Pune, India, July 14, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Tennis Racquet Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by End-User, Distribution Channel, and Geography,” the tennis racquet market is expected to grow from $392.34 million in 2022 to $525.90 million by 2030; it is estimated to grow at a CAGR of 3.8% from 2023 to 2030. The projected tennis racquet market growth is attributed to the increasing adoption of tennis as a recreational sport in the young population and rising government support toward sports.
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In 2022, North America held the largest share of the global tennis racquet market. The major factor driving the tennis racquet market in the region is the increased awareness about a healthy lifestyle associated with playing tennis. The growing fitness consciousness among all age groups has increased the participation rate of people in sports, which benefits not only the nation's health but also the economy. Additionally, the increased participation of the population in tennis is supported by the increased adoption of tennis as a recreational sport among the youth. According to the United States Tennis Association (USTA), US tennis participation grew by 1 million players in 2022, with over 23.6 million people playing the sport for the third consecutive year. According to a report by the Physical Activity Council (PAC), released on March 14, 2023, tennis participation in Canada increased by 1 million players in 2022. Given factors are anticipated to bolster the tennis racquet market growth during the forecast period.
Increasing Adoption of Tennis as Recreational Sport in Young Population:
The growing awareness regarding the significance of sports in sustaining fitness and health has increased the participation rate in tennis worldwide. Furthermore, tennis has gained significant popularity, particularly among the elderly population in matured economies, including Germany, France, and the US. Moreover, it exhibits advantages such as increasing aerobic activities, lowering resting heart rate and blood pressure, improving metabolic function, and increasing bone density. In addition, cardio tennis has gained remarkable popularity among all age groups. It is a group activity that includes a high-energy workout, including warm-ups and cardio workouts, to burn calories in a healthy way. Cardio tennis follows the positive trends in group exercise and fitness, and Net Generation is also focusing on bringing more youth into the sport.
Global Tennis Racquet Market: Segmental Overview
Based on end-user, the tennis racquet market is bifurcated into adults and kids. The adults segment is expected to register a higher CAGR during the forecast period. The demand for adult tennis racquets has increased in recent years owing to the increasing initiatives by the governing bodies and the provision of cutting-edge technologies such as augmented reality (AR). On May 12, 2023, the governing body of tennis in Great Britain, the Lawn Tennis Association (LTA), introduced training programs, online booking systems, digital portals, and technologies such as augmented reality (AR).
Based on distribution channel, the tennis racquet market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest market share in 2022. Supermarkets and hypermarkets focus on providing various categories of products, such as groceries, clothes, electronics, and sporting goods, to entice customers and allow them to choose from several brands before purchasing. Consumer buying behaviors also signify that consumers prefer supermarkets and hypermarkets due to hectic schedules and the fast-moving modern lifestyle, as they can find a maximum variety of products under one roof.
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Impact of COVID-19 Pandemic on Global Tennis Racquet Market:
Before the Covid-19 lockdown in March, the number of tennis players in Britain had increased in 2018, with 131,019 people adopting tennis in 12 months, according to the Lawn Tennis Association (LTA). There had been a revival in the popularity of tennis before COVID-19, with major tournaments, such as Wimbledon, The French Open, and the Australian Open, creating a buzz. In fact, during Wimbledon fortnight, the Lawn Tennis Association (LTA) stated there's usually a 30% increase in the number of people booking tennis courts. However, sports equipment manufacturing faced unprecedented challenges after the onset of the COVID-19 pandemic in 2020. The manufacturers of sports equipment, such as tennis racquets and balls, faced significant challenges due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. The supply chain disruptions created a shortage of raw materials, affecting tennis equipment production and distribution, leading to increased prices.
Global Tennis Racquet Market: Competition Landscape
The key players operating in the global tennis racquet market include Sumitomo Rubber Industries Ltd, Head, Babolat, Yonex Co Ltd, Wilson Sporting Goods, Maus Frères SA, Gamma Sports, Authentic Brands Group LLC, Pacific Holding GmbH, and Freewill Infrastructures. Players operating in the global tennis racquet market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
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