Tennis Racquet Market Share, Size, Trends, Industry Analysis Report, By Product Type (Power Racquets, Control Racquets, and Tweener Racquets); By Distribution Channel; By End-Use; By String Pattern; By Region; Segment Forecast, 2023 - 2032
- Published Date:Feb-2023
- Pages: 118
- Format: pdf
- Report ID: PM3008
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global tennis racquet market was valued at USD 527.08 million in 2022 and is expected to grow at a CAGR of 8.4% during the forecast period.
A tennis racquet is a bat with a long handle that is connected to a frame that is spherical and covered in a web of tightly wound strings. Different materials, grips, and weights are used to make tennis racquets. The three main categories of racquets are lightweight, medium-weight, and heavy—variate in maneuverability and control. This is designed for tennis players to use when hitting a ball. A bewildering variety of tennis racquets are now available to satisfy the diverse range of client needs, both in the professional and amateur spheres.
The research report offers a quantitative and qualitative analysis of the tennis racquet market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
Know more about this report: Request for sample pages
The growing participation of youth in leisure and sports, as well as rising personal disposable income across the globe, is driving the demand for tennis racquets which is boosting the market growth during the forecast period. The level of involvement in a tennis match has increased as a result of growing awareness of the value of sports in preserving health and fitness.
Additionally, tennis has grown significantly in popularity for boosting health, particularly among seniors in wealthy countries like France, Germany, and the U.S. Additionally, it provides advantages including lowering the resting heart rate, increasing blood pressure and aerobic activity, raising bone density, and strengthening metabolic function.
Moreover, Carbon composites give manufacturers the ability to keep the product's flex pattern while changing the stiffness at various locations along the frame. The manufacturer can create new designs and has more strength owing to these carbon fiber items. In December 2021, With Singapore Sports Hub, a cutting-edge, completely integrated sports, entertainment, and leisure hub, Dow announced a carbon collaboration agreement. SportsHub Pte Ltd. owns and manages the first and largest Public-Private Partnership (PPP) modern sports infrastructure plan in the world. The International Olympic Committee (IOC) and Dow have a carbon relationship, and this collaboration represents both the first property owner participation in the program as well as the first carbon mitigation initiative in Singapore.
In addition, in September 2019, Wilson Sporting Goods introduced the Clash product range. By utilizing carbon mapping technology, it is intended to fit with any swing technique with greater accuracy and power. However, In the long run, the high costs connected with premium racquets will be a significant obstacle to the market's expansion. Cost variations for raw materials will slow the market's expansion even more. The availability of substitute items on domestic markets will also have an impact on how quickly the market expands.
The sports equipment business was severely damaged by the COVID-19 outbreak. When the coronavirus infections quickly spread over the world and led to a dangerous pandemic situation, industry and supply chain operations suffered greatly and were largely rendered worthless. During the pandemic, outdoor activities were severely restricted to stop the global spread of coronavirus infections. The pandemic also had a significant impact on outdoor sports equipment sales, which fell sharply. The tennis equipment market's sales consequently decreased and experienced losses due to the pandemic. As the globe returns to normal in the post-pandemic era, demand for tennis equipment is anticipated to increase. Tennis gear manufacture is anticipated to resume at full capacity once manufacturing activity returns to normal.
]
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The demand for tennis accessories, such as racquets, has grown steadily in recent years which is driving the market growth. For instance, in January 2022, When Geau Sport was established, the goal was for tennis bags to go beyond simply carrying equipment and become sought-after accessories. The company prioritizes classy appearances, robust materials, and perceptive designs over overt branding or garish colors. The Axiom 9-pack and Backpack, which were their first forays into the market, made outstanding and well-received debuts. Geau has added three new bags to its growing product line to capitalize on its previous success.
Furthermore, the demand for tennis racquets has increased, especially from expanding tennis training facilities, and the product launches by the major players are bolstering the market growth. In April 2022, Wilson Sporting Goods Co. announces the debut of its Earth Day Tennis Racket Series in honor of Earth Day. The eco-friendly line, which includes three performing rackets, uses bio-based and recyclable materials from Arkema's Agiplast technologies and Sherwin Williams' aqueous paints to reduce the environmental impact of each racket manufactured. Therefore, these factors are boosting the demand for tennis rackets which is driving the market growth at a rapid rate.
Report Segmentation
The market is primarily segmented based on product type, distribution channel, end-use, string pattern, and region.
|
By Product Type |
By End-Use |
By Distribution Channel |
By String Pattern |
By Region |
|
|
|
|
|
Know more about this report: Request for sample pages
Online retail distribution channel segment is expected to witness the fastest growth
Global e-commerce growth has been aided by a rise in smartphone penetration. Additionally, it is anticipated that the easy purchase and checkout procedures offered by online merchants like Amazon and Walmart would broaden the appeal of e-commerce as a selling channel.
