The global tennis racquet market was valued at US$ 307.33 million in 2020 and is projected to reach US$ 355.83 million by 2028; it is expected to grow at a CAGR of 2.1% from 2021 to 2028.
A tennis racquet is made for striking a ball while playing tennis. The rising importance of sports in maintaining body metabolism and improving muscular strength is projected to increase the popularity of tennis among health-conscious adults. In addition, the increasing popularity of cardio tennis in developed countries, including Germany, France, and the US, is projected to remain a critical factor in the coming years.
Based on distribution channel, the tennis racquet market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2020, the specialty stores segment dominated the tennis racquet market. One of the key advantages of the specialty stores is 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. With an explosive outgrowth of specialty stores, supermarkets and hypermarkets are losing their market shares on account of their wide product offerings in a single category, unique designs, product displays, and flexible store formats. Large specialty and sports shops such as Dick’s Sporting Goods and Yonex offer popular brands of tennis racquets. Easy availability of a wide range of products in specialty shops is also one of the major factors attracting consumers. These stores provide required information and support to consumers through skilled customer service personnel.
Geographically, the tennis racquet market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). In 2020, Europe accounted for the largest share in the global tennis racquet market. The popularity of the sport in the region, coupled with substantial government support to enhance the participation of youngsters in tennis is likely to boost the growth of the tennis racquet market during the forecasted period.
The COVID-19 outbreak has significantly affected the market growth, owing to the closing of retail stores, furloughs, layoffs, and shutdowns of clubs and playing facilities. The effect of the COVID-19 has been highly evident throughout the second and third quarters of 2020. Impact on medium and small businesses in the tennis industry has been high, and permanent store closures are projected in some cases. The impact of the pandemic in the initial stages was crucial in Asian and European countries, while the effect on the North American region was low. The tennis racquet market is projected to experience better growth throughout the recovery period after the COVID-19 crisis. According to the information by Tennis Industry Association (TIA) Quarterly USA Wholesale Equipment Census, the sales of entry-level rackets in the third quarter of 2020 were up by 40.9% in comparison to the third quarter of 2019. In the short term, consumer buying is projected to grow, owing to increased participation in tennis, an offset in consumer buying, and a rise in discretionary income of consumers.
YONEX Co. LTD.; HEAD N.V.; Babolat.; Sumitomo Rubber Industries, Ltd; Amer Sports; GAMMA Sports; Maus Fr?res SA; and PACIFIC Holding GmbH are among the major players operating in the global tennis racquet market.
The overall global tennis racquet market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global tennis racquet market.