Clifton, New Jersey, April 19, 2023 (GLOBE NEWSWIRE) — People have become more health-conscious and are looking for ways to stay active and fit. Racket sports offer a full-body workout that can improve cardiovascular health, increase muscle strength, and improve hand-eye coordination. Furthermore, it can reduce stress and anxiety, improve mood, and provide a sense of relaxation and enjoyment. Professional tennis and badminton tournaments are gaining more viewership and followers globally. Racket sports can be played both indoors and outdoors, making it a great way to enjoy the fresh air and sunshine. In recent years, there has been a surge in the availability of affordable racket sports equipment. This has made it easier for beginners to get started and has also helped to increase demand for the equipment. As economies grow and people’s disposable income increases, they have more money to spend on leisure activities like sports. Many countries have invested in developing sports facilities, including tennis and badminton courts. This has made it easier for people to access these sports and has contributed to the increased demand for equipment.
- Badminton is the most played racket sport, particularly in countries such as China, Indonesia, and India & accounts for 43% of revenues.
- Padel, Racquetball, and Pickleball sports have unique rules and strategies, and offer a different experience for players, as a result, they are gaining popularity and are expected to grow at a higher CAGR of 6.46%.
- Online sales are expected to be over USD 300 Million by 2028, as it offers a convenient way to shop and competitive pricing.
- The US is leading the global racket sports equipment market with an 18.76% share and is expected to continue growing over the future period.
- Asia Pacific region’s growth is expected to continue at a CAGR of 6.40% driven by its huge population, large market, and strong manufacturing and distribution network.
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Racket sports accessories demand is expected to grow rapidly at 5.92% as the racket sports industry grows. Stringing machines and replacement strings are essential accessories for any serious player. Racket grips can wear out or become slick, making it harder to maintain a good grip on the racket. Tennis, squash, and pickleball all require specific types of balls, and players need a steady supply of them to keep playing. Racket bags are designed to carry one or more rackets, balls, and other accessories. Dampeners can be inserted into the strings of a racket to reduce vibration and noise, making it more comfortable to play. Wristbands and headbands are used to absorb sweat and keep it out of a player’s eyes, helping them to stay focused and comfortable during play. This presents an opportunity for manufacturers and retailers to provide innovative and high-quality products that meet the needs of players at all levels.
The racket sports equipment industry is highly competitive, with many established players along with new or smaller companies trying to gain a foothold in the market. Consumers’ price-sensitive behavior lowers profitability while also keeping prices competitive. Racket sports equipment has seasonal demands, creating a challenge to manage inventory levels and production schedules. Counterfeit products undermine consumer confidence in established brands. Manufacturers must keep up with the advancements to remain competitive in the market. Consumers’ concerned about the environmental impact has led to a growing demand for sustainable and eco-friendly racket sports equipment.
The racket sports industry faces several restraints that can limit its growth and profitability. In many parts of the world, access to facilities for racket sports such as tennis or badminton is limited. As consumer preferences and lifestyles change, they may prefer alternative activities. The sales of different types of racket sports equipment can vary depending on factors such as regional preferences, the popularity of specific sports, and the quality of the products. Yonex is one of the leading manufacturers of badminton equipment. Tennis rackets are also a major contributor to the racket sports equipment market, particularly in countries such as the United States, Europe, and Australia. Other types of racket sports equipment, such as squash rackets, are also popular in some regions, but may not have the same level of global demand as tennis and badminton equipment.
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Tennis has a rich history and tradition that dates back centuries, particularly in Europe. The sport has a strong cultural and social significance in many countries. Tennis has a well-established professional circuit, including major tournaments such as the Australian Open, French Open, Wimbledon, and US Open. These tournaments attract top players from around the world and offer significant prize money, which helps to raise the profile of the sport. Lawn tennis is often played outdoors, providing players with a chance to enjoy the fresh air and sunshine while they play. This can be appealing to people who enjoy being active in nature.
Specialty stores, such as those that specialize in tennis or padel, may offer a more extensive range of products, including high-end rackets, shoes, apparel, and accessories. They may also have knowledgeable staff that can provide guidance and advice on selecting the right equipment. However, general sporting goods stores can also be a good option for purchasing racket sports equipment, as they often carry a variety of products at a range of price points, making them accessible to players with different budgets. Some of the international specialty stores are; Tennis Warehouse, Padel Nuestro, RacquetWorld, Pro Direct Tennis, and Tennis-Point.
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Racket sports such as tennis, padel, racquetball, and pickleball are being played by children more than ever before. The younger generation is expected to drive the future demands for racket sports equipment at a CAGR of 5.57%. Many schools and communities are offering racket sports programs for children, which is helping to introduce the sports to a younger generation. The rise of youth sports culture, particularly in North America, has put more emphasis on developing children’s athletic abilities and encouraging them to participate in a variety of sports. Racket sports are a popular choice for parents and coaches who want to introduce their children to a new and exciting activity. The accessibility and affordability of racket sports equipment have made it easier for families to get involved in these sports.
“The racket sports industry is poised to grow with a trend towards healthier lifestyles and increased interest in sports and fitness. Emerging markets in Asia, Africa, and South America offer significant growth potential for the racket sports industry with the rise in disposable incomes. Advances in technology can help companies differentiate themselves from competitors and attract new customers. Companies that can offer multi-functional products may be able to attract more customers and increase sales. ” Says, Mr. Dhwipal Shah, Research Director with Bonafide Research, a research-based consulting firm.
The racket sports industry in Europe is a significant market, with a strong presence in tennis, badminton, squash, and table tennis among other racket sports. The region has a strong presence of leading racket sports brands such as Wilson, Head, Babolat, Dunlop, Yonex, and Prince, among others. Europe hosts some of the largest and most prestigious tennis tournaments in the world, including Wimbledon, the French Open, and the ATP Finals. Other major events in the region include the All England Open in badminton, the British Open in squash, and the European Championships in table tennis.
North America has a smaller market size than Europe due to differences in population and overall interest in racket sports. Tennis is a popular racket sport in North America, but other racket sports like badminton and squash have smaller followings. This limits the overall demand for equipment for these sports. While there are several major racket sports brands with a presence in North America, there are fewer brands with a strong focus on racket sports. This limits the competition in the market and may lead to less innovation and slower growth.
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Tennis is a particularly popular sport, with many top players hailing from countries in South America like Argentina, Brazil, and Chile. Additionally, there are traditional South American racket sports such as “paddle” or “frontón” that are popular in Argentina, Uruguay, and Peru. Argentina has seen an increase in the popularity of paddle tennis, which is now the country’s second-most-played sport after soccer. Similarly, in Brazil, squash has been growing in popularity, with more players and tournaments being organized in recent years. Soccer (known as football in South America) is by far the most popular sport in South America. Other sports that are popular in South America include basketball, volleyball, and athletics.
Racket sports are gaining popularity in the Middle East and Africa region with some of the top tennis players, such as Tunisia’s Ons Jabeur and Morocco’s Younes El Aynaoui. In addition to tennis, squash, and badminton are also gaining popularity in the region. Squash is especially popular in Egypt, which has produced many world-class players, including Ramy Ashour and Nour El Sherbini. Badminton is popular in countries like Mauritius, South Africa, and Nigeria. Racquetball is another racket sport that is growing in popularity in the Middle East and Africa. The sport is played in many countries, including Egypt, Jordan, and Saudi Arabia. Overall, the region is showing an increased interest in racket sports, with many countries investing in infrastructure and hosting more events to promote the sport.
The MEA region (Middle East and Africa) has been making efforts to increase the popularity of racket sports in the region. Several countries in the region have invested in building world-class sports facilities and infrastructure, which include tennis courts, squash courts, and badminton courts. For instance, Dubai has the Dubai Tennis Stadium, which hosts the Dubai Duty-Free Tennis Championships, and Qatar hosts the Qatar Open, which is part of the ATP World Tour 250 series. The Qatar Tennis Federation has launched a program to promote tennis among children and young adults. The UAE has a program to identify and develop young talent in tennis, squash, and badminton. Racket sports organizations and international sports bodies have collaborated to bring more exposure and opportunities to the MEA region. The International Tennis Federation (ITF) has partnered with the Arab Tennis Federation to organize more tournaments in the region.
Considered in the Report
- Geography: Global
- Historic Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
|By Product Type||
|By Sports Type||
|By Distribution Channel||
|By End User|
|Other Market Details||
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The global eSports market is poised for continued growth at a CAGR of 17.52% to be valued at USD 4.38 Billion by 2028. The popularity of eSports has been fueled by the increasing availability of high-speed internet and the rise of streaming platforms like Twitch and YouTube. Major eSports events like the League of Legends World Championship and The International Dota 2 Championship offer multi-million dollar prize pools and attract millions of viewers online. The industry has attracted investment from major brands and sports organizations, including the NBA, NFL, and Formula 1. The Asia Pacific region has been leading the eSports industry in terms of market size, player base, and audience engagement. The ESports industry in the MEA region has also attracted the attention of investors and major brands, with partnerships and sponsorships anticipating a CAGR of 18.60%. Additionally, several universities in the region have established eSports programs, providing training and education for aspiring eSports professionals. Dubai has hosted several major eSports events, including the Fortnite World Cup Qualifiers, while Saudi Arabia has launched the Middle East’s first-ever eSports federation. North America region is growing at a significant pace followed by Europe and South America.
The global online gambling market is expected to reach over USD 180 Billion by 2028, representing a CAGR of 11.64% from 2023 to 2028. The COVID-19 pandemic has accelerated the growth of the online gambling industry, as people have turned to online gambling as a form of entertainment. It includes a wide range of activities, including sports betting, casino games, poker, and others. Europe’s leadership in the online gambling industry is expected to continue, driven by favorable regulations, advanced technology, and a strong consumer base. The United States and Canada have recently seen some progress towards legalizing online gambling at the federal level, which will enable the rapid growth of North America online gambling market to grow at 15.12% in coming years. In the MEA region, online gambling is generally less developed than in other parts of the world, due to a range of cultural, social, and regulatory factors. Argentina, Brazil, Colombia, and Uruguay in South America have legalized and regulated online gambling and are expected to grow rapidly in the coming years at 14.41%; as regulatory frameworks become more established and consumers become more familiar with online gambling.
The Global athletic footwear market is anticipated to reach USD 179.19 Billion by 2028 with a significant CAGR of 5.04% from 2023 to 2028. The participation in sports and outdoor activities has increased over the years, which has resulted in the demand for athletic footwear that is specific to different sports and activities. Furthermore, Major sports events such as the Olympics and World Cup, as well as sponsorships by athletic footwear brands of sports teams and athletes, increase brand awareness and drive sales. Asia Pacific is the largest market for athletic footwear in the world, with China and India being the biggest consumers. North America and Europe are projecetd to grow with more than 4% CAGR by 2023-28. Whereas, South America and Middle East & Africa are growing at a significant pace by the upcoming timeframe.
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