Racket Sports Products Market Size

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.

To get key market trends

  Download Free Sample

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.