PUBLISHER: Allied Market Research | PRODUCT CODE: 1140275
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140275
The global racket sports equipment market was valued at $176.8 million in 2021, and is projected to reach $272.4 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. Racket sports equipment are utility devices or tools useful for engaging in sports activity. Increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost demand for sports equipment. In addition, however, decline in participation of the young generation in sports activity hampers the market growth.
Increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market. For instance, Sports Gift, Let's Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment through online retail platform is anticipated to boost the market growth in near future.
The market for sports equipment is quickly approaching the pre-COVID stages, due to the economic recovery in most emerging economies, and a stable growth rate is envisaged throughout the forecast period. The resumption of sport activities, and ease in international sport travel restrictions are key factor behind recovery of the sports equipment and apparel market. These factors are projected to boost the growth of racket sports equipment market after the COVID-19 prediction period.
Consumers are becoming more health conscious due to work-related stress and lifestyle disorders. Thus, increase in number of health-conscious consumers has created a strong demand for sports equipment including racket sports, which, in turn, augments growth of the overall market. Moreover, rise in trend of outdoor sports propels growth of the market. Furthermore, continuous innovations in product category notably contributes toward growth of the market.
E-commerce or online store is a huge platform growing at a tremendous rate worldwide. Consumers of every age, including generation X, millennial, or generation Z prefer to shop from e-stores. This is attributed to the fact that online shopping is more convenient as compared to shopping at physical stores, due to rise in number of retailers focusing on e-commerce, thus making it convenient for consumers. Furthermore, increase in penetration of internet and rise in percentage of population inclining toward online shopping are expected to provide potential opportunity for the racket equipment manufacturers to sell their existing as well as novel products through online platform, thus making them easily available for consumers and increasing consumer awareness about their products.
The racket sports equipment market is segmented on the basis of product type, end user, application, distribution channel and region. Based on product type, the market is categorized into rackets, balls, eyewares, racket bags and accessories. By end user, it is classified into men, women, and kids. In terms of application, it is divided into badminton, racquetball, squash and tennis. On the basis of distribution channel the market is classified into hypermarkets/supermarkets, specialty stores, e-commerce and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the market players, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the Distribution Channel were nearly shut down in the first quarter of the pandemic. However, online channels such as amazon and flipkart were delivering the products. . They key players included in the racket sports equipment market analysis are BABOLAT VS S.A., YONEX CO.,Ltd, HEAD SPORTS, Volkl Ski International, GmbH, Sumitomo Rubber Industries, amer sports corporation, PACIFIC Holding GmbH, Solinco Sports, Donnay, PowerAngle LLC., Karakal, Maus Feres, Authentic Brands Group, FILA Inc., Nike Inc., and Counter Strike Table tennis.
Key Benefits For Stakeholders
Key Market Segments
By Product Type
By End User
By Application
By Distribution Channel
By Region