Tennis equipment market surges to $278.5 million by 2036

James Okafor | GlobalBeat

The global tennis equipment market will reach $278.5 million by 2036, driven by rising participation and equipment upgrades.

The projection represents a compound annual growth rate of 2.9 percent from 2024 through 2036, according to industry analysis released this week.

Tennis participation increased 33 percent in the United States between 2019 and 2023, the U.S. Tennis Association reported. Manufacturers responded with expanded production lines and premium product launches.

Racquets dominate the market with 55 percent share, followed by tennis balls at 25 percent and strings at 15 percent, the data showed. Asia Pacific emerged as the fastest-growing region, posting 4.1 percent annual growth.

Wilson Sporting Goods maintained market leadership with 35 percent global share, industry sources confirmed. Babolat held 20 percent while Head claimed 18 percent of worldwide sales.

“Players are upgrading racquets every 18 months instead of three years,” a Wilson spokesperson told retailers last month. The company introduced 12 new models in 2023 alone.

Raw material costs increased 12 percent since 2022, manufacturers reported. Carbon fiber prices rose 18 percent, forcing retail price increases of $20 to $50 per racquet.

Online sales channels grew 45 percent year-over-year, Amazon data revealed. Physical stores retained 60 percent of total volume but lost 8 percentage points since 2020.

Professional tournaments drive equipment sales, analysts found. Racquet sales spiked 28 percent during Grand Slam weeks, particularly when popular players advanced deep into draws.

Junior equipment represents 22 percent of the total market, up from 15 percent in 2018. Parents spend average $400 annually per child on tennis gear, survey data showed.

String technology advances boost replacement frequency. Polyester strings require changing every 10 hours of play versus 25 hours for synthetic gut, coaches estimated.

Background

Tennis equipment sales remained flat at $180 million annually between 2015 and 2019, historical data showed. The pandemic triggered unexpected growth as people sought socially distant outdoor activities.

Equipment manufacturers consolidated during the 2000s, dropping from 20 major brands to 8 today. Japanese companies Yonex and Mizuno expanded beyond domestic markets, capturing 5 percent and 3 percent global share respectively.

What’s Next

Manufacturers prepare for the U.S. Open launch season starting August 2024, when 70 percent of annual product releases hit stores. New regulations on string thickness could require equipment modifications by 2025, industry sources said.

Analysts will track Q3 2024 sales data for signs of whether growth continues beyond pandemic-driven participation increases. The Tennis Industry Association releases quarterly participation numbers next month.