Rising popularity of squash as a sport and also as a recreational activity is driving demand for these rackets. Growing number of professional tournaments held by bodies such as the Professional Squash Association and the World Squash Federation are bolstering adoption of the sport. Product innovations in terms of design and material are expected to remain a critical factor in terms of positive developments in the sector. Composite materials are being used en masse to facilitate weight reduction and increased power in these rackets. Also, awareness about the sport as a viable muscle fitness option, and favorable policy introductions by governments, are expected to drive the market in the foreseeable future.
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As per Fact.MR analysis, the global squash rackets market was valued at more than US$ 220 million in 2019, and will continue to rise at a steady CAGR of around 4% through 2030.
Key Takeaways from Squash Rackets Market Study
- Open throat squash rackets are predicted to reflect major market share at over 55% through 2030.
- Europe is a dominant market with a value of US$ 58.6 Mn in 2019, but by 2030, North America will be where the highest sales take place.
- Independent sports outlets are the largest and fastest-growing distribution channel, accounting for more than 30% sales across the world.
- Composite materials hold the lead in terms of value and growth rate, holding a value of US$ 175.8 Mn in 2019, driven by demand from intermediate and advanced players.
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“Frequent product innovations will positively affect overall demand for squash rackets. Higher awareness from consumers about the importance of racket sports for better muscular strength and flexibility is likely to drive the market over the coming years,” says a Fact.MR analyst.
Collaborations & Acquisitions Gain Ground
Amer Sports, Dunlop Sports Co Ltd., HEAD, Prince Global Sports LLC, Tecnifibre, Soccer International Pvt. Ltd., Kamachi, Black Knight Enterprises Ltd., Ektelon LLC, and Oliver Sports & Squash GmbH are some of the leading squash racket manufacturers. These leading players in the industry are increasingly investing in strategic collaborations & acquisitions to improve their sales and distribution channels, in addition to the expansion of product portfolio.
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- For instance, Dunlop announced the renewal of its partnership with the Professional Squash Association as the official racket, ball, grip, string, and bag partner of the PSA until the conclusion of the 2022-2023 season.
- Technifibre announced the acquisition of 80% of its shares by Lacoste. The aim of the deal is for the expansion of the international presence of the Technifibre brand, in addition to technical development of Lacoste products.
- In January 2020, HEAD Sport GmbH entered into a multiple-year agreement with PowerBilt Holdings for production and distribution activities in Europe, North America, South America, Australia, Asia, and South Africa.
More Valuable Insights on Squash Rackets Market
Fact.MR, in its latest offering, brings to the fore an unbiased analysis of the global squash rackets market, presenting historical demand data (2013-2017) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the squash rackets market based on construction (open throat, closed throat, and hybrid), balance (head heavy, head light, and even) weight (heavy and light), player (beginner, intermediate, and advanced), frame material (aluminum and composite), and sales channel (independent sports outlets, sports retail chains, franchised sports outlets, modern trade, direct to customer online channels, direct to customer institutional channels, and third-party online channels), across six major regions of the world.