Pickleball Equipment Market to Expand 2.4X by 2030; Market Progress to Be Hampered by COVID-19 Outbreak
Published : 24 Sep 2020 Industry: Sports
Adoption of pickleball as a sport has been significantly high in recent years. Adoption rate in North America is higher than other regions, where spending on playing pickleball is subsequently high. With increase in disposable income of a majority of the population across regions, the inclination toward the sport of pickleball is expected to grow. Moreover, aspiring and affluent households have increased their spending on equipment for several indoor and outdoor sports, thereby potentially raising the demand for pickleball equipment.
As the focus on sports and recreational activities becomes strong, worldwide, market players are eyeing potential opportunities in unexplored markets. Highly populous Asian countries, in particular, offer a huge customer base for leading manufacturers of pickleball equipment. Exploiting untapped markets and inclusion of pickleball at the Olympics could result in opening up numerous opportunities for the pickleball equipment market during the forecast period (2020-2030), which is projected to expand at a CAGR of 10% through 2030.
Key Takeaways from Global Pickleball Equipment Market Study
- Pickleball paddles are estimated to account for 65% share of the total market revenue in 2020, but lose 130 BPS in their market share by 2030.
- Institutional buyers for pickleball equipment continue to influence the growth strategies of market players, which are expected to contribute revenue worth US$ 130Mn in 2020 and US$ 290 Mn by 2030, progressing at a CAGR of 8% during the forecast period.
- Sales of pickleball equipment through independent sports outlets have registered notable growth over the historical period. This segment is expected to record a CAGR of 9.5% and create an absolute $ opportunity of US$ 240 Mn during the forecast period.
- The Europe pickleball equipment market is projected to hold a prominent share of the global market value.
- The pickleball equipment market in North America is projected to register the highest growth rate in terms of value during the forecast period.
- The COVID-19 pandemic has resulted in reduced sports activities, which is set to hamper market growth in the near term.
“Manufacturer-driven league sponsorships with respect to pickleball sports for brand promotion to gain traction with increasing competition in the pickleball equipment market space,”says a Fact.MR analyst.
League Sponsorships and Product Launches to Remain Key Strategies
Key players in the pickleball equipment market are focusing on sponsoring pickleball tournaments for the promotion and branding of their products. For instance, in February, 2020, Franklin Pickleball’s X-40 was announced as the official ball of the U.S. Open Pickleball Championship. Furthermore, companies are expanding their market reach with the help of e-Commerce and numerous digital platforms to reach their target customers. Some other prominent players in the pickleball equipment market include HEAD N.V., ASICS, Adidas A.G., Babolat, GAMMA Sports, and Pickle-Ball Inc.
More Valuable Insights on Pickleball Equipment Market
Fact.MR, in its new offering, presents an unbiased analysis of the global pickleball equipment market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the pickleball equipment market on the basis of product (paddles, balls, and accessories), buyer (individual, institutional, and promotional buyers), and sales channel (independent sports outlets, franchised sports outlets, modern retail, and online retail), across five major regions.
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.