are 24 courts (13 clubs) and numerous new court projects. This sport first appeared in Asia in 2013, with the construction of the first playing venue in Japan. Similarly, the padel appeared in Singapore one year later with the construction of the first padel court there. This confirmed the sport's future development in Asia. As a result, countries as diverse as Hong Kong, India, and Thailand began their padel adventures by building new courts in the region. It has also been confirmed that new padel courts will be built in Asia, which will increase the sport's popularity. The Asian Padel Cup is now in its third year. With the rise of pédal in Asian countries, India is poised to make a name for itself in the Asian and global pédal scenes. Padel is becoming increasingly popular among men, women, children, and senior citizens in India. This is because the sport caters to people from all walks of life.

Covid-19 Impacts:
The COVID-19 pandemic hurt racket sports equipment consumption across the Asia-Pacific region owing to a drop in manufacturing activity and the closure of multiple sales channels. Lockdown restrictions to curb the spread of coronavirus infections resulted in a drop in the sales of sporting apparel and goods across the region. Restricted outdoor activity and the cancellation of all sporting events during lockdowns led to a huge drop in the Asia-Pacific market size. However, this trend has changed and is expected to get better in the post-pandemic era, and the Asia-Pacific market for racket sports is expected to rise at a healthy pace over the coming years. As restrictions have been lifted, outdoor activity and several offline sales channels have returned to normal operational capacity, which will aid the Asia-Pacific racket sports equipment market in making a swift recovery.

Major Companies present in the market:
Amer Sports Oyj, Head NV, Yonex Co., Ltd, Völkl Int. GmbH, Fila Holdings Corporation, Nike Inc, Puma, karakal, Sumitomo Rubber Industries, Li-Ning Studio LLP, Tibhar, Victor Rackets Ind. Corporation

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific racket sports equipment market with its value and forecast along with its segments
• Country-wise racket sports equipment market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• Australia
• South Korea

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.