The tennis equipment market is predicted to be worth US$9.24 billion in 2023, rising to US$1.75 billion by 2033. Tennis equipment sales are expected to grow at a 2.6% CAGR from 2023 to 2033.
Racquets are expected to contribute the highest revenue share in the global tennis equipment market in 2022. In recent years, increasing number of women participation in sports activities such as tennis has been complementing the growth of the global sports industry, thereby potentially raising the demand for sports equipment.
The number of individual buyers of tennis equipment are likely to increase at rapid pace, owing to growing participation of young and cardio tennis players over the past few years. Additionally, manufacturers are on an innovation spree, as lightweight racquets, such as Head Graphene 360 Radical Lite racket, continue to gain significant tractions, enabling players to swing them faster and generate more topspin on the ball.
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Independent sports outlet is estimated to be the leading sales channel in the global tennis equipment market in 2022, due to availability of high quality products at affordable price which is affecting larger competitors in the market.
According to FMI’s report, endorsement is one of the key strategies used by tennis equipment manufacturers to drive their sales. Shoes and apparels endorsed by athletes are 60% more likely to get sold as compared to those without any endorsement. Tennis shoes and apparels consumers are also being influenced by brand promotions done by their favorite stars.
Additionally, various manufactures of tennis equipment have shifted their concentration heavily upon the distribution of equipment through online sales channels. It could be evidently seen that a majority of tennis shoe manufactures, such as Adidas, Puma, Yonex and Li Ning, have turned their attention to capture sales of tennis shoes through online channels, such as company’s official e-commerce websites and third-party e-commerce websites.
South & East Asia Remains Prominent Market for Tennis Equipment
Growing influence of professional tennis among the Asian population is offering a lucrative opportunity for tennis equipment market players in South & East Asia. Additionally, factors such as booming Chinese economy, development of sports infrastructure, and training facilities have created opportunities for various stakeholders in the sports equipment manufacturing ecosystem.
Profound interest of government as well as private sector in sports activities such as tennis has helped to strengthen the image of sports within the developing countries. Transition of casual to core tennis participation is likely to contribute substantial growth to the tennis equipment market. The increasing fitness trend among millennials in the Asia Pacific region is expected to provide an impressive growth to the tennis equipment market during 2022-2029.
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Rising awareness about protecting our environment and the preference for natural products is expected to promote the growth of biodegradable and eco-friendly tennis products. People are preferring natural gut tennis strings, as an eco-friendlier option. These strings are made from recycled synthetics or alternative materials.
The raw material used in natural gut strings is a by-product of the meat industry, a viable alternative to petroleum-based plastics. Furthermore, people are preferring athletic clothing made from recycled or sustainable materials which is creating a massive opportunity for the growth of the global tennis equipment market during the forecast period.
FMI’s business intelligence also highlights significant insights into the competitive scenario of the tennis equipment market along with manufacturers’ differential strategies. Key players in the tennis equipment market are focusing on new product development and efficiency enhancement to gain brand penetration and loyalty among consumers. For example, in 2018, Amer Sports Corporation’s brand Wilson launched the Iconic John Wooden sneaker.
It features a revolutionary polyurethane sole that is lightweight. This launch was aimed at expanding the company’s product portfolio. According to FMI’s report, companies are also continuously expanding awareness about their products in the market by showcasing them at various events with the objective to increase sales as well as brand penetration in the tennis equipment market.
Key Segments of Tennis Equipment Industry Survey
Tennis Equipment Market by Product Type:
- Tennis Racquets
- Tennis Balls
- Apparel
- Footwear
- Ball Machines
- Tennis Bags
- Other Accessories
Tennis Equipment Market by Material:
- Composites
- Metallic
- Other Materials
Tennis Equipment Market by Buyer:
- Tennis Equipment for Individuals
- Tennis Gear for Beginners
- Tennis Equipment for Intermediate
- Advanced
- Tennis Equipment for Institutional Use
Tennis Equipment Market by Sales Channel:
- Tennis Equipment in Dedicated Stores
- Tennis Equipment in Dedicated e-Commerce
- Tennis Equipment from Specialty Retailers
- Tennis Equipment in Multi-Brand Stores
- Tennis Equipment for Online Retailers
Tennis Equipment Market by Region:
- North America Tennis Equipment Market
- Latin America Tennis Equipment Market
- Europe Tennis Equipment Market
- East Asia Tennis Equipment Market
- South Asia & Pacific Tennis Equipment Market
- Middle East & Africa (MEA) Tennis Equipment Market
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