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Tennis Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global tennis equipment products market was valued at USD 14.7 billion in 2022 and is projected to expand at a CAGR of 5.3% from 2023 to 2030. The tennis equipment market is driven by factors such as the increasing popularity of tennis as a leisure activity, the rising demand for personalized tennis equipment, and the growing awareness about the health benefits of playing tennis. The rising trend of professional tennis tournaments is also boosting the demand for tennis equipment products.
Moreover, with the increasing popularity of online platforms, the market for tennis equipment has grown significantly. The introduction of new technologies such as carbon fiber, aluminum, and graphite, has improved the performance of tennis equipment and has attracted a large number of customers. Furthermore, the increasing number of tennis academies and clubs worldwide has also driven the demand for tennis equipment.
In addition, tennis players are increasingly looking for lightweight rackets and stringing materials to improve the speed and accuracy of their shots. This has led to an increase in the demand for personalized tennis equipment, such as custom-made rackets and strings. Furthermore, the rising demand for eco-friendly tennis equipment products has resulted in the introduction of organic and biodegradable products in the market.
Moreover, the increasing demand for innovative and technologically-advanced tennis equipment is driving the market. For instance, in December 2021, Wilson Sporting Goods Co. launched the Clash 100 racquet, which is designed to be the world’s first racquet that is both flexible and powerful. The launch of this product is expected to revolutionize the tennis equipment market. Furthermore, the increasing number of sponsorships and endorsements of professional tennis players is also driving the market.
Product Insights
The racquets segment accounted for the highest share of around 34.2% in 2022. Increasing participation in tennis, expansion of professional tournaments, and launch of new products are some of the major factors driving the demand for racquets. According to an article published by Tennis Industry, in April 2019, the number of tennis players in the U.S. has grown by 38% over the past four years, with more than 27 million people playing the sport. Furthermore, the advent of new technologies such as graphite racquets, oversized racquets, and titanium racquets are also contributing to the growth of the segment.
The apparel segment is anticipated to expand at the fastest CAGR of 8.1% over the forecast period. Growing trend of athleisure, collaborations between tennis and fashion brands, and increasing preference for sports apparel are contributing to the growth of the segment. According to an article published by SportsBusiness Journal, in April 2019, the sales of tennis apparel have grown by 18% over the past five years. In addition, the increasing trend of customizing tennis apparel to match individual playing styles is also creating a positive impact on the market growth.
Distribution Channel Insights
The sports specialty stores segment captured the largest share of the global tennis equipment market in 2019 and is expected to maintain its leading position during the forecast period. The growth of this segment is mainly attributed to the rising demand for high-end tennis equipment and the presence of a wide range of products in specialty stores. Furthermore, these stores provide a wide variety of equipment, apparel, and accessories to meet the specific needs of players.
The online segment is anticipated to expand at the highest CAGR of 9.5% over the forecast period. The growth of this segment is mainly driven by the increasing availability of a wide range of products and exclusive offers on online platforms. Moreover, online stores provide convenience to customers in terms of acquiring information about the product and making purchases from the comfort of their homes. Furthermore, the growing trend of social media marketing and online advertisement by key market players are likely to further boost the segment growth in the coming years.
Type Insights
The tennis racquet segment accounted for the largest revenue share of 56.3% in the year 2022. The rising popularity of the sport among the youth and the presence of prominent players in the industry have increased the demand for tennis racquets. Moreover, the presence of leading players such as Wilson Sporting Goods, Head, Yonex, and Babolat creating a wide range of tennis racquets with advanced features such as lightweight design and stringing technology has further augmented the demand for tennis racquets.
The tennis ball segment is expected to expand at the highest CAGR of 10.2% over the forecast period. The increasing demand for tennis-related activities from the leisure and recreational sector is driving the growth of the tennis ball segment. Additionally, the presence of prominent players such as Wilson Sporting Goods, Head, Yonex, Babolat, and Dunlop Sports Group, creating a wide range of tennis balls with advanced features such as long-lasting durability and low-friction technology, is propelling the market.
Regional Insights
Europe held the largest market share of around 40.2% in 2022 and is expected to remain dominant over the forecast period. This is attributed to the presence of a large number of tennis academies and clubs in the region, which is encouraging the participation of tennis players. Moreover, the presence of tennis tournaments and various sports federations such as the International Tennis Federation is driving the growth of the market.
Asia Pacific is expected to witness the highest CAGR of 5.2% from 2022 to 2028. This is attributed to the rising popularity of sports and increasing disposable income of consumers in countries such as China and India. In addition, the presence of prominent players such as Yonex, Head, and Wilson Sports is contributing to the growth of the market in the region. For instance, in December 2020, Yonex launched the Duo Professional F racket series in India.
Financial Projections
In this part of the tennis equipment products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your tennis equipment products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a tennis equipment products business comes from selling products either directly to customers or through retail stores. Here you will find a list with a description of each of these channels and other potential sources of profit such as ecommerce and digital sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the tennis equipment products business running will be described. The list of operating expenses includes purchase of products, inventory, shipping and handling, wages, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the tennis equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Wilson Sporting Goods Company launched the Pro Staff RF97 Autograph racket, designed to provide superior power and accuracy.
– In August 2022, Yonex launched the EZONE 98 racket, designed to provide improved control and accuracy.
– In October 2022, Prince Global Sports launched the O3 Speedport Pro Black racket, designed to provide superior power and control.
Some of the prominent players in the tennis equipment market include:
– Wilson Sporting Goods Company
– Yonex Co. Ltd.
– Prince Global Sports
– HEAD NV
– Dunlop Sports Group Americas
– Tecnifibre
– Pacific Sports LLC
– Tecnifibre SA
– Gamma Sports
– Viking Sports LLC
Global Tennis Equipment Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global tennis equipment products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Racquets
– Shoes
– Apparel
– Accessories
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
– Specialty Stores
– Other
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Professional
– Recreational
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key drivers of the tennis equipment products market?
[A]: Increased participation in tennis due to growing sports tourism, rising disposable income, and increasing popularity of professional tennis tournaments are some of the key drivers of the tennis equipment products market. Additionally, manufacturers are focusing on introducing new products and technologies to capture a larger share of the market.
[Q]: Who are the key players in the tennis equipment products market?
[A]: Head, Wilson, Yonex, Babolat, and Dunlop are some of the key players in the tennis equipment products market.
[Q]: What is the potential of product innovation?
[A]: Manufacturers are focusing on introducing new and innovative products to capture a larger share of the market. For instance, manufacturers are focusing on introducing products with advanced features such as shock absorbers, improved grip, and advanced material for the strings.
[Q]: What are the key trends in the tennis equipment products market?
[A]: The increasing popularity of eco-friendly products and the adoption of technology-based products are some of the key trends observed in the tennis equipment products market. Additionally, the emergence of digital stores, which offer a wide range of products at a discounted rate, is also expected to drive market growth.
[Q]: What are the opportunities in the tennis equipment products market?
[A]: Increasing demand for customized products and rising demand for technologically advanced products are some of the opportunities in the tennis equipment products market. Additionally, manufacturers are focusing on introducing product extensions to meet the changing needs of customers. This is expected to increase the market opportunities for the tennis equipment products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030 We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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