The global tennis racquet market will record a CAGR of 3.5% over the forecast period (2020-2030). Demand will be stifled by restrictions on outdoor gatherings and reluctance by amateur players on investing in new equipment at an uncertain time. The long-term outlook remains positive. There will be renewed interest in outdoor activities after the pandemic.
“The COVID-19 pandemic has hit sports equipment sales, especially outdoor sports. Manufacturers will have to contend with subdued sales in the next couple of years.” says a Fact.MR analyst.
Tennis Racquet Market – Key Takeaways
- By racquet type, the tweener racquets category will be accounting for maximum market share, during 2020-2030.
- In terms of head size, the mid plus fragment will be acquiring significant traction over the assessment period.
- Online retail channel will reflect swift growth throughout the assessment period.
- Sales in Europe will be higher than that of North America
Tennis Racquet Market – Drivers
- Increased participation foreseen amid Gen Z and Millennials will support growth foreseen in the market.
- Increased implementation of unconventional means of exercise by sports enthusiasts and investments in outdoor sports promises the fastest market growth.
- The market is projected to embark on a positive growth trajectory due to growing efforts by sports associations and governments.
Tennis Racquet Market – Constraints
- The availability of counterfeit and inexpensive substitute products can hurt the market growth.
- The higher cost and prone to breakage or moisture may impede market expansion.
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Anticipated Market Impact by COVID-19 Outbreak
The tennis racquet market has been significantly affected due to the COVID-19 outbreak, majority of the sports centers have been closed, ensuing in the diminished activity.
The market is likely to foresee better growth amid the recovery period after the crisis. In the short run, customers’ buying will increase because of more participation in tennis, offset in customer purchasing, and rise in discretionary income of customers.
Major companies operating in the global tennis racquet market are Babolat, Amer Sports, HEAD B.V., Yonex Co., Ltd, SRI Sports, Tecnifibre, ASICS Ltd, Völkl Sports Holding AG, PowerAngle LLC, and ProKennex.
Companies are deploying numerous strategies to surge their brand presence in the scenario.
Companies have also teamed up with professional tennis players for endorsements of their offerings. They are forming partnerships with tennis competitions for boosting their market existence.