The concentration on a single line of products that specialty stores have is one of their main advantages. A specialty store has a wider selection of goods in a specific category, making it easier for customers to find special items they can't find in other retail establishments. Due to the rapid expansion of specialized retailers, supermarkets and hypermarkets are losing market share due to their broad product assortments within a single category, distinctive designs, product displays, and adaptable shop layouts.
Tennis racquets from well-known manufacturers are available in large specialty and sporting goods stores like Yonex and Dick's Sporting Goods. One of the main elements luring customers is the simple accessibility of a broad selection of goods at specialty stores. Through knowledgeable customer care representatives, these establishments offer customers the necessary information and assistance.
The open string pattern segment industry accounted for the highest market share in 2022
The string configuration of the racquets generally affects how well they function. 16x18 and 16x19 racquets with an open string design are the most popular. Due to the larger squares and broader string spacing, these are known as open string patterns. The popularity of open string patterns is higher than that of tight or closed string patterns. Open-string design racquets are typically used by professional athletes when practicing or competing in competitions. The higher launch angle increased spinning efficiency, and the stronger reflex response of open string racquets account for their increased acceptability. Open string design is therefore chosen by sports activists because of the aforementioned advantages.
The demand in Europe is expected to witness significant growth
Tennis is a popular activity in the area, and the government has provided significant funding to encourage youth participation in the sport, which is likely to fuel market growth throughout the foreseeable future. In October 2021, The Lawn Tennis Association and the government have unveiled a £30 million package to renovate more than 4,500 public tennis courts in the UK's poorest neighborhoods and encourage a new generation of players to take up the sport. The program, for which the Government will provide £21.9 million and the Lawn Tennis Association will contribute £8.4 million, will restore over 4,500 courts, including those that are dilapidated or unusable at more than 1,500 facilities. For instance, regional government programs like the "European Week of Sports" program put everyone in Europe, regardless of age, fitness level, or background, first. This initiative aims to increase public knowledge of regular exercise as well as physical activity.
Additionally, since there are more tennis courts and training facilities in the Asia-Pacific region, there will be greater demand for tennis racquets there. The market for tennis racquets is also predicted to be driven by a growth in the frequency of fitness and healthcare among the population, as well as a rise in per capita disposable income in the region.
Competitive Insight
Some of the major players operating in the global market include ASICS Corporation, Authentic Brands Group, LLC, ASI -CSP, LLC, ABG-PRINCE OPCO, LLC, Amer Sports LLC, Babolat Inc., Dunlop Sports Group Americas Corp., EAD Inc., GAMMA Sports Corporation, Head N.V., ONE SPORTS s.r.l, PowerAngle, PACIFIC Holding GmbH, ProKennex Ltd., Slazenger GmbH, Tecnifibre Inc., Volkltennis GmbH, Solinco Inc., Wilson Sporting Goods, and YONEX Co., Ltd.
Recent Developments
- In August 2022, by applying AI tools like DALLE and mid-journey, All design Labs developed a new racquet design that stood out from the competition. The Hìtëkw concept aimed to make racquets that were more durable and lightweight while also performing better.
Tennis Racquet Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 570.25 million |
|
Revenue forecast in 2032 |
USD 1,182.41 million |
|
CAGR |
8.4% from 2023 - 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 - 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments Covered |
By Product Type, By End-User, By Distribution Channel, By String Pattern, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
ASICS Corporation, Authentic Brands Group, LLC, ASI -CSP, LLC, ABG-PRINCE OPCO, LLC, Amer Sports LLC, Babolat Inc., Dunlop Sports Group Americas Corp., EAD Inc., GAMMA Sports Corporation, Head N.V., ONE SPORTS s.r.l, PowerAngle, PACIFIC Holding GmbH, ProKennex Ltd., Slazenger GmbH, Tecnifibre Inc., Volkltennis GmbH, Solinco Inc., Wilson Sporting Goods, and YONEX Co., Ltd. |
Seeking a more personalized report that meets your specific business needs? At Polaris Market Research, we’ll customize the research report for you. Our custom research will comprehensively cover business data and information you need to make strategic decisions and stay ahead of the curve.
FAQ's
key segments are product type, distribution channel, end-use, string pattern, and region.
Tennis Racquet Market Size Worth $1,182.41 Million By 2032.
The global tennis racquet market expected to grow at a CAGR of 8.4% during the forecast period.
Europe is leading the global market.
key driving factors are increase in personal fitness awareness amongst population and Increasing implementation of favorable polices.
© 2024 Polaris Market Research and Consulting. All rights reserved
