Squash Rackets Market Anticipates US$ 18.75 Billion Valuation by 2033, Driven by 5.1% CAGR

According to a recently released Fact.MR analysis, the global squash rackets market showed a compound annual growth rate (CAGR) of 2.7% from 2018 to 2022, and it was valued at US$ 11.40 billion in 2023. By the end of 2033, the global market is expected to grow at a CAGR of 5.1% and reach a value of US$ 18.75 billion.

Squash is expected to become more and more popular worldwide, which will contribute significantly to the need for squash rackets. The Professional Squash Association (PSA) and the World Squash Federation (WSF), two international sports organizations, are hosting a growing number of world championships and tournaments, which is encouraging more individuals to play squash.

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The global squash rackets market has experienced steady growth and shows promising signs for the future. This growth is driven by several factors, including the rising popularity of squash as both a professional sport and a recreational activity, increased awareness of the health benefits of the sport, and continuous product innovations. This article delves into the key aspects of the squash rackets market, including market dynamics, key segments, regional analysis, and the competitive landscape.

Market Dynamics

The squash rackets market is projected to grow at a CAGR of around 4% through 2030. One of the primary drivers of this growth is the increasing number of professional squash tournaments organized by bodies such as the Professional Squash Association (PSA) and the World Squash Federation (WSF). These events not only boost the sport's visibility but also encourage more individuals to take up squash, thereby increasing the demand for squash rackets.

Another significant factor contributing to market growth is the rising awareness about the health benefits of squash. Squash is recognized as an excellent cardiovascular workout that enhances muscle strength and flexibility. As more people become health-conscious, the adoption of squash as a fitness activity is likely to increase, further driving the demand for squash rackets.

Key Market Segments

The squash rackets market is segmented based on construction, balance, weight, player type, frame material, sales channel, and region.

1.Construction: Squash rackets are primarily categorized into open throat, closed throat, and hybrid rackets. Open throat rackets are expected to dominate the market, holding over 55% of the market share through 2030. Their popularity is attributed to the larger sweet spot they offer, which is beneficial for players of all skill levels.

2.Balance: Rackets are classified into head heavy, head light, and even balance. Each balance type caters to different playing styles and preferences, impacting players' choice of racket.

3.Weight: The market includes heavy and light rackets. Light rackets are favored for their maneuverability and speed, making them a popular choice among advanced players.

4.Player Type: The market serves beginners, intermediates, and advanced players, with each category requiring rackets with specific features to match their skill levels.

5.Frame Material: Rackets are made from materials such as aluminum and composite. Composite materials, known for their durability and lightweight properties, dominate the market and are expected to see significant growth.

6.Sales Channel: Squash rackets are sold through various channels, including independent sports outlets, franchised sports outlets, modern trade, sports retail chains, direct-to-consumer online, direct-to-customer institutional, and third-party online platforms. Independent sports outlets currently account for more than 30% of global sales and are the fastest-growing distribution channel.

Regional Analysis

Europe has historically been the dominant market for squash rackets, valued at approximately $58.6 million in 2019. However, North America is projected to become the largest market by 2030. The shift is driven by the growing popularity of squash in the United States and Canada, coupled with increased investment in sports infrastructure.

The Asia-Pacific region, excluding Japan, is also expected to witness significant growth. Countries such as China and India are seeing a surge in squash's popularity, fueled by rising disposable incomes and increased participation in sports activities. Japan remains a key market in the region, known for its advanced sports equipment manufacturing capabilities.

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Competitive Landscape

The squash rackets market is highly competitive, with several key players driving innovation and market expansion. Leading manufacturers include Amer Sports, Dunlop Sports Co. Ltd., HEAD, Prince Global Sports LLC, Tecnifibre, and others. These companies are focusing on strategic collaborations, mergers, and acquisitions to strengthen their market position and expand their product portfolios.
For instance, Dunlop renewed its partnership with the Professional Squash Association, becoming the official racket, ball, grip, string, and bag partner until the 2022-2023 season. Similarly, Technifibre's acquisition by Lacoste aims to enhance its international presence and technical development of its products.

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

The future of the squash rackets market looks promising, with several trends likely to shape its growth. Continuous product innovations, such as the use of advanced composite materials for better performance and durability, are expected to attract more players. Additionally, increasing government support for sports activities and initiatives to promote physical fitness will likely boost market growth.
In conclusion, the squash rackets market is set for steady growth, driven by the sport's rising popularity, health benefits, and continuous product advancements. With significant opportunities in both developed and emerging markets, the industry is poised for an exciting future.

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This release was published on openPR.