Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Squash Rackets market.
Trusted Business Insights presents an updated and Latest Study on Squash Rackets Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Squash Rackets market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Squash Rackets Market
The global squash rackets market size was valued at USD 185.2 million in 2018 and will expand further at a CAGR of 3.6% from 2021 to 2026. Rising popularity of squash around the globe is expected to be the key factor driving the demand for these rackets. Moreover, a number of tournaments and world championships held by international sports associations including World Squash Federation (WSF) and Professional Squash Association (PSA) will further increase the popularity of the sport encouraging more participation.
This is also likely to augment the product demand over the coming years. In addition, constant product innovations will have a positive impact on the overall demand. Increased awareness about the importance of racket sports for improved muscular strength and flexibility is expected to drive the market further.
Furthermore, the governments of countries including U.S., U.K., Germany, France, Australia, China, India, and Malaysia have been promoting the sport by implementing favorable polices and various initiatives. This is also said to have a positive impact on the market growth over the forecast period. For instance, in October 2017, the Ministry of Sports & Youth affairs, the Government of India, launched Khelo India Programme.
This was initiated to revive the sports culture and to develop a strong framework for all types of sports and games. Based on region, North America was the largest market in 2018 and accounted for more than 30% of the overall share. The region will retain its dominant position throughout the forecast years.
Material Insights of Global Squash Rackets Market
Carbon fiber was the largest raw material segment in 2018 and accounted for more than 70% of the global market share. It is projected to witness the maximum CAGR over the forecast years. Carbon fiber-based rackets are lightweight and have high strength and durability offering a better combination of swing, balance, and weight. These factors are likely to augment the demand for carbon fibers.Key manufacturers in the market, such as Head N.V., Dunlop Sport, and Tecnifibre, are focusing on expanding their product portfolio, which is also likely to have a positive impact on the material demand. For instance, in April 2015, Prince Global Sports, a U.S.-based manufacturer, introduced new carbon fiber-based models of rackets with ˜TeXtreme, an advanced, light-weighted, and strong carbon material with high stability, which offers great power to swing coupled with superior precision and control.
Distribution Channel Insights
Brick & mortar sales channel was the largest segment in 2018. Rising number of exclusive sports stores and multi-brand sports equipment outlets in developing countries including China and India is anticipated to impel the segment growth. For instance, recently, Decathlon S.A., a France-based sporting goods retailer, established one of the biggest stores in Singapore in collaboration with Sport Singapore (SportSG), a national sports agency of Singapore. According to the company, the region is one of the fastest-growing consumer centers for sports.
Such strategic moves by key companies will augment the segment growth further. The online distribution channel is expected to be the fastest-growing segment at a CAGR of 4.1% from 2021 to 2026. Increasing number of smartphone and internet users, especially in emerging countries such as India and China, is the major growth-driving factor for the segment. In addition, impact of ecommerce and social media platforms also plays a key role in boosting the segment growth.
Regional Insights of Global Squash Rackets Market
North America was the largest regional market in 2018 and will expand further at a steady CAGR from 2021 to 2026. Various squash tournaments hosted in the region is expected to be among the key factors responsible for market growth. For instance, U.S. is going to host WSF Mens World Team Championship from 15 December to 21 December 2019. In addition, from 05 October to 12 October 2019, the country will be hosting U.S. Open.
Europe is expected to foresee the fastest CAGR of 4.0% from 2021 to 2026 due to high popularity of the sport as a recreational activity. In addition, new product launches with high power features by key manufacturers in Europe is expected to fuel the regional market growth.
Squash Rackets Market Share Insights
The global squash rackets market is consolidated in nature. Some of the prominent companies include Head N.V., Dunlop Sport, Tecnifibre, Wilson Sporting Goods, Babolat, Prince Global Sports, and ONE SPORTS s.r.l. Most of these manufacturers focus on new product development to maintain a competitive edge.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Squash Rackets Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global squash rackets market report on the basis of raw material, distribution channel, and region:
Raw Material Outlook (Revenue, USD Million, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
Brick & Mortar
Quick Read Table of Contents of this Report @ Global Squash Rackets Market Size, Share, Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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