Tennis Racquet Market Forecast to 2031 - Share, Growth, Size

[Research Report] The tennis racquet market was valued at US$ 481.36 million in 2023 and is expected to reach US$ 708.86 million by 2031; it is estimated to register a CAGR of 5.0% from 2023 to 2031.

MARKET ANALYSIS

The tennis racquet market has experienced significant growth and evolution over the years, driven by technological advancements, changing consumer preferences, and the rising popularity of tennis worldwide. With a diverse range of players, from beginners to professionals, the market caters to various skill levels and playing styles. Manufacturers continually innovate to enhance racquet performance, incorporating materials such as graphite, carbon fiber, and advanced composites to improve power, control, and maneuverability. Additionally, customization options, including grip size, weight distribution, and string tension, allow players to tailor their racquets to suit their individual needs and playing preferences. As the sport continues to gain traction globally, particularly in emerging markets, the tennis racquet market is poised for further expansion, presenting opportunities for both established brands and new entrants to capitalize on the growing demand for high-quality equipment. Moreover, sustainability and eco-consciousness are becoming increasingly important factors influencing consumer purchasing decisions, prompting manufacturers to explore more environmentally friendly materials and production processes. The global tennis racquet market size is likely to upsurge by 2030 owing to the adoption of eco-friendly material for tennis racquets. From most tennis consumers ' viewpoint, the life cycle of a tennis racket is just from purchasing a brand-new racket to tossing away a worn-out racquet. However, the life cycle of a racquet is beyond that when environmental impacts are considered, i.e., from obtaining raw materials to decomposing the racquet.

GROWTH DRIVERS AND CHALLENGES

The rising government support for sports contributes to the growing tennis racquet market size. The rising commitment of governments to sports has opened up new opportunities for sports such as tennis as opposed to earlier times when tennis was generally played only during Wimbledon in Europe. Tennis is now being widely played during numerous events, such as the Commonwealth Games and the Olympics. In addition to this, local governments continue to build additional facilities, including tennis courts, children’s parks, and outdoor fitness areas within public spaces. Local governments of important cities are working to promote sports traditionally played only by the elite, such as tennis. In 2022, the United States Tennis Association (USTA) worked with more than 100 US facilities to provide technical assistance to build or renovate courts at public parks and tennis facilities. Also, US$ 750,000 million was awarded to more than 45 total projects, with US$ 285,000 for new construction projects. These initiatives represent more than 585 courts completed and an impact of more than US$ 50 million in tennis infrastructure. Additionally, in the US, tennis was offered in more than 20,000 schools in support of the next generation of players as part of their overall physical education programs. Therefore, rising government initiatives and support are anticipated to facilitate the scope of tennis, thus creating ample opportunities for market growth and expanding the utility of racquets during the forecast period. Tennis equipment such as racquet frames that were earlier constructed primarily of laminated wood and had a standard size and shape are now being manufactured in a varied choice of shapes, sizes, and materials—the most recent change being the introduction of metal frames.

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Tennis Racquet Market: Strategic Insights

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REPORT SEGMENTATION AND SCOPE

The "Global Tennis Racquet Market Analysis and Forecast to 2030" is a specialized and in-depth study focusing significantly on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation based on end-user, material, distribution channel, and regions. The report provides key statistics on the use of tennis racquets across regions, along with their demand in major countries. In addition, it provides a qualitative assessment of various factors affecting the tennis racquet market growth in major countries. It also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets. Additionally, the tennis racquet market trends include new product innovations. The demand for tennis racquet products is surging due to new product innovations by various market players, such as Yonex Co., Ltd. and Sumitomo Rubber Industries, Ltd. Yonex announced the launch of the 7th-generation VCORE racquet in January 2023. The 7th-generation VCORE racquet features a high trajectory spin ball that drops and bounces on a grand scale, allowing players a more comprehensive range of strategic and aggressive gameplay. Similarly, the DUNLOP brand of Sumitomo Rubber Industries, Ltd. has introduced an innovative CX Series range of control racquets. This innovative range has been designed to give players complete control over their power, spin, and accuracy.

