South America Racket Sports Equipment Market Outlook, 2028

South America Racket Sports Equipment Market Outlook, 2028

For many decades, sports have played an important role in the cultural development of South America. Soccer, baseball, boxing, tennis, and basketball have all flourished in the area. South American nations have won World Cups and produced professional athletes who have won World Series titles and World Boxing Championships. Three sporting events in South America's modern history have defined the region's sporting culture and spawned generations of athletes who have emulated their heroes' triumphant achievements. Sports are very important in American culture. They are extremely popular, but more importantly, they serve as vehicles for transmitting values such as justice, fair play, and teamwork. Sports have contributed to racial and social integration and have served as social glue in the past, binding the country together. There is a wide range of sports played on the continent of South America. Popular sports include baseball, basketball, rugby league, rugby union, tennis, golf, volleyball, hockey, beach volleyball, motorsports, and cricket. South America held its first Olympic Games in Rio de Janeiro, Brazil, in 2016. Two years prior to this, major cities in Brazil hosted the 2014 FIFA World Cup.

According to the research report, South America Racket Sports Equipment Market Outlook, 2028, published by Bonafide Research, the market is anticipated to add USD 72.50 million during the forecast period, growing at a CAGR of 4.79% from 2023 to 2028. An increasing interest in outdoor activities in order to maintain well-being and fitness is a major driving factor for the growth of the market. The upgrading of society in the developing regions, backed up by an improved economy, has been motivating the locals to develop a liking for racket sports that require individual equipment. Moreover, the growing knowledge related to general health and fitness is further estimated to cushion the growth of the South American racket sports equipment market. In addition, the growing number of tournaments will further provide potential opportunities for the growth of the racket sports equipment market in the coming years. However, the growing preference of the population in several countries towards football and other sports and adventure activities might further challenge the growth of the overall market.

According to the report, the market is segmented into five product types, including rackets, balls, bags, eyewear, and accessories. Among them, the rackets segment is dominating the market with more than half of the market share in 2022 because of the increasing popularity of badminton, squash, and lawn tennis. Racquets come in many varieties based on price, weight, and quality. Further, the market is segmented into various sports types, including tennis, table tennis, badminton, squash, padel, and others. Among them, badminton is the leading sport with the highest market share in 2022. Playing badminton regularly can help strengthen the heart muscle and limit the risk of blood vessel clogging, reducing the risk of CHD. With these health benefits in mind, the South American Badminton Championships are held every year exclusively for South American badminton countries. Member countries are Argentina, Brazil, Chile, Colombia, Ecuador, Guyana, French Guiana, Panama, Paraguay, Peru, Suriname, and Venezuela.

South America, on the other hand, has produced a number of talented tennis players, including four-time Grand Slam and Masters Champion Guillermo Vilas, the first Latin American to be ranked first in the Association of Tennis Professionals (ATP). Marcelo Rios, the first Latin American world number 1 in women's tennis and the first Latin American to win a Grand Slam, Anita Lizana, three-time French Open winner Gustavo Kuerten, US Open winner Gabriela Sabatini, French Open winners Gastón Gaudio and Andrés Gómez, 2009 US Open winner Juan Martn del Potro, double Olympic Gold Medalist Nicolás Mass, and Maria Bueno, the greatest Brazilian tennis player. However, padel is immensely popular in South America, where it has become a serious sport with a growing offering of competition and tournament options. The sport is always played between two doubles teams on a court that is surrounded by a glass wall and fencing. The sport is characterized by quick movements, which make good reaction speed and great court vision essential.

The market in South America, the Middle East, and Africa is projected to increase at a slow pace due to less marketing, less popularity, and less interest among people, plus less availability of labor. The South African region is expected to grow the most during the forecast period. According to the report, the market is segmented into different distribution channels, including hypermarkets and supermarkets, specialty stores, online stores, and others. Hypermarkets, supermarkets, and specialty stores will account for more than 80% of the market in 2022. As per the end-users; the market is segregated into men, women, and kids. Women account for a larger share of the market than men, accounting for more than 80% of the market in the analytical year.

Covid-19 Impacts:
South American governments reacted swiftly and pre-emptively to protect their citizens and contain the spread of COVID-19 in the region and its impact on the economy. However, the region struggled to contain the levels of contamination, notably due to the prevalence of the informal economy and the limitations of health infrastructure and social protection systems. On the economic front, the region was already in a weak situation at the time the pandemic hit and now has less fiscal space than in 2008 to mitigate the deeper recession that will result from the 2020 outbreak. However, increasing awareness regarding the fitness provided by various types of sports is anticipated to boost the market's growth during the forecast period.

Major Companies present in the market:
Amer Sports Oyj, Head NV, Yonex Co., Ltd, Völkl Int. GmbH, Fila Holdings Corporation, Nike Inc, Puma, karakal, Sumitomo Rubber Industries

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

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

Countries covered in the report:
• Brazil
• Argentina
• Colombia

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.