Market Size of Racket Sports Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.64 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Racket Sports Equipment Market Analysis
The racket sports equipment market is expected to register a CAGR of 2.64% over the next five years.
- The region is experiencing a surge in interest in sports and fitness activities among consumers, with global sports players promoting sports like tennis, badminton, and others worldwide. As a result, participation in sports and leisure activities is on the rise.
- The popularity of sports like table tennis, lawn tennis, and badminton is gaining traction in regions like North America and Europe, leading to an increased demand for sports equipment in these areas. Governments of different countries are also taking initiatives to promote racket sports by launching new schemes worldwide. For instance, in December 2022, India's Sports Minister, Mr. Anurag Thakur, launched the Khelo India Dashboard, which provides comprehensive information on sports, their venues, schemes, and famous coaches.
- Furthermore, sports such as table tennis are gaining popularity due to their fast-paced style and techniques. As parents exhibit interest in racket sports, children are also inclined to join sports clubs and teams. Consequently, the number of sports clubs is increasing.
- Additionally, international players are demanding lightweight and more efficient equipment that is easy to handle during gameplay. Market players are innovating and launching new products with advanced technologies and comfort to cater to this demand. For example, Yonex Co. Ltd. launched new Power Cushion Aerus Z badminton shoes in October 2022, which are lightweight and provide agile footwork to all players.
- Despite the growing demand for sports equipment, the increasing popularity of e-sports might pose a challenge to the market's growth. The number of shares to be granted, the price at which the shares may be acquired, and the vesting conditions are often outlined in this section.
