Racket Sports Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The racket sports equipment market is expected to grow with a CAGR of 2.64% during the forecast period (2020 - 2025).

Key Highlights

• 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 society in the developing regions backed up by an improved economy has been motivating the locals to develop a likeness for racket sports that require individual equipment.
• However, due to the inclination of a major portion of the population in the European countries towards football and other sports and adventure activities, the market is likely to witness a hindered growth in the developed region.

Key Market Trends

Increasing Participation in Table Tennis is Anticipated to Benefit the Market

Table tennis is gaining popularity across the globe due to its fast play nature, without the requirement of a large play area. It is an extreme fitness sport that requires stamina, speed, and flexibility. Table tennis has been witnessing increased participation in the European region due to the dynamic sports taste of the natives. The figures of participating members in the United Kingdom for able-bodied players aged 16 and over and for disability players both rose in 2015. Table Tennis England planned a series of initiatives in the coming months to ensure this trend continues. A similar trend can be observed in the United States which has been witnessing consistent high sales of table tennis equipment in the past few years over the last decade. Countries of the Asia Pacific region like China, Japan, and Korea have already been actively involved in the sport. Thus, the overall growing popularity of the sport is likely to propel the market for racket sports equipment in the near future.

North America Dominates the Racket Sports Equipment Market

North American people are fond of tennis as it is a fast game and because many of the renowned tennis players are native to America. The mass fan following of the game has been influencing the kids to participate in the sport after seeing their parents' interest in the same. The opening of various clubs that train the children to play tennis and regular playing of the game in the neighborhoods has led to increasing demand for tennis and table tennis equipment in the regional market. The interest of the adults is because of the leagues and matches that happen regularly throughout the year, maintaining the interest of the people in the game. The demand for professional equipment also arises for the various teams and individual players who practice for the games dedicatedly. Thus, it can be concluded that the high buying power helps the individuals in the region afford a personal set of racket sports equipment, as the market has ample of products ranging from high to low prices for almost everyone to afford.

Competitive Landscape

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 innovating their products and are moving towards sustainable manufacturing by using recycled materials for making rackets and other equipment required for racket sports. The global players have an upper hand opportunity to capture the regional markets due to their esteemed reputations in their native region, 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 to develop a strong consumer base in the forecast period.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support