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[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
Market Size Value in US$ 481.36 million in 2023 Market Size Value by US$ 708.86 million by 2031 Growth rate CAGR of 5.0% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Tennis Racquet Market: Strategic Insights
| Market Size Value in | US$ 481.36 million in 2023 |
| Market Size Value by | US$ 708.86 million by 2031 |
| Growth rate | CAGR of 5.0% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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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.
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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.
Tennis Racquet Market – by Material, 2022 and 2030
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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.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
End User, Material, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Growing awareness regarding the significance of sports in sustaining fitness and health has increased the participation rate in tennis worldwide. Furthermore, tennis has gained significant popularity, particularly among the elderly population, in matured economies including Germany, France, and the US. Moreover, it also exhibits certain advantages such as increasing aerobic activities, lowering resting heart rate and blood pressure, improving metabolic function, and increasing bone density. In addition to this, cardio tennis has gained remarkable popularity among all age groups. It is a group activity that includes a high-energy workout, including warm-up and cardio workouts to burn calories in a healthy way. Cardio tennis follows the positive trends in group exercise and fitness, and Net Generation is also focusing on bringing more youth into the sport.
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 - from obtaining raw materials to decomposing the racquet. Assessing the life cycle of the tennis racquet opens another standpoint for consumers, especially looking into the materials needed to make, transport, distribute, and recycle a tennis racquet, which indicates the impact of a single tennis racquet on the environment. In February 2022, the Public Environmental Center for Sustainable Development (PECSD) found that over 90% of the one-and-a-half tons of waste collected are plastic bottles, cups, bags, stirrers, utensils, sunscreen wrappers, belts, toys, and even tennis racquets.
The major players operating in the global tennis racquet market are 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.
North America accounted for the largest share of the global tennis racquet market. North America is one of the most significant regions for the tennis racquet market owing to consumers are moving toward a healthy lifestyle and preferring tennis as a recreational sport to improve their health.
Based on end-user, adults segment mainly has the largest revenue share. The growth of the segment is attributed to the demand for adult tennis racquets has increased in recent years owing to the increasing initiatives by the governing bodies and the provision of cutting-edge technologies such as augmented reality (AR).
Based on the distribution channel, online retail segment is projected to grow at the fastest CAGR over the forecast period. The rise in the number of internet users, fast-paced lifestyle, ease of access, the convenience of shopping, 24/7 availability, and an extensive range of options to choose from various categories are the factors driving the online retail segment.
The List of Companies - Tennis Racquet Market
- Yonex Co., Ltd.
- Sumitomo Rubber Industries Ltd.
- Head
- Babolat
- Wilson Sporting Goods
- Gamma Sports
- Pacific Holding GmbH
- Maus Frères SA
- Authentic Brands Group LLC
- Freewill Infrastructures Pvt. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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