Global Racket Sports Equipment Market Overview, 2023-28

Global Racket Sports Equipment Market Overview, 2023-28

Badminton, tennis, squash, table tennis, and lawn tennis are all examples of racket sports. A racket sport is one in which a hollow rubber ball, tennis ball, or shuttlecock is used. Racket sports can be played both indoors and outdoors. Racket sports have a variety of health benefits for the body. These include bone and muscle strengthening; improved balance, coordination, and flexibility; calorie burning; stress reduction; and the lowering of other health risks. Because of these advantages, consumers are becoming more interested in racket sports. Over time, this has increased the demand for racket sports equipment. Racket sports equipment is lightweight, breathable, washable, and environmentally friendly. They are also available in a variety of sizes, lengths, and weights. The process of designing and manufacturing racket sports equipment has evolved significantly over time. The increase in the number of racket sports courts worldwide is driving the racket sports equipment market's growth.

According to the research report, Global Racket Sports Equipments Market Overview, 2023–28, published by Bonafide Research, the overall market is projected to reach a size of USD 4880 million, increasing from USD 3673.23 million in 2022 and registering a CAGR of around 5%. Racket sports can also aid in the maintenance of healthy body weight and the reduction of resting blood pressure. Racket sports do have some muscle-strengthening benefits, both for the upper body and arms and legs. They can also improve coordination, balance, and general mobility. There are more than 30 racket sports played worldwide. However, the most commonly played racket sports include tennis, badminton, squash, ping pong (table tennis), and racquetball. Badminton is the market leader, accounting for more than 40% of the market in 2022. Due to the easy availability of raw materials and low labor costs, the segment is anticipated to witness higher growth during the forecast period. Also, racket sports, mainly badminton, are gaining much more attention and popularity, mainly due to the rise of the region’s star players competing and winning. Countries such as India and China are expected to drive regional market growth.

The market-share growth in the offline segment will be significant during the forecast period. The segment comprises specialty stores, hypermarkets, supermarkets, and online channels. On the other hand, mono-brand stores are retail stores owned by product manufacturing companies. These are standalone retail outlets that provide a wide range of products manufactured under the same brand, including specialty stores. The distribution of racket sports equipment through this segment is increasing, as the rich look and feel of these stores tend to attract a huge number of customers. These factors will drive market growth in the forecasted period. Further, the Asia-Pacific region is anticipated to witness the fastest-growing market for racket sports equipment during the forecast timeframe. Countries in the Asia-Pacific region like China, Japan, and Korea have already been actively involved in the sport. Thus, the overall growing popularity of the sport is likely to propel the market for racket sports equipment in the near future.

Based on the product type, the market is anticipated to be dominated by rackets in the analytical year due to the increasing global popularity of badminton, squash, and lawn tennis. As for the end users, men dominate the market with more than 40% of the market share, followed by women. According to players in the racket sports equipment industry, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the distribution channels were nearly shut down in the first quarter of the pandemic. However, online channels such as Amazon and Flipkart were delivering the products. The key players included in the 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.

Covid-19 Impacts:
The COVID-19 pandemic forced the suspension of a majority of athletic competitions. The precautionary measures imposed by governments led to the closure of many non-essential companies, social withdrawal, bans on public meetings, and stay-at-home directives for numerous countries around the globe. A majority of sports equipment manufacturing companies and community fitness centers were closed, leading to reduced demand for sports equipment worldwide. However, the market is gaining back to its normal phase as the pandemic is slowly receding.

Major Companies present in the market:
Amer Sports Oyj, Babolat, Head NV, Yonex Co., Ltd, Völkl Int. GmbH, Fila Holdings Corporation, Nike Inc, Puma, karakal, Sumitomo Rubber Industries, Pacific Holding Gmbh, Li-Ning Studio LLP, Tibhar, Gamma Sports, Harrow Sports. Victor Rackets Ind. Corporation

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global racket sports equipment market with its value and forecast along with its segments
• Region-wise racket sports equipment market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Product Type:
• Rackets
• Balls
• Bags
• Eyewear
• Accessories (Cap, Wrist bands, Headband, Racquet grip, Racquet Strings, Racquet Covers, Gloves Etc.)

By Sports Type:
• Tennis (Lawn Tennis)
• Table Tennis
• Badminton
• Squash
• Padel
• Others (Racquetball)

By Distribution Channel:
• Hypermarkets/Supermarkets
• Specialty Stores
• Online Stores
• Other Distribution Channels

By End-User:
• Men
• Women
• Kids

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. 

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the racket sports equipment industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.