Tennis Racquet Market Insights
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.
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.
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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.
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.
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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.”
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.
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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.
- Power Racquets
- Control Racquets
- Tweener Racquets
- Open String Pattern
- Tight or Closed String Pattern
- Mid Plus
- Super Oversize
- Independent Sport Outlets
- Franchised Sport Outlets
- Modern Retail
- Online Retail
- North America
- Latin America
- East Asia
- South Asia and Oceania
Global Tennis Racquet Market
A recent study by Fact.MR on the tennis racquet market offers a 10-year forecast for 2020-2030. The study analyzes crucial trends that are currently determining the growth of the tennis racquet market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of tennis racquets. The study also provides the dynamics that are expected to influence the future status of the tennis racquet market over the forecast period.
A detailed assessment of value chain analysis, business executions, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the tennis racquet market enhances the reliability of this comprehensive research study.
Tennis Racquet Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the tennis racquet market across the globe.
A comprehensive estimate on the tennis racquet market has also been considered through an optimistic scenario as well as a conservative scenario regarding the sales of tennis racquets during the forecast period. Price point comparison by region with global average price is also considered in the study.
Tennis Racquet Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the tennis racquet market.
Market estimates at global and regional levels for tennis racquets are available in terms of “US$ Mn” for value and “Mn Units” in terms of volume. A Y-o-Y growth contrast on prominent tennis racquet market segments, along with the market attractiveness evaluation have been incorporated in the report. Another key feature of the tennis racquet market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve, as well as identify potential resources from sales and delivery perspectives in the tennis racquet market.
Tennis Racquet Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter includes regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the tennis racquet market during the forecast period.
Country-specific valuations on demand for tennis racquets have been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of prominence in regions and countries. Regional market Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries has also been included in the report.
Tennis Racquet Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the tennis racquet market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of tennis racquets has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
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