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The racket sports equipment market size is estimated to grow at a CAGR of 3.62% between 2023 and 2028. The market size is forecast to increase by USD 733.2 million. The growth of the market depends on several factors such as the increase in the number of racket sports courts worldwide, celebrity endorsements and consumer engagement, and an increase in the number of tournaments.
This racket sports equipment market report extensively covers market segmentation by distribution channel (offline and online), product (tennis equipment, badminton equipment, and squash equipment), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Celebrity endorsements and consumer engagement is the key factor driving market growth. The launch of advertising campaigns by famous badminton players is a tested marketing strategy practiced by many well-established racket sports equipment manufacturers. The most common purchase behavior exhibited by consumers is a preference for products that are promoted by their favorite players, and thus, vendors use celebrity endorsement as one of their primary marketing tools.
In addition, vendors have started to increase their visibility and engage consumers online by leveraging the Internet. Online presence has increasingly become a business essential with a rise in Internet penetration. Thus, such factors will drive the growth of the global racket sports equipment market during the forecast period.
The introduction of improved quality products with additional features is the primary trend shaping market growth. In the market, players are constantly launching new and improved badminton rackets. In view of the fact that major players are faced with significant competition, rackets have been distinguished on the basis of design, performance, and technology. Moreover, smart technology-enabled rackets that provide real-time information about exercise data of every game and training are also available in the market. Such information can be used efficiently by players to improve their performance and strategize for other matches.
In addition, this information can be transferred through Bluetooth to other systems to be used and analyzed later or shared via social communication. This smart version of the racket having the same weight as normal rackets also gives an added advantage to badminton players using them. Therefore, such improvements and innovations are expected to drive the growth of the market during the forecast period.
The disparity in global popularity and appeal of various racket sports is a challenge that affects market growth. Squash has a limited adoption rate basis its popularity and acceptance compared to tennis and badminton. The general preference of consumers is for tennis, given that it is a relatively popular sport in all parts of the world with higher rates of adoption and participation as well as an enhanced infrastructure compared to squash. Despite speculations of squash being a part of the Tokyo Olympics 2022 and performing reasonably well, the sport is relatively low on global appeal.
Furthermore, another reason for the low adoption is the relatively low compensation that badminton players are offered worldwide. The monetary compensation for badminton events such as Super Series tournaments is lower than that of Tennis Grand Slams. All these factors would lead to negative growth of the global racket sports equipment market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Racket Sports Equipment Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The segment includes mono-brand stores, department stores, hypermarkets, supermarkets, and specialty stores. Companies that fabricate racket sports equipment and accessories in North America, such as Nike and Adidas, are examining increasing their direct-to-customer (D2C) sales by investing large amounts in developing new mono-brand stores in the region. Market players are focusing on opening new stores to increase their reach and sustain in the competitive environment.
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The offline segment was the largest segment and was valued at USD 2,415.03 million in 2018. Tesco Plc (Tesco), Walmart Inc. (Walmart), and Target Corp. (Target) are some of the largest retail chains that have a separate retailing segment for sports equipment and accessories, such as racket sports equipment, at their stores. Players employ promotional and marketing strategies, such as branding through signages and discounts on products at their stores. Thus, such factors will drive the growth of the offline segment of the global racket sports equipment market during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. A significant factor is the rising number of regular players in the US and Canada for recreational purposes. While the US is the leading country within the region for racket sports, other key countries in the region include Mexico and Canada.
Furthermore, popular badminton championships are being organized in the region, like the Pan Am Badminton Championships, organized by the Badminton Pan Am, which is the governing body for the sport in the region. These championships are held once every two years and are aiding in increasing the popularity and adoption of the sport in the region.
The outbreak of COVID-19 in 2020 had a negative impact on the racket sports equipment market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.
The racket sports equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Racket Sports Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.62% |
Market Growth 2024-2028 |
USD 733.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.6 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANTA Sports Products Ltd., Ashaway Line and Twine Mfg Co, ASICS Corp., Babolat, Dunlop International Europe Ltd., Gamma Sports, Gearbox Inc, Harrow Sports, Head, Karakal Worldwide Ltd., KC Kinetic Solutions LLC, Klipper USA, Li Ning Co. Ltd., Pacific Holding GmbH, PowerAngle LLC, Solinco Sports, Tecnifibre, Victor Rackets Ind. Corp., Volkl Tennis, and Yonex Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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