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Tennis Racquet Market

Tennis Racquet Market

Tennis Racquet Market By Type (Power Racquets, Control Racquets, Tweener Racquets), By Head Size (Midsize, Mid Plus, Oversize, Super Oversize), By String Pattern, By Sales Channel, By Region - Global Market Insights 2020 to 2030

Tennis Racquet Market
FACT238MR
  • Mar-2022
  • List of Tables : 70
  • List of Figures : 77
  • 170 Pages
  • Sports

Tennis Racquet Market Insights

The tennis racquet market is anticipated to reach a valuation of over US$ 700 million by 2030, registering a CAGR of 3.5% during the forecast period 2020-2030.

The tennis racquet market has seen a historical CAGR of nearly 1% during the period (2015-2019), owing to minimal growth in mature economies such as North America and Europe, and is to create a valuation of US$ 214 million by 2030.

Increased participation has been observed among millennials and Gen Z. For many years, the discretionary spending of millennials and Gen Z has been low, and, as such, the spending of these new participants in recreational activities has also been low.

As these generations are entering maturity and subsequently experiencing increase in discretionary income, spending on participation in multiple activities has increased. This has been highly beneficial for the growth of the tennis industry and demand for tennis equipment, and is expected to aid the expansion of the tennis racquet market size over the coming years.

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Tennis Racquet Market Drivers

Investments on inculcation of healthy lifestyle has been increasing over the past few years. Governments and sports associations have been at the forefront of developments over the years. Efforts for increasing sports participation, with concentration on tennis, have been highly observed in countries such as India, the United Kingdom, and China.

For example, in 2019, the Lawn Tennis Association (LTA) announced the development of hundreds of new indoor tennis courts in communities across Great Britain over the next 10 years, which is expected to benefit more than three million players. Similar investments have been carried out for the development of tennis by China Tennis.

tennis racquet market analysis and forecast by sales channel

Regional Outlook of Tennis Racquet Market

While tennis racquets have entered the late phase of product life cycle in North America and Europe, the adoption of cardio tennis in the United Kingdom, Germany, Belgium, Canada, and Italy is expected to be highly beneficial for the growth of the tennis racquet market. The market in Europe is expected to show higher growth during the forecast period in comparison to North America.

An Adaptive Approach to Modern-day Research Needs

Tennis Racquet Market: Competition Analysis

The tennis racquet market is fragmented in nature, with top players accounting for nearly 40% of global revenue. The market is moving towards consolidation, with increase in brand preference by tennis players. Top companies in the tennis racquet market have been deploying multiple strategies to increase their brand presence in the landscape. Companies have also been collaborating with professional tennis players for endorsements of their offerings. They have also been establishing partnerships with tennis competitions for increasing their market presence.

  • In August 2020, the Yonex Co., Ltd launched the Limited Edition EZONE racquet, available in select markets, beginning Sept. 17, 2020. The racquet was designed by the company in collaboration with two-time Grand Slam Champion Naomi Osaka (JPN).
  • In October 2019, Sumitomo Rubber Industries (Dunlop Sports) established a multi-year agreement with Miami Open to provide official balls and racquets for the tournament. Players will be competing with ATP Extra Duty balls for men and Dunlop Grand Prix Extra Duty balls for women.

tennis racquet market competitive benchmarking

COVID-19 Impact on Tennis Racquet Market

The COVID-19 crisis has been detrimental to market growth, with the closing of retail stores, layoffs and furloughs, and closure of clubs and playing facilities. The impact of the COVID-19 crisis has been highly evident during the second and third quarters of 2020. Impact on small and medium businesses in the tennis industry has been high, and permanent store closures are expected in some cases. The impact of the pandemic in the earlier stages was high in Europe and Asian countries, while the impact on North America market was low.

The tennis racquet market is expected to experience better growth during the recovery period after the COVID-19 crisis. In the short term, consumer buying is expected to increase due to increased participation in tennis, offset in consumer buying and increase in discretionary income of consumers.

The Analyst’s Viewpoint

“Investments in consumer outreach programs for increasing adoption and collaborations with associations are expected to present long-term benefits for tennis manufacturers.

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Tennis Racquet Market: Scope of the Report

The tennis racquet market report by Fact.MR offers forecast representation for 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats influencing the expansion of the tennis racquet market. A detailed segmental analysis, based on racquet type, string pattern, head size, sales channel, and region has been provided in the report. The report also covers a chapter on the COVID-19 impact analysis to arm stakeholders with necessary information.

Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the tennis racquet market. In addition, a section providing detailed analysis of key tennis racquet market players and strategies has been added.

Tennis Racquet Market Segmentation

Fact.MR has studied the tennis racquet market with detailed segmentation on the basis of type, string pattern, head size, sales channel, and region.

Type

  • Power Racquets
  • Control Racquets
  • Tweener Racquets

String Pattern

  • Open String Pattern
  • Tight or Closed String Pattern

Head Size

  • Midsize
  • Mid Plus
  • Oversize
  • Super Oversize

Sales Channel

  • Independent Sport Outlets
  • Franchised Sport Outlets
  • Modern Retail
  • Online Retail

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • MEA

- FAQs -

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.
Demand for mid plus head size tennis racquets is expected to grow 1.5X by 2030 over 2020.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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