Squash Equipment Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, UK, Germany, China, France - Size and Forecast 2024-2028

Squash Equipment Market Size 2024-2028 

The squash equipment market size is forecast to increase by USD 71.6 million, at a CAGR of 1.97% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. Politically, the establishment of numerous national and international leagues is fueling the demand for high-performance equipment. Socially, the increasing popularity of squash as a fitness activity is leading to a rise in participation, thereby boosting sales. The market is witnessing several product innovations, with rackets being made from materials such as aluminum and graphite, and balls made from synthetic rubber or traditional leather. Macroeconomically, the use of eco-friendly raw materials is a key trend, as sustainability becomes a priority for consumers and manufacturers alike. However, there are challenges, such as the fluctuating cost of raw materials, which can impact profitability. Despite these challenges, the market presents lucrative investment opportunities for businesses. By staying abreast of these trends and factors, companies can position themselves for success in this dynamic market.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth due to various factors. This market caters to the demand for essential gear used in playing squash, including rackets, balls, shoes, and sports clothing. Rackets are a crucial component of squash equipment. They come in different materials like aluminum and graphite, each offering unique benefits. Aluminum rackets are known for their affordability and durability, while graphite rackets provide enhanced power and maneuverability. Balls are another essential item in the market. These are typically made of rubber and come in various sizes and bounces to cater to different player preferences and skill levels.

Moreover, shoes and sports clothing are also essential for squash players. They provide the necessary support, comfort, and flexibility required during intense cardio workouts. Proper footwear can help prevent injuries and improve performance, while sports clothing allows for ease of movement and moisture wicking. The market is driven by several factors. Health consciousness and the desire to maintain a healthy weight are primary motivators. Regular squash play offers numerous health benefits, including improved cardiovascular health, core strength, flexibility, back strength, hand-eye coordination, and agility. Political scenarios and social scenarios also influence the market. Macroeconomic analysis and internal factors like consumer buying patterns and external factors like technological advancements and market trends can significantly impact market growth.

Furthermore, the market has shown consistent growth. However, investment opportunities exist in areas like technology integration, sustainable materials, and customization to cater to diverse player needs. In conclusion, the market presents numerous opportunities for growth due to increasing health consciousness, the need for high-performance gear, and various external and internal factors. Companies in this market can explore opportunities in technology integration, sustainable materials, and customization to cater to the evolving needs of squash players.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Distribution Channel
  • Offline
  • Online
• Product
  • Squash rackets
  • Squash balls
  • Squash shoes
  • Others
• Geography
  • Europe
    • Germany
    • UK
    • France
  • North America
    • US
  • APAC
    • China
  • South America
  • Middle East and Africa

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period. In the offline market for squash equipment in North America, monobrand stores, department stores, hypermarkets, supermarkets, and specialty stores play a significant role. Monobrand stores, which are retail outlets owned by product manufacturing companies, offer an appealing shopping experience with a wide selection of equipment and accessories under the same brand. The allure of these stores has led to an increase in sales of squash equipment through this distribution channel.

Furthermore, the focus on D2C sales is particularly relevant in today's market, as consumers increasingly prioritize cardio workouts to combat cardiovascular diseases. Squash, as a sport that provides an excellent cardio workout while also engaging the core and improving flexibility, is gaining popularity. Therefore, the demand for high-quality squash equipment is on the rise.

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The offline segment accounted for USD 577.60 million in 2018 and showed a gradual increase during the forecast period.

Regional Insights

Europe is estimated to contribute 41% 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.

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The European region led the market in 2021, with significant contributions from countries such as the UK, France, and Germany. Squash's popularity in Europe is evident through the European Squash Federation, which governs the sport in the region. Product innovations and advancements in squash equipment and string technology by key European competitors are fueling player performance enhancements, thereby propelling market expansion during the forecast period. Additionally, the establishment of more squash courts and training institutes, including Antibes Squash and Fitness Club in France and Elite Squash in England, and the increase in the number of tournaments collectively contribute to the European market's growth.

Moreover, innovative materials like thermoplastic elastomer and recycled plastic are increasingly being used in squash equipment production. For instance, some manufacturers are focusing on creating eco-friendly equipment to cater to the growing environmental consciousness among youngsters. Department stores and specialized sports retailers are major distribution channels for squash equipment in Europe.

Market Dynamics

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.

Key Market Driver

The introduction of various national and international leagues is one of the key drivers supporting the advanced authentication market growth. The number of squash tournaments held across the world has increased significantly, with participation rates of regular players rising in the last couple of years. Squash associations such as the PSA, along with many country-specific associations, are introducing various national and international leagues. These associations are also spending more to support basic-level squash tournaments to encourage higher participation.

