Tennis Equipment Market (2022 - 2030)

Tennis Equipment Market Summary

In addition, different Grand Slam tennis tournaments such as the Australian Open and Wimbledon are gaining popularity globally. This is one of the supportive factors expected to drive the market during the forecast period.

While the COVID-19 pandemic continues to impact global business, the sports industry has managed to return to pre-COVID-19 growth levels amid a difficult economic environment. In 2020, sporting goods executives focused on three trends: consumer shift, digital leap, and industry disruption. In 2021, these trends continue, in some cases accelerating, or taking interesting new turns. With many still working from home, the athleisure trend has grown further, reflecting a new attitude towards sports. Increasing health awareness has given a new perspective to exercise and general fitness. In addition, online shopping is booming as consumers continue to shop online, even after an ease in lockdown. Digital forms of individual or community-based exercise are becoming more popular and creating new possibilities for sports equipment manufacturing companies.

The increasing adoption of tennis racquets, balls, and other equipment by professional players, along with the increasing number of tennis tournaments across the globe, is expected to drive the industry. Growing awareness regarding the importance of exercise in maintaining health and fitness has increased tennis participation rates around the world. According to a study published by Oxford University and researchers in Finland and Australia, who tracked more than 80,000 people on average for nine years, regular racquet sports such as tennis may be the best exercise to prevent premature death. The report found that those who regularly participated in racquet sports were the least likely to die. There is a 47% lower risk of early death with racquet sports, 28% lower risk with swimming, 27% lower with aerobics, and 15% lower with cycling.

Whereas, unpredictable and severe weather conditions due to global warming and other environmental conditions are the key factors that are expected to hinder the growth of the sporting goods market. Furthermore, the availability of counterfeit products, along with the high cost of some sporting goods, is expected to further restrain the growth of the market over the forecast period. On the other hand, certain associations set global standards for the manufacture of tennis equipment, which hampers the growth of tennis equipment up to a certain extent. For instance, the International Tennis Federation (ITF) defines the specifications for tennis racquets. Therefore, it is difficult for local manufacturers to produce tennis racquets according to their choice.

One of the major trends observed in the market is the use of information technology for direct promotion or marketing. The promotion of tennis as a fitness sport is another major trend observed in the market. For instance, cardio tennis is a high-energy fitness activity that combines the best features of tennis with a cardiovascular workout. It provides a full-body, calorie-burning cardio workout. In addition, tennis equipment manufacturers are adopting new technologies such as woofers, flex zones, and aerodynamic modules to make racquets more durable and comfortable.

Furthermore, the increasing availability of product advertisements, promotions, and tennis equipment on e-commerce portals across the globe is another factor expected to support the revenue growth of this market in the future. Various tennis equipment manufacturers have shifted their focus to distributing equipment through online sales channels. It can be seen that most tennis equipment manufacturers, such as Nike and Wilson Sporting Good, have turned their attention to obtaining sales of tennis equipment through online channels such as the company's official e-commerce website and third parties.

Product Insights

In 2021, the shoe segment held the largest revenue share of more than 30.0%. The use of eco-friendly materials to manufacture sports shoes is one of the major factors positively influencing the growth of this market. Consumer demand for sustainable footwear continues to grow due to the growing concerns regarding protecting the environment. In addition, various manufacturers are working hard to meet the needs of their customers and are constantly focusing on making sustainable and eco-friendly shoes. For instance, on Earth Day, Adidas and Parley launched three new tennis shoe designs, all made from plastic waste thrown into the ocean. Based on product, the market is segregated into shoes, apparel, racquets, ball, strings, bags, and accessories.

The ball segment is projected to grow at a significant rate of 2.5% over the forecast period. Rising purchasing power, improving living standards, and a major focus on leisure activities are anticipated to drive the global market over the forecast period. In addition, the increasing number of tennis events and the requirement for frequent replacement of tennis balls contribute to the market growth. Furthermore, the introduction of a range of slower balls and different court sizes is expected to drive this segment in the near future.

