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Racket Sports Products Market - By Product, By End Use, By Application, By Sport, By Price Range, By Distribution Channel & Forecast 2024 – 2032.
Report ID: GMI11640
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Published Date: October 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 305
Countries covered: 23
Pages: 250
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Racket Sports Products Market Size
The global racket sports products market was valued at USD 4.5 billion in 2023 and is anticipated to register a CAGR of 6% between 2024 and 2032. The growing awareness of the health benefits associated with physical activity has been a significant driver in the increasing participation in racket sports such as tennis, badminton, and squash.
As people prioritize their fitness and overall well-being, racket sports offer an engaging and enjoyable way to stay active, which has directly translated into a surge in demand for equipment. For instance, as per a 2023 report from the U.S. Tennis Association, U.S. tennis participation surged by 33% over the last three years, with around 23.6 million individuals, constituting 8% of the population, actively involved in the sport.
Additionally, the rising interest in these sports is further fuelled by global events, media coverage, and endorsements from high-profile athletes. Major tournaments, such as the Wimbledon Championship, the Olympic Games, and the Badminton World Championships, capture widespread attention, inspiring more individuals to take up these sports recreationally or competitively. The visibility of top players, coupled with celebrity endorsements, enhances the appeal of racket sports to a diverse and expanding audience.
Furthermore, Endorsements from professional athletes and celebrities have a strong impact on consumer behavior and purchasing choices in the racket sports market. When well-known athletes promote specific racket brands or products, it enhances the credibility and visibility of those items, capturing consumer interest and boosting sales. Fans are often motivated to follow the lead of their favorite athletes by purchasing the equipment they endorse, fostering brand loyalty and supporting market growth. For example, in January 2023, Wilson Sporting Goods Co. named 20-year-old Ukrainian tennis star Marta Kostyuk as its first brand ambassador and advisory staff member. Kostyuk will represent the brand across rackets, footwear, and apparel, while also providing feedback and testing its performance products.
The racket sports products market is intensely competitive, with many established brands and new entrants competing for market share. This competition creates significant pricing pressures, as companies strive to offer competitive prices while maintaining quality. Additionally, the need for constant innovation is crucial, as brands must continuously develop new technologies, materials, and designs to differentiate themselves and meet evolving consumer demands. This dynamic environment pushes companies to innovate rapidly, ensuring that they stay relevant and capture the attention of both professional athletes and recreational players.
Racket Sports Products Market Trends
Innovations in racket design, particularly through the use of advanced materials like graphene and carbon fiber, are transforming the performance of modern rackets. These materials make rackets lighter, yet more durable and stable, allowing players to generate more power and control with less effort. This technological advancement not only enhances player performance but also reduces strain on the body, making racket sports more accessible and enjoyable for players of all levels. These high-performing rackets are increasingly popular among both professionals and recreational players, driving demand in the market.
Racket Sports Products Market Analysis
Based on Product Type, the market is segmented into Rackets, Balls, and Accessories. The balls segment dominated the market in 2023, generating a revenue of USD 1.7 billion and is expected to grow at a CAGR of 6.2% during the forecast period from 2024-2032. The growth can be attributed to the high and consistent demand across various sports such as tennis, badminton, squash, and pickleball. Unlike rackets, which tend to have a longer lifespan, balls require frequent replacement due to wear and tear during play, leading to a steady sales cycle. Additionally, the widespread participation in both professional and recreational matches further drives the need for new balls.
Based on Distribution channel, the racket sports products market is classified into Online and Offline. The Offline dominated the market in 2023, acquiring a market share of 77.3% and is expected to grow at a CAGR of 6.1% during the forecast period from 2024-2032. Consumers often prefer purchasing racket sports equipment in person, as it allows them to assess the quality, fit, and feel of products like rackets and apparel before making a purchase. Additionally, offline channels offer personalized customer service, expert advice, and in-store experiences, which contribute to their continued dominance.
North America accounted for around USD 1.3 billion of market share in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period. The presence of major global sporting events, extensive youth participation programs, and investments in sports infrastructure further drive market demand. Additionally, North America's well-established retail networks and the influence of celebrity endorsements contribute to robust sales of equipment and accessories, positioning the region for continued growth during the forecast period.
China dominated the Asia Pacific racket sports products market in 2023 acquiring a market share of 29.3% in 2023 and is expected to grow during the forecast period from 2024-2032 due to the country’s strong participation in racket sports like badminton, table tennis, and tennis. The nation's success in international sporting events, along with government initiatives to promote sports and physical activity, has fueled the growing popularity of racket sports across all age groups.
Germany leads the European market. The country is home to numerous prestigious tournaments and has a well-established infrastructure for racket sports, including clubs and training facilities. Additionally, the German market benefits from a growing health and fitness trend, with more individuals engaging in physical activities as part of their lifestyle.
Racket Sports Products Market Share
The market, with prominent players, such as ANTA Sports Products Ltd., ASICS Corp., Li Ning Co. Ltd. and Yonex Co. Ltd., holds a market share of ~5-10%. Manufacturers are adopting strategic steps, such as mergers, acquisitions, partnerships, and collaborations, to meet the growing consumer demand and consolidate their position in the market.
Racket Sports Products Market Companies
Major players operating in the market include:
Racket Sports Products Industry News
The racket sports products market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Product Type
Market, By End Use
Market, By Application
Market, By Sport
Market, By Price Range
Market, By Distribution Channel
The above information is provided for the following regions and countries: