Tennis Racquet Market to Expand Nearly 1.5X through 2030; Reduced Sports Activities Due to COVID-19 Outbreak Affecting Sales Prospects
Published : 23 Sep 2020 Industry: Sports
The tennis racquet market is anticipated to reach a valuation of over US$ 700 million by 2030, with the growth rate pegged at 3.5% during 2020 to 2030. Increasing adoption of sports and new players in the tennis industry are expected to highly benefit the expansion of the global tennis racquet market.
Increased investments on outdoor sports and adoption of new alternative means of exercise by sports enthusiasts have highly benefited the tennis racquet market. This trend is expected to be accelerated during the recovery period of the COVID-19 crisis.
Key Takeaways from Tennis Racquet Market Study
- Europe will account for a share of over 30% in the global tennis racquets market in 2020. High concentration of professional players has been seen in this region, leading to strong demand for premium tennis racquets.
- Asia pacific is expected to portray the highest growth rate of over 4% during the forecast period.
- Based on racquet type, demand for tweener racquets accounts for the highest share in the market, and is expected to grow 1.4X by 2030 over the value in 2020.
- Demand for mid plus head size tennis racquets is expected to grow 1.5X by 2030 over 2020.
- Online retail is expected to show high growth during the forecast period, while the brick and mortar sales channels, which includes sports stores, is expected to experience moderate growth.
- Due to the COVID-19 pandemic, most sports centers have been shut, resulting in decreased activity, which will hurt the growth of the global tennis racquet market in the short term.
“Investments in differentiated offerings of tennis racquets for player comfort and usage is expected to present lucrative returns to market players during the forecast period,” says a Fact.MR analyst.
Innovations and Differentiated Offerings Leading Market Growth
The tennis racquet market has seen multiple changes in recent years, and is expected to show moderate growth during the forecast period. Companies in the tennis racquet market have been focusing on innovative offerings and differentiating their portfolios. Companies such as Yonex Co., Ltd, Amer Sports, and Sumitomo Rubber Industries, Ltd have been differentiating their offerings of tennis racquets with collaborations with professional tennis players. Similar developments are also expected to take place in the tennis racquet market space during the forecast period.
Find More Valuable Insights on Tennis Racquet Market
Fact.MR, in its new offering, provides an unbiased analysis of the global tennis racquet market, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The tennis racquet market report discloses compelling insights into demand for tennis racquets based on racquet type (control racquets, power racquets, and tweener racquets), string pattern (open string pattern and tight or closed string pattern), head size (midsize, mid plus, oversize, and super oversize) and sales channel (independent sport outlets, franchised sport outlets, modern retail, and online retail), across several major regions of the world.
About the Sports Division at Fact.MR
Fact.MR assesses the sports industry in categories including apparel, equipment, accessories, and services. Analysts have been separately tracking products that are a subset of consumer products and sports, such as athletic apparel. An exhaustive database (which is periodically updated) of sports facilities, sports participation rate, and new investments, enables Fact.MR analysts to closely relate to the market under study with these statistics. While revenue performance of large multinationals are constantly tracked under Fact.MR’s sports domain, emerging companies that have recently gained a strong foothold in their regional markets are also studied separately.