South Korea Racket Sports Equipment Market Overview, 2028

South Korea Racket Sports Equipment Market Overview, 2028

All over the globe, South Korea is known for its rich culture. South Korea is slowly getting westernized in many aspects and that includes sports. They have lots of traditional or regional sports, such as Tae Kwon Do, which is a type of martial art. Badminton is played by 22.1% of the populace in the country and is one of the most played sports rankings at 7th place. Lee Yong-Dae a badminton player, was crowned Olympic champion in 2008. Some of the other famous South Korean Badminton players are Lee Hyo-Jung, Yoo Yeon-Seong, Jung Jae-sung, Ko Sung-Hyun, Jung Kyung-Eun, Kim Ki-Jung, Shin Seung-chan, Bang Soo-Hyun. The popularity and participation of racket sports are rising, as is the general public's awareness of fitness, sports, and exercise as a result of the expansion of academic sports education and training as well as government initiatives in emerging economies. These all factors contribute to the growth of the racket sports equipment market in South Korea. Duocock is a new sport created by Sung Yunjae of South Korea in December 2015. Duocock is a two-handed racket sport. It is a new concept of sports in which players hit a cock over the net with a pad-type racket in each hand.

According to the research report, “South Korea Racket Sports Equipment Market Overview, 2028” published by Bonafide Research, the market is projected to add USD 74.16 million by 2028. The country’s rising youth population and increasing craze for racket sports are the factors that are contributing to the South Korea Racket Sports Equipment market and it has anticipated significant growth in upcoming years These factors are piquing consumers' interest and fueling the nation's rising demand for the Racket Sports Equipment products, which is anticipated to benefit the market's potential expansion. The makers of Racket Pets announced that they have extended their distribution channel through an agreement with SportsTribe, a tennis company based in South Korea.

Tennis, once considered in Korea as a sport of the middle-aged, is gaining popularity among younger generations seeking a more affordable outdoor sport. This is mainly due to the virality of Instagram posts with tennis hashtags. There is a rise in the number of young tennis learners in the country. Sales of tennis products have increased recently, backed by the growing popularity of the sport. Tennis has now become popular to the extent that people now have difficulties finding tennis lessons or courts around where they live. The number of indoor tennis practice facilities also increased as there is less number of open parks available. With more investment from private companies and an increased number of amateur competitions, the boom is likely to continue.

In 2021, the South Korean population was 51.31 million, with 25.68 million men and 25.63 million women. More than 81.41% of the US population leaves in urban areas, while 19.59% leaves in rural areas. The country has a GDP of USD 1.8 trillion and a per capita income of USD 47490, and the majority of the South Korean population leaves between the ages of 15-60. The increasing youth population and rising popularity of racket sports among young people are major factors driving the growth of the Racket Sports Equipment Market in South Korea

Seoul, South Korea hosts the Korea Open, a professional tennis competition. The women's competition was first held in 2004 as a WTA International Tournament on outdoor hard courts at the Seoul Olympic Park Tennis Centre. The Korean badminton open was the eighth tournament of the 2022 BWF World Tour and was part of the Korea Open championships, which had been held since 1991. This tournament was organized by the Badminton Korea Association with a sanction from the BWF. Kwon Soon-woo became the first South Korean to win on the ATP Tour since Lee Hyung-talk in 2003 after the 23-year-old defeated Australian James Duckworth in the Astana Open final.

Park Yong-kook, executive director of the Korea Tennis Association, said the association estimates the tennis population to reach between 500,000 and 1 million now, up from some 200,000 people before the pandemic, with a huge inflow of people in younger generations. The number of indoor tennis practice facilities also increased to 500 from 200 a year ago, in the greater Seoul area that includes Seoul, Incheon, and Gyeonggi Province. There are not enough tennis courts in Seoul, mainly due to high real estate prices. Many tennis beginners began playing tennis, and they have already created their communities. With more investment from private companies and an increased number of amateur competitions, the boom is likely to continue. Major Key players of racket sports equipment in South Korea are Kason Korea, GF sports, Minton sports, Power up, and JB sports.

Specialty shops are the main distributors of racket sports equipment because of their focus on a single range of products. A specialty store carries more products in a single category, which helps consumers find unique products they cannot find in other retail stores. These stores provide the required information and support to consumers through skilled customer service personnel. However, recently a shift in buying patterns can be noticed in online sales of these sports rackets. This is mainly due to lucrative discounts offered, easy shipping, and doorstep delivery.

COVID EFFECT
The COVID-19 pandemic contributed to its rising popularity as Koreans turned to outdoor sports of tennis. After a long period of the pandemic, people began looking for active sports that they could play with a small number of people, partly to sidestep social distancing measures. Most sporting events had to be suspended due to the COVID-19 pandemic. As a result, the bulk of racket sports equipment manufacturing businesses and neighborhood fitness centers were shut down, preventing the market for racket sports equipment from expanding. As the pandemic fades, the racket sports equipment market will typically grow gradually.

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

Aspects covered in this report
• South Korean Racket Sports Equipment market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

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

• Supermarket/ Hypermarket
• Speciality stores
• Online Stores

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 market, 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.