Moreover, the increase in competition and tournament numbers is directly proportional to the rise in demand for squash equipment, as also frequent replacements of old rackets with new ones, which is propelling the growth of the market. The PSA organizes more than 200 squash tournaments across the world every year and has over 900 registered players under its aegis. Apart from standard squash competitions such as the World Squash Championships and the China Squash Challenge Cup, numerous squash competitions and tournaments are being held on a worldwide scale. The market can avail of greater opportunities from such developments, while consumer interest in the sport also gets stimulated. Some of the popular squash tournaments include the WSF World Cup and the WSF World Championship. Therefore, the presence of these national and international leagues will drive market growth during the forecast period.

Significant Market Trend

The use of eco-friendly raw materials is one of the key advanced authentication market trends. The use of eco-friendly raw materials in the market is trending, which is a positive sign. Consumers have become more responsible and aware of how their consumption habits affect the environment. Therefore, the market is seeing a growing demand for eco-friendly squash equipment such as balls, rackets, strings, and other paraphernalia associated with the game. Water-based adhesives and organic and recycled plastic materials are replacing synthetic rubber, traditional leather, nylon, polyurethane, and other synthetic materials in the production of squash equipment.

Furthermore, newly developed and advanced non-toxic materials such as thermoplastic elastomer are increasingly used by key companies to manufacture eco-friendly equipment for the game. Many squash associations and federations have also stepped forward to project themselves as eco-operators (organizations involved in environment improvement). For instance, Finland-based Amer Sports makes rackets using 15%-20% lesser chemicals than traditional rackets. The company is moving a step forward by manufacturing 30% of all its squash balls with recyclable materials. Hence, the increasing use of eco-friendly raw materials by manufacturers will likely help the growth of the market during the forecast period.

Major Market Challenge

Fluctuations in the cost of raw materials are one of the factors hindering the advanced authentication market growth. Increasing variations and the rising cost of raw materials due to existing trade policies of different countries increase the import and export costs of raw materials. Due to an increase in oil and gas prices owing to the Russia-Ukraine war, the prices of many raw materials have increased. For instance, raw butyl rubber used to make squash rubber requires natural rubber; petroleum-based synthetic rubber prices increase when crude oil prices increase. Similarly, squash rackets are made of aluminum; aluminum prices witnessed a sharp increase of 18% in March 2022 compared with the end of January 2022 due to the Russia-Ukraine war.

Moreover, the contribution of Russia to the global trade of aluminum is about 12%, with exports mainly from Europe. Therefore, higher raw material costs are operational impediments for manufacturers as they have a spillover effect throughout the network of distribution channels, with the brunt being borne by end consumers. Rises in raw material prices have an adverse impact on the production costs of squash equipment, which go on to affect the pricing strategy of marketers. Differentiation in raw materials used to make squash equipment, especially premium squash products, also negatively affects the earnings, operating margins, and cash flow of leading companies as their profit margins get eaten away. These factors can restrict the flow of investments in other productive activities or marketing and promotional campaigns, thereby challenging the prospects of companies operating in the market during the forecast period.

Exclusive Customer Landscape

The market forecasting 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 market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

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.

Amer Sports Corp. - The company offers squash equipment such as racquets, eyewear, apparel, shoes, and other accessories. 

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ABG Prince LLC
• Amer Sports Corp.
• Ashaway Line and Twine Mfg Co
• ASICS Corp.
• Authentic Brands Group LLC
• Black Knight
• Decathlon SA
• Dunlop Sports
• Eye Rackets International BV
• Freewill Infrastructures Pvt. Ltd
• Grays of Cambridge Ltd
• Harrow Sports
• Head
• Karakal Worldwide Ltd.
• OLIVER Sport and Squash GmbH
• Maus Freres SA
• KC Kinetic Solutions LLC
• Salming Sports AB
• Solinco Sports
• Spinway International Pvt Ltd

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.

Research Analyst Overview

The market is witnessing significant growth due to the increasing health consciousness among consumers. With squash being an excellent cardio workout that helps improve core strength, flexibility, back strength, hand-eye coordination, agility, and endurance, the sport is gaining popularity as an effective means to combat cardiovascular diseases and maintain a healthy weight. Eco-friendly raw materials like recycled plastic are also being used to cater to the growing demand for sustainable products. Consumer buying behavior is influenced by various factors, including product pricing, expenditure capacities, and participation rates in recreational sport activities.

Furthermore, the market is also witnessing the emergence of online retail as a preferred channel for purchasing squash equipment, with department stores and specialty stores continuing to hold a significant market share. Political and social scenarios, as well as macroeconomic analysis, are essential factors influencing the market's growth trajectory. Investment opportunities exist in product innovations, commercial development, and catering to the needs of youngsters in international leagues.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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