According to a market report published by Future Market Insights, the global sales value of tennis equipment is likely to reach US$ 8 Bn in 2019. According to the report, the tennis equipment market is projected to expand at a CAGR of ~3% during the forecast period.
Racquets are expected to contribute the highest revenue share in the global tennis equipment market in 2019. 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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Tennis Equipment Market: Structure Analysis
The global tennis equipment market is characterized by the presence of several established players, who accounts for a considerable market share. With high-quality tennis equipment manufacturing & sales growth, the European companies are estimated to be the tier 1 players in the global market.
Tier 1 players are characterized by high segmental revenue and adoption of strategies such as market expansion and product development. Tier 2 players are marked by overseas presence with specific tennis equipment portfolio. Tier 3 players include the majority of the company’s presence limited to the domestic market only.
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 2019-2029.
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