Distribution Channel Insights

The offline segment held the largest revenue share of over 75.0% in 2021. The offline segment can be classified into hypermarkets/supermarkets, specialty/sports shops, and other distribution channels. Specialty stores and sports shops are the most common and preferred channels for end-users. The easy availability of various products in specialty stores is one of the main factors attracting consumers to offline stores. These stores provide consumers with the information and support they need through skilled customer service staff. Based on distribution channels, the market has been segmented offline and online.

The online segment is expected to register a lucrative growth rate over the forecast period in the market. The online segment can be segregated into website-through selling and e-commerce portal offerings. The growing popularity of smartphone users has boosted the growth of e-commerce globally. Additionally, the ease of purchase and checkout processes of online retailers, including Amazon and Walmart, are expected to expand the reach of e-commerce as a sales medium. Furthermore, the introduction of different shopping apps and the availability of secure and convenient payment gateways are boosting the growth of the online retail industry. Blogs and social media apps like Pinterest and Instagram significantly influence trends in sports equipment.

Regional Insights

North America dominated the market in 2021 and accounted for over 30.0% share of the total revenue. The U.S. and Canada are the largest sports nations with diverse sports facilities and infrastructure, and they host major sporting events in major cities. The enhancement of fitness awareness among people of all ages has increased the proportion of people’s participation in sports, which is expected to boost the growth of the market during the forecast period. According to the data published by Tennis Industry Association (TIA), the tennis economy grew by 4.5% between 2016 and 2020. The USTA reports that entry-level racket sales are up more than 40% year over year. Youth adoption of tennis as a recreational sport is a major factor driving the market in North America.

Europe held the second-largest revenue share in 2021. The popularity of the sport in the region, coupled with strong government support to increase participation in youth tennis, is likely to propel market growth over the forecast period. The market in Europe has grown in both volume and value, although unit growth is higher than value growth, implying a lower overall average price across the continent. This is in line with other studies showing that Covid-19 and its associated lockdowns have boosted tennis engagement, especially among beginners. Compared to 2020, total volume and value in Europe increased by 45.3% and 40.7%, respectively, but it's not just the pandemic that disrupted sales in the second quarter of 2020. Even compared to 2019, sales in 2021 are up more than 10%.

Asia Pacific is estimated to register the fastest CAGR of 2.5% over the forecast period. The growing influence of tennis professionals among the Asian population presents lucrative opportunities for market players in East and Southeast Asia. In addition, factors such as China’s booming economy and the expansion of sports infrastructure and training facilities have created ample opportunities for various stakeholders in the sports equipment manufacturing ecosystem. In addition, a shift from recreational tennis to core tennis participation is likely to fuel the growth of the market significantly. The growing fitness trend among millennials in the Asia Pacific is expected to drive the market from 2022 to 2030.

Key Companies & Market Share Insights

The top players in the market have been incorporating multiple strategies to increase their brand presence in the field. The companies have been working with professional tennis players to support offering products. They have also been developing partnerships with tennis competitions to increase their market presence. These companies have adopted several competitive strategies, such as product and technological innovation, increasing production capacity, and establishing partnerships with online e-commerce companies to increase sales.

For instance, in January 2022, a tennis racquet bag brand, Geau Sport announced the addition of three new bags to its lineup. The Aether Backpack, Aether 3-park, and Stance Tote are the latest additions to Geau's line of tennis bags. In 2020, Yonex Co., Ltd. launched a limited-edition EZONE racquet, available in selected markets. The tennis racquet was designed by the company in collaboration with champion Naomi Osaka. Some prominent players in the global tennis equipment market include:

• YONEX Co., Ltd.

• Wilson Sporting Goods

• Nike, Inc.

• Adidas AG

• BABOLAT VS S.A.

• Solinco Inc.

• Amer Sports

• Head N.V.

• Dunlop Sports

• Technifibre

• ASICS Corporation

• Geau Sport

• Prince Tennis

• Volkltennis

• Ame & Lulu

Tennis Equipment Market