The market for tennis racquets is expected to grow at a compound annual growth rate (CAGR) of 2.8% from its estimated worth of US$ 772.0 million in 2022 to US$ 1,013.5 million by the end of 2032.
The market for tennis racquets is predicted to grow at a compound annual growth rate (CAGR) of 2.7% between 2022 and 2032, with tweener racquets likely to account for over 40% of the worldwide market share.
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The tennis racquet industry's historical prognosis indicates a meager 1.3% market growth over the 2017–2021 period due to a number of variables, including lower popularity than other sports and mediocre employment possibilities. Moreover, the sport was extremely uncommon because of high training and equipment expenses. On the other hand, consumer expenditure on sports and government programs have paved the way for market expansion.
The rise of tennis as a leisure activity among people in developed and emerging nations has had a significant impact on the market's growth trajectory. The demand for the goods has also been driven by children's increasing involvement in sports and their desire to join tennis clubs. Also, a lot of young, aspiring sports advocates choose to pursue careers in professional tennis.
Key Companies Profiled
- The Wilson Sporting Goods Company
- Babolat
- HEAD N.V.
- Prince Global Sports, LLC
- Dunlop Sport
- Yonex Co., Ltd
- Tecnifibre
- Volkltennis
- ASICS Ltd
- Solinco LLC
- Slazenger
- ProKennex
- PowerAngle LLC
Therefore, the aforementioned factors have been very beneficial to the growth of the tennis industry and the demand for tennis racquets, and it is expected that they will continue to support the market's expansion in the years to come.
Additionally, the product is in high demand from a variety of end customers, and technology developments will highlight the market participants' numerous chances. Tennis racquet makers are using cutting-edge technology like bending zones, aero modular construction, and woofers to meet consumer demand and improve the longevity and efficiency of their products.
Given the aforementioned information, the worldwide tennis racquet market is projected to expand at an advantageous compound annual growth rate (CAGR) of 2.8% from 2022 to 2032, with a valuation of US$ 1,013.5 million in that year.
The public's growing awareness of personal fitness created possibilities for sports equipment makers
A growing number of people worldwide are experiencing health problems, which has led to a need for fitness activities that encourage sports participation, particularly tennis. Because of its benefits, tennis has also become a popular recreational activity for people in practically every age group in the world. One such kind is cardio tennis, a group exercise program that promotes sensible calorie reduction. It is anticipated that the industry would increase positively if fitness enthusiasts rigorously adopt cardio tennis.
Furthermore, there is room for expansion given the proliferation of sports academies and training facilities. Additionally, the COVID-19 global epidemic has unexpectedly boosted people's attention to preserving their physical fitness, which has accelerated demand for tennis racquets.
Governmental Efforts to Provide a Gradual Platform
Governments and sports federations have been at the forefront of development over the years. Increased participation in sports, particularly tennis, has been observed in several countries, such as China, India, and the UK.
For instance, the "Khelo India-National Programme" was introduced by the Indian government in November 2018 to promote the development of national sports initiatives. In the near future, these regulations should increase the variety of tennis activities and, consequently, racquet use.
In a similar vein, The Lawn Tennis Association (LTA) announced in 2019 that over the following 10 years, hundreds more indoor tennis courts will be constructed in communities around the United Kingdom, providing benefits to over three million players.
Competitive landscape
Because both global and regional market participants compete in the tennis racquet industry, it is extremely fragmented. Nonetheless, given that the majority of newly discovered tennis aficionados and professional players adhere to a certain brand, there is a minor trend towards consolidation. Leaders in the market are always concentrating on improving the sports performance and durability of their products.
In order to keep their grip on the market, producers work closely with local sports officials to meet sales targets for their products. Acquisitions and mergers are examples of inorganic techniques that are being used for portfolio and business expansion.
- Using AI, Alldesign Labs, a New Jersey-based corporation, developed a new racquet design in August 2022 that was distinct from previous models like DALLE and midjounney. The goal of the Htkw concept was to improve performance by making racquets lighter and stronger.
Segmentation of Tennis Racquet Industry Research
- By Racquet Type:
- Power Racquets
- Control Racquets
- Tweener Racquets
- By String Pattern:
- Open String Pattern
- Tight or Closed String Pattern
- By Head Size:
- Midsize
- Mid plus
- Oversize
- Super Oversize
- By Sales Channel:
- Independent Sport Outlets
- Franchised Sport Outlets
- Modern Retail
- Online Retail
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Oceania
- MEA
This growth is driven by increasing participation in tennis as a recreational and professional sport, advancements in racquet technology, and a rising emphasis on health and fitness globally. Despite potential challenges such as market saturation and economic fluctuations, the tennis racquet market is expected to maintain its upward trajectory, offering ample opportunities for manufacturers and stakeholders to innovate and capture new customer segments. As the market evolves, staying attuned to consumer preferences and technological advancements will be crucial for sustained success in this dynamic industry.
FAQ:
What is the projected outlook for the tennis racquet market in the coming years?
Worldwide demand for tennis racquet is anticipated to reach US$ 1,013.5 Million by 2032-end.
How has the tennis racquet market performed in recent years?
During 2017-2021, sales of tennis racquet increased at 1.3% CAGR.
Which regional market holds the largest share in the tennis racquet market?
Europe tops the global tennis racquet market accounting for 32.5% market share in 2021.
