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Tennis Racquet Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global tennis racquet products market was valued at USD 2.9 billion in 2022 and is projected to expand at a CAGR of 4.0% from 2023 to 2030. Tennis is witnessing a surge in popularity across the globe, boosting the demand for tennis racquet products. This is attributed to the rise in the number of tennis tournaments and sports organizations across the world. For instance, in April 2021, the International Tennis Federation (ITF) announced the launch of the ITF Beach Tennis Tour, which is a global tour for professional beach tennis players. The tour will include 10 tournaments in seven different countries and will feature a total prize money of USD 150,000.
The introduction of innovative products by leading market participants is anticipated to drive the demand for tennis racquets. For instance, in April 2021, Wilson Sporting Goods Co. launched the Blade 98S Countervail, which is the latest version of the Blade 98S racquet. It is equipped with the revolutionary Countervail technology, which helps reduce muscle fatigue and improve control and accuracy without adding extra weight. Furthermore, the launch of technologically advanced products is expected to drive the market growth. For instance, in January 2021, Head launched the Graphene 360+ Radical PWR racket, which is designed to provide players with more power and control.
The increasing number of international tournaments is also driving the demand for the market. For instance, in December 2021, the US Open announced the launch of the 2021 US Open Junior Championships, which will be held in Flushing Meadows, New York. The tournament will be open to the top junior players in the world and will offer a total prize money of USD 250,000. Additionally, the increasing awareness about the importance of physical fitness and health amongst individuals is expected to drive the demand for the market.
The growing popularity of online shopping is anticipated to further drive the market growth. The availability of products online at comparatively low prices is driving customers to purchase online. Furthermore, the growing penetration of smartphones and widespread internet access are some of the key factors driving the online sales of tennis racquet products. In addition, the growing trend of customization is gaining traction in the market. Many players are opting for customized tennis racquets as per their individual needs. Moreover, the introduction of new marketing strategies is expected to further support the growth of the market.
Product Insights
The tennis racquets segment held the largest market share in 2021, owing to the increasing demand from professional players, amateurs, and recreational players. The rising number of tournaments and leagues across the world has generated a surge in the demand for tennis racquets from professional players. Furthermore, the increasing number of sports academies, as well as rising disposable incomes, has resulted in a surge of demand for tennis racquets from amateur and recreational players. According to an article published by Forbes, in May 2021, the global tennis equipment market is expected to grow at a CAGR of 9.8% during the forecast period.
The string segment is projected to grow at the fastest CAGR of 8.2% over the forecast period. The increasing demand for stringed racquets from professional players due to their enhanced performance is driving the demand for strings. Furthermore, the increasing number of recreational players and rising awareness about the role of strings in improving the performance of racquets is expected to boost the growth of the segment. According to an article published by Elite Tennis, in March 2021, the quality of strings has a significant influence on the performance of racquets.
Distribution Channel Insights
The specialty stores segment held the largest share of the tennis racquet products market in 2022. This can be attributed to the presence of specialty stores offering a wide range of tennis racquets from renowned brands, providing customers with a larger selection of options. In addition, these stores provide product demonstrations and consultations to customers, which helps them make a better purchase decision. Furthermore, as tennis racquets are considered as a luxury item, customers prefer to purchase them from specialty stores rather than buying them online.
The online segment is anticipated to grow at the highest CAGR over the forecast period. The growth of the segment can be attributed to the increasing popularity of e-commerce websites and mobile applications. Customers are increasingly opting for online platforms to purchase tennis racquets due to their convenience and the availability of a wide range of options. In addition, the increasing penetration of the internet and smartphones is further driving the growth of the online segment.
Type Insights
The recreational segment accounted for the largest revenue share of 66.1% in the year 2022. The increasing popularity of tennis activities among people, especially in developed countries, is driving the market growth. The growing number of tennis academies and clubs has increased the number of casual players and professionals. Furthermore, increasing disposable income and growing brand awareness among consumers are also contributing to the growth of the segment.
