“Investments in differentiated offerings of tennis racquets for player comfort and usage is expected to present lucrative returns to market players during the forecast period,” says a Fact.MR analyst.
Dublin, Ireland -- (SBWIRE) -- 11/17/2020 -- The global tennis racquet market will record a CAGR of 3.5% over the forecast period (2020-2030). Demand will be stifled by restrictions on outdoor gatherings and reluctance by amateur players on investing in new equipment at an uncertain time. However, Fact.MR opines that long-term outlook will remain positive, as there will be a renewed interest in outdoor activities after the pandemic is brought under control.
"The COVID-19 pandemic has hit sports equipment sales, especially outdoor sports. Manufacturers will have to contend with subdued sales in the next couple of years." says a Fact.MR analyst.
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Tennis Racquet Market - Key Takeaways
By racquet type, the tweener racquets category will be accounting for maximum market share, during 2020-2030.
In terms of head size, the mid plus fragment will be acquiring significant traction over the assessment period.
Online retail channel will reflect swift growth throughout the assessment period.
Sales in Europe will be higher than that of North America
Tennis Racquet Market - Drivers
Increased participation foreseen amid Gen Z and millennials will support growth foreseen in the market.
Increased implementation of unconventional means of exercise by sports enthusiasts and investments in outdoor sports promises the fastest market growth.
The market is projected to embark on a positive growth trajectory due to growing efforts by sports associations and governments.
Tennis Racquet Market - Constraints
The availability of counterfeit and inexpensive substitute products can hurt the market growth.
The higher cost and prone to breakage or moisture may impede market expansion.
Anticipated Market Impact by COVID-19 Outbreak
The tennis racquet market has been significantly affected due to the COVID-19 outbreak, majority of the sports centers have been closed, ensuing in the diminished activity.
The market is likely to foresee better growth amid the recovery period after the crisis. In the short run, customers' buying will increase because of more participation in tennis, offset in customer purchasing, and rise in discretionary income of customers.
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Major companies operating in the global tennis racquet market are Babolat, Amer Sports, HEAD B.V., Yonex Co., Ltd, SRI Sports, Tecnifibre, ASICS Ltd, Völkl Sports Holding AG, PowerAngle LLC, and ProKennex. Companies are deploying numerous strategies to surge their brand presence in the scenario. Companies have also teamed up with professional tennis players for endorsements of their offerings. They are forming partnerships with tennis competitions for boosting their market existence.
More on the Report
The Fact.MR's market research report provides in-depth insights into the tennis racquet market. The market is scrutinized on the basis of racquet type (power racquets, control racquets, and tweener racquets), string pattern (tight or closed string pattern and open string pattern), head size (mid plus, midsize, oversize, and super oversize) and sales channel (franchised sport outlets, independent sport outlets, online retail, and modern retail), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
Media Release: https://www.factmr.com/media-release/1669/global-tennis-racquet-market