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Growing popularity of table tennis and increase in participation in the game globally, rise in awareness about fitness, sports activities and exercise among people due to rise in sports education and sports training in academics, and rise in sport initiatives by governments in emerging economies drive the growth of the global racket sports equipment market.
PORTLAND, Ore. , Aug. 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Racket sports equipment Market by Product Type (Rackets, Balls, Eyewares, Racket Bags, Accessories), by End User (Men, Women, Kids), by Application (Badminton, Racquetball, Squash, Tennis), by Distribution Channel (Hypermarket, Specialty Stores, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global racket sports equipment industry generated $176.80 million in 2021, and is estimated to reach $272.40 million by 2031, witnessing a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers and Opportunities
Growing popularity of table tennis and increase in participation in the game globally, rise in awareness about fitness, sports activities and exercise among people due to rise in sports education and sports training in academics, and rise in sport initiatives by governments in emerging economies drive the growth of the global racket sports equipment market. However, growing penetration of the internet, smartphones, computers and other electronic media & entertainment devices which lead to an increase in involvement of youth towards indoor activities hamper the market growth. On the other hand, entry of big brands in markets where there is lack of availability of sports facilities and products, setting up of sports facilities, sports centers and play grounds by key players, donation of sports equipment, building sports facilities, conducting free of cost sports competitions, and providing free training to potential athletes by various organizations and NGOs, and the developing interest of the youth in sports are anticipated to offer potential opportunities for the market growth in the coming years.
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Covid-19 Scenario
The balls segment to hold the lion's share during the forecast period
Based on product type, the balls segment contributed to the highest market share in 2021, grabbing more than one-fourth of the global racket sports equipment market, and is expected to maintain a noteworthy growth during the forecast period. Increased participation of youth in various racket tournaments, an increase in the number of tennis players all over the world, the rise in tennis competitions, the short replacement cycle of tennis balls which frequently require the purchase of new balls, and the introduction of a variety of slower balls and smaller courts fuel the global tennis ball market. The accessories segment is projected to witness the fastest CAGR of 6.2% from 2022 to 2031. The wristbands market is driven by innovation and the key competitors are developing goods with improved features that are drawing a sizable consumer base to smart wristbands.
The badminton segment to dominate the market during the forecast period
Based on application, the badminton segment was the largest market in 2021, holding more than two-fifths of the global racket sports equipment market share, and is likely to exhibit a prominent growth during the forecast period. This is due to technological advancements in badminton rackets, shoes and shuttlecocks. Badminton trainings are also more intense and some are even supported by sports science. However, the tennis segment is anticipated to manifest the fastest CAGR of 5.4% from 2022 to 2031.
The specialty stores segment to lead the trail during the forecast period
Based on distribution channel, the specialty stores segment held the largest share of more than one-third of the global racket sports equipment market in 2021, and is likely to maintain a noteworthy growth during the forecast period. Specialty stores are popular as any product is easily available there. Manufacturers constantly take efforts to increase the visibility of their products on the shelf and are therefore mainly target such stores. However, the e-commerce segment is anticipated to manifest the fastest CAGR of 5.6% from 2022 to 2031. This is because online sales channels are more preferred by consumers in developed countries due to an increase in adoption of mobile phones and internet penetration.
Asia-Pacific to achieve the fastest growth by 2031
Based on region, North America held the highest share in 2021, accounting for more than one-third of the global racket sports equipment market. However, the Asia-Pacific market is projected to manifest the fastest CAGR of 5.6% during the forecast period. This is due to increase in purchasing power of consumers and rise in the middle-class population in the Asia-Pacific region. Furthermore, rise in marketing initiatives such as heavy marketing campaigns and celebrity endorsements also fuel the growth of the market in the region.
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