Press release
Squash Rackets Market To Witness Exponential Growth, Expected to Hit US$ 18.75 Billion by 2033 at 5.1% CAGR
The rising popularity of squash worldwide is a key driver of the increased demand for squash rackets. Additionally, the growing number of world championships and tournaments organized by international sports associations such as the Professional Squash Association (PSA) and the World Squash Federation (WSF) are encouraging more people to participate in squash, further boosting market growth.
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The squash rackets market is witnessing impressive growth, spurred by the sport's rising global popularity and a surge in international tournaments. This article explores the latest trends, driving factors, and future outlook for the squash rackets market, showcasing its significant expansion.
Increasing Global Popularity of Squash:
Squash is gaining widespread appeal as more individuals discover its health benefits and enjoy its dynamic, competitive nature. The sport attracts a diverse range of participants, contributing to higher participation rates. This growing interest is fueling the demand for squash rackets, as both new and seasoned players seek quality equipment to enhance their performance.
Key Companies Profiled:
• HEAD
• Ektelon LLC
• Amer Sports
• Prince Global Sports LLC
• Dunlop Sports Co Ltd.
• Tecnifibre, Soccer International Pvt. Ltd.
• Oliver Sports & Squash GmbH
• Kamachi, Black Knight Enterprises Ltd.
Impact of International Tournaments:
High-profile tournaments organized by the Professional Squash Association (PSA) and the World Squash Federation (WSF) have elevated the sport's visibility and prestige. These events draw top-tier talent and captivate fans, inspiring more people to take up squash. Consequently, the squash rackets market is expanding as enthusiasts and aspiring players invest in top-notch gear.
Innovations in Racket Technology:
Technological advancements are significantly contributing to the market's growth. Manufacturers are focusing on research and development to produce lighter, stronger, and more durable rackets. Innovations such as carbon fiber construction, enhanced grip designs, and improved string technology are providing players with superior control, power, and comfort. These advancements appeal to both amateur and professional players, boosting sales.
Growing Health and Fitness Consciousness:
The global trend towards healthier lifestyles is also driving the growth of the squash rackets market. As people look for engaging ways to stay fit, squash emerges as an attractive option due to its intense cardiovascular workout and full-body engagement. The sport's ability to offer a fun and effective exercise routine is drawing more participants, increasing the demand for high-quality squash rackets.
Read More: https://www.factmr.com/report/794/squash-rackets-market
Expansion in Emerging Markets:
The squash rackets market is experiencing significant growth in emerging markets, especially in regions like Asia and the Middle East. Rising disposable incomes, better access to sports facilities, and growing interest in international sports are boosting the sport's popularity in these areas. Manufacturers are seizing this opportunity by expanding their distribution networks and offering products suited to various skill levels and budgets.
Competitive Landscape:
Leading providers of squash rackets are focusing on enhancing their supply chain management, driving new developments, maintaining high product standards, and delivering quality products. The squash rackets market, characterized by moderate fragmentation and competitiveness, features numerous players. Key manufacturers are pursuing collaborations, acquisitions, and geographical expansion to strengthen their market position.
For example:
In May 2019, the Squash Rackets Federation of India partnered with HCL to launch the Squash Podium Program. This initiative aims to elevate the game's prominence in India and enhance coaching standards.
In October 2019, St. James formed a partnership with TaylorMade and Tecnifibre to expand the resources available for sports.
Segmentation of Squash Rackets Industry Research:
• By Construction :
o Open Throat
o Closed Throat
o Hybrid
• By Balance :
o Head Heavy
o Head Light
o Even
• By Weight :
o Heavy
o Light
• By Player :
o Beginner
o Intermediate
o Advanced
• By Frame Material :
o Aluminum
o Composite
• By Sales Channel :
o Independent Sports Outlets
o Franchised Sports Outlets
o Sports Retail Chains
o Modern Trade
o Direct-to-Customer Online
o Third-party Online
o Direct-to-Customer Institutional
• By Region :
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa
In summary, the squash rackets market is set for substantial growth, driven by the sport's increasing global popularity, the influence of international tournaments, technological advancements in racket design, rising health and fitness awareness, and expansion in emerging markets. As more people embrace squash for its physical and mental benefits, the demand for top-quality squash rackets will continue to rise. Industry players are well-positioned to capitalize on these trends, ensuring a vibrant and competitive market in the future.
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