The professional segment is anticipated to expand at the highest CAGR of 6.7% over the forecast period. The increasing number of international tennis tournaments and the presence of leading brands such as Yonex, Head, and Wilson is driving the demand for professional tennis racquets. Furthermore, the growing trend of playing tennis as a professional sport is also contributing to the growth of the segment. Additionally, the rising adoption of high-performance tennis racquets by professional players is also expected to propel the market.
Regional Insights
Europe held the largest revenue share of over 36.7% in 2022, due to the presence of a large number of players and high demand for tennis racquet products in the region. The presence of a large number of international tournaments has also played a key role in driving the growth of the region. For instance, the French Open, which was held in Paris, France in May 2021, attracted a large number of spectators and generated significant revenue for the region.
The Asia Pacific is expected to witness the fastest growth in the coming years, due to the presence of emerging markets such as India, China, and Japan. Moreover, rising disposable incomes and changing lifestyles are expected to propel the growth of the market in the region. For instance, in April 2021, a Japanese company named Yonex launched a new model of tennis racquet in India.
Financial Projections
In this part of the tennis racket 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 the business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a tennis racket products business comes from the sale of tennis rackets, strings, grips, bags, accessories, and other related products. Here you will find a list with a description of each of them and other sources of profit such as online sales and bulk orders.
Projecting Expenses
In this section, all the regular expenses related to keeping the tennis racket products business running will be described. The list of operating expenses includes wages for employees, rent, utilities, insurance policies, advertising, and others. Additionally, costs related to inventory management, product sourcing, and shipping should be taken into account.
Key companies & market share insights
Some of the key companies operating in the tennis racquet 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 June 2022, Wilson Sporting Goods launched a new line of tennis racquets designed to provide greater power and control.
– In August 2022, Yonex Co. Ltd. launched the EZONE series of tennis racquets, designed to provide greater spin on shots.
– In October 2022, Prince Sports Inc. launched the Speedport series of tennis racquets, designed to provide improved power and accuracy.
Some of the prominent players in the tennis racquet market include:
– Wilson Sporting Goods
– Yonex Co. Ltd.
– Prince Sports Inc.
– Head NV
– Dunlop Sports Group Americas
– Tecnifibre
– Pacific Sports LLC
– Babolat
– Volkl Sports
– Head USA Inc.
Global Tennis Racquet 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 racquet products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Tennis Racquets
– Tennis Balls
– Tennis Apparel
– Tennis Shoes
– Tennis Accessories
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Professional
– Amateur
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 Most Prominent Market Trends?
[A]: The global tennis racquet products market is largely driven by rising demand for technologically advanced products and the increasing popularity of tennis as a sport. The market is witnessing the emergence of new materials for tennis racquets such as graphite and other composite materials, which are lightweight and offer better performance. Furthermore, the emergence of new technologies such as string dampening and vibration dampening technologies, has further contributed to the growth of the market.
[Q]: Who are the Key Players in the Tennis Racquet Products Market?
[A]: Major players in the market include Head, Yonex, Prince, Wilson, Babolat, ProKennex, Pacific, Pro Staff, Dunlop, and Tecnifibre.
[Q]: What are the Factors Driving the Market?
[A]: Factors driving the market include the increasing number of professional and amateur players, growing popularity of tournaments, and the emergence of new technologies. Additionally, the rising trend of health and fitness activities, along with the increasing purchasing power of consumers, is expected to propel the market growth.
[Q]: What are the Major Applications of Tennis Racquet Products?
[A]: Major applications of tennis racquet products include professional and amateur sports, recreational activities, and others.
[Q]: Which Region Offers the Largest Opportunity for Sales of Tennis Racquet Products?
[A]: North America is expected to be the most lucrative region for tennis racquet products market. The region is expected to hold a significant share of the market due to the presence of a large number of tennis players, increasing investment in sports infrastructure, and the presence of key manufacturers.
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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