The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global tennis racquet market, which helps understand the entire supply chain and various factors influencing the market growth.

SEGMENTAL ANALYSIS

The global tennis racquet market is segmented on the basis of end user, material, and distribution channel. Based on end user, the market is segmented into adults (men and women) and kids. The kids segment accounts for the significant tennis racquet market share. Tennis not only enhances kids' fine motor skills but also helps in hand-to-eye coordination. The physical health benefits of playing a sport are abundant, and tennis is an effective sport to make kids attain a healthier lifestyle. It can help them increase heart rate which would further help in burning calories. Henceforth, many parents are encouraging their kids to play tennis, owing to which the demand for tennis racquets is expected to rise over the forecast period.

Based on material, the global tennis racquet market is segmented graphite, titanium, carbon fiber, and others. The preference for lightweight, durable material is further boosting the tennis racquet market growth. Titanium's exceptional strength-to-weight ratio allows for the construction of racquets that are both lightweight and incredibly durable, providing players with the confidence to unleash powerful shots without worrying about racket integrity. The incorporation of titanium into the frame enhances stability, minimizing torsional twisting during off-center hits and ensuring consistent performance across the entire string bed. Additionally, titanium's responsiveness enables players to generate impressive racket head speed, resulting in explosive serves and blistering groundstrokes. Moreover, the stiffness of titanium provides excellent feedback and control, allowing players to place their shots at pinpoint accuracy. Furthermore, titanium racquets often have a larger sweet spot, which increases the forgiveness on off-center hits and reduces the likelihood of missed shots. This is especially beneficial for beginner or intermediate players who may not consistently hit the ball in the center of the strings.

By distribution channel, the tennis racquet market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The others segment accounts for the significant tennis racquet market share. Other distribution channels include direct-to-customers (DTC), multi-brand sport equipment stores, and convenience stores. Most consumers of tennis racquets are very particular about the shape, size, and material of the product; therefore, these consumers prefer purchasing them from independent retailers or multi-brand sports equipment stores. Therefore, this segment is expected to witness moderate growth during the forecast period.

REGIONAL ANALYSIS

The report provides a detailed overview of the global tennis racquet market with respect to major regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America accounted for the largest market share and was valued at ∼US$ 160 million in 2023. The US and Canada are the most prominent sports nations, with various sports facilities and infrastructure, hosting major sporting events in the countries. Increased awareness about a healthy lifestyle associated with playing tennis is expected to boost the growth of the market during the forecast period. The market in Europe is expected to reach ∼US$ 200 million by 2031. The tennis racquet market in Asia Pacific is expected to record a CAGR of ~6% from 2023 to 2031.

Tennis Racquet Market Regional Insights

The regional trends and factors influencing the Tennis Racquet Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Tennis Racquet Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Tennis Racquet Market Report Scope

Tennis Racquet Market Players Density: Understanding Its Impact on Business Dynamics

The Tennis Racquet Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Tennis Racquet Market are:

1. Yonex Co., Ltd.
2. Sumitomo Rubber Industries Ltd.
3. Head
4. Babolat
5. Wilson Sporting Goods

Disclaimer: The companies listed above are not ranked in any particular order.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Yonex Co., Ltd.; Sumitomo Rubber Industries Ltd.; Head; Babolat; Wilson Sporting Goods; Gamma Sports; Pacific Holding GmbH; Maus Frères SA; Authentic Brands Group LLC; and Freewill Infrastructures Pvt. Ltd. are among the prominent players profiled in the tennis racquet market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The tennis racquet market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

According to the press releases, a few initiatives taken by the key players operating in the tennis racquet market are listed below:

• In 2023, Sumitomo Rubber Industries Ltd.’s Dunlop improved comfort on the 'Power-Focused FX Tennis Racket.
• In 2022, Yonex Co., Ltd. launched the tennis racquet of 7th-Generation VCORE: The Art of Spin.