DUBLIN--(BUSINESS WIRE)--The "Racket Sports Equipment Market By Product Type, By End User, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global racket sports equipment market was valued at $176.8 million in 2021, and is projected to reach $272.4 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
Racket sports equipment are utility devices or tools useful for engaging in sports activity. Increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost demand for sports equipment. In addition, however, decline in participation of the young generation in sports activity hampers the market growth.
Increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market.
For instance, Sports Gift, Let's Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment through online retail platform is anticipated to boost the market growth in near future.
The market for sports equipment is quickly approaching the pre-COVID stages, due to the economic recovery in most emerging economies, and a stable growth rate is envisaged throughout the forecast period. The resumption of sport activities, and ease in international sport travel restrictions are key factor behind recovery of the sports equipment and apparel market. These factors are projected to boost the growth of racket sports equipment market after the COVID-19 prediction period.
Consumers are becoming more health conscious due to work-related stress and lifestyle disorders. Thus, increase in number of health-conscious consumers has created a strong demand for sports equipment including racket sports, which, in turn, augments growth of the overall market. Moreover, rise in trend of outdoor sports propels growth of the market. Furthermore, continuous innovations in product category notably contributes toward growth of the market.
E-commerce or online store is a huge platform growing at a tremendous rate worldwide. Consumers of every age, including generation X, millennial, or generation Z prefer to shop from e-stores. This is attributed to the fact that online shopping is more convenient as compared to shopping at physical stores, due to rise in number of retailers focusing on e-commerce, thus making it convenient for consumers.
Furthermore, increase in penetration of internet and rise in percentage of population inclining toward online shopping are expected to provide potential opportunity for the racket equipment manufacturers to sell their existing as well as novel products through online platform, thus making them easily available for consumers and increasing consumer awareness about their products.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the racket sports equipment market analysis from 2021 to 2031 to identify the prevailing racket sports equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the racket sports equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global racket sports equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Rackets
- Tennis
- Racquetball
- Squash
- Badminton
- Paddle tennis
- Balls
- Eyewares
- Racket Bags
- Accessories
By End User
- Men
- Women
- Kids
By Application
- Badminton
- Racquetball
- Squash
- Tennis
By Distribution Channel
- Hypermarket
- Specialty Stores
- E-Commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- 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.
- Counter Strike Table tennis
For more information about this report visit https://www.researchandmarkets.com/r/tyaqvw
