Report : Tennis Racquet Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End User (Adults and Kids) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
The scope of our recent study on the “Tennis Racquet Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by End User (Adults, Kids) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The Tennis Racquet market was valued at US$ 307.33 Million in 2020 and is projected to reach US$ 355.83 Million by 2028; it is expected to grow at a CAGR of 2.1% from 2021 to 2028. A tennis racquet is made for striking a ball while playing tennis. The rising importance of sports in maintaining body metabolism and improving muscular strength is projected to increase the popularity of tennis among health-conscious adults. In addition, the increasing popularity of cardio tennis in developed countries, including Germany, France, and the US, is projected to remain a critical factor over the coming years.
Based on end user, the global tennis racquet market has been divided into adults and kids. The adults segment, which includes all players above the age of 18 years, dominated the global tennis racquet market in 2020. The primary reasons for the high sales of tennis racquets among adults include the increasing number of applicants in various tennis tournaments and a rising number of frequent players.
The global tennis racquet market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2020, Europe accounted for the largest share of the global tennis racquet market. The popularity of the sport in the region, coupled with substantial government support to enhance the participation of youngsters in tennis is likely to boost the growth of the tennis racquet market during the forecasted period
Impact of COVID-19 Pandemic on Tennis Racquet Market
The COVID-19 outbreak has significantly affected the market growth, owing to the closing of retail stores, furloughs, layoffs, and shutdowns of clubs and playing facilities. The effect of the COVID-19 has been highly evident throughout the second and third quarters of 2020. Impact on medium and small businesses in the tennis industry has been high, and permanent store closures are projected in some cases. The impact of the pandemic in the initial stages was crucial in Asian and European countries, while the effect on the North American region was low. The tennis racquet market is projected to experience better growth throughout the recovery period after the COVID-19 crisis. According to the information by Tennis Industry Association (TIA) Quarterly USA Wholesale Equipment Census, the sales of entry-level racquets in the third quarter of 2020 were up by 40.9% in comparison to the third quarter of 2019. In the short term, consumer buying is projected to grow, owing to increased participation in tennis, an offset in consumer buying, and a rise in discretionary income of consumers.
Tennis Racquet Market Breakdown –by Region
Based on end user, the global tennis racquet market has been divided into adults and kids. Based on distribution channel, the global tennis racquet market has been categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the global tennis racquet market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America includes countries such as the US, Canada, and Mexico. Europe consists of Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific comprises China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, the UAE, and the Rest of MEA. South America includes Brazil, Argentina, and the Rest of South America.