Tennis Equipment Market Expected to Heed Valuation

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The global tennis equipment market is expected to reach US$9 billion in 2022. According to the report, the tennis equipment market is expected to grow at a CAGR of around 2.9% during the forecast period. Rackets are expected to contribute the highest revenue share in the global tennis equipment market in 2022. In recent years, the increasing number of women participating in sports activities such as tennis has complemented the growth of the global industry of sports, thus potentially increasing the demand for sports equipment.

The number of individual tennis equipment buyers is expected to increase at a rapid rate, due to the increasing participation of young people and cardio tennis players in recent years. Additionally, manufacturers are in the midst of innovation as lightweight racquets, such as the Head Graphene 360 ​​Radical Lite racquet, continue to gain significant pull, allowing players to swing them faster and generate more topspin on the ball.

Independent sports stores are estimated to be the major sales channel in the global tennis equipment market in 2022, due to the availability of high-quality products at an affordable price, which affects the larger competitors in the market .

According to the IMF report, endorsement is one of the key strategies used by tennis equipment manufacturers to boost their sales. Athlete-approved footwear and apparel are 60% more likely to sell than those without any endorsement. Consumers of tennis shoes and apparel are also influenced by brand promotions made by their favorite stars.

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Additionally, various tennis equipment manufacturers have focused heavily on distributing equipment through online sales channels. It can obviously be seen that a majority of tennis shoe manufacturers, such as Adidas, Puma, Yonex, and Li Ning, have turned their attention to capturing tennis shoe sales through online channels, such as websites. Official e-commerce websites of the company and third parties. e-commerce sites.

South and East Asia remains an important market for tennis equipment

The growing influence of professional tennis among the Asian population provides a lucrative opportunity for players in the tennis equipment market in South and East Asia. Moreover, factors such as the booming Chinese economy, the development of sports infrastructure and training facilities have created opportunities for various players in the sports equipment manufacturing ecosystem.

The deep interest of the government as well as the private sector in sports activities such as tennis has helped to enhance the image of sport in developing countries. The transition from casual participation to basic tennis is likely to contribute to substantial growth in the tennis equipment market. The growing fitness trend among millennials in the Asia-Pacific region is expected to deliver impressive growth to the tennis equipment market over the period 2022-2029.

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Growing awareness of protecting our environment and preference for natural products is expected to drive the growth of biodegradable and eco-friendly tennis products. People prefer natural gut tennis strings as a more environmentally friendly option. These ropes 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. Additionally, people prefer sportswear made from recycled or sustainable materials, which creates a huge opportunity for the growth of the global tennis equipment market over the forecast period.

FMI’s business intelligence also highlights significant insights into the Tennis Equipment market competitive scenario along with manufacturers’ differential strategies. The major players in the tennis equipment market are focusing on developing new products and improving efficiency to gain brand penetration and consumer loyalty.

For example, in 2018, Amer Sports Corporation’s Wilson brand released the Iconic John Wooden sneaker. It has a revolutionary and lightweight polyurethane sole. This launch aimed to expand the company’s product portfolio. According to the IMF report, companies are also continuously expanding the awareness of their products in the market by showcasing them at various events with the aim of increasing sales as well as brand penetration in the tennis equipment market.

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Survey of key segments of the tennis equipment industry

Tennis Equipment Market by Product Type:

Tennis rackets
Tennis ball
Clothes
Shoe
ball throwers
Tennis bags
Other accessories
Tennis Equipment Market By Material:

Composite materials
Metallic
Other materials
Tennis Equipment Market by Buyer:

Tennis Equipment for Individuals
Tennis equipment for beginners
Intermediate Tennis Equipment
Advanced
Tennis equipment for institutional use
Tennis Equipment Market by Sales Channel:

Tennis equipment in dedicated stores
Dedicated e-commerce tennis equipment
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
European tennis equipment market
East Asia Tennis Equipment Market
South Asia and the Pacific Tennis Equipment Market
Middle East and Africa (MEA) Tennis Equipment Market

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About IMF:

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

This press release was published on openPR.


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