Snooker and billiards are popular backyard sports that have been growing in popularity over the years. In fact, the global market for snooker and billiards equipment is expected to grow at a CAGR of 7.5% through 2022, according to a report by Grand View Research. The growth of the global market for snooker and billiards equipment can be attributed to rising population levels and increasing affluence in various regions across the globe.
Market Overview
The billiards and snooker equipment market is estimated to be worth USD 2,072.5 million in 2020, growing at a CAGR of 7.5% from 2020-2025. This is primarily due to rising awareness about the sport among people across the globe.
There are various reasons for the growth of the billiards and snooker equipment market. One reason is that people are increasingly looking for ways to spend their leisure time. Additionally, there is a growing demand for this type of equipment among fitness enthusiasts, as it helps improve the body’s coordination and balance. Furthermore, billiards and snooker equipment is also used in professional tournaments and competitions.
Factors restraining the growth of the billiards and snooker equipment market include increasing competition from other sports such as football and basketball, which are gaining popularity globally owing to their physical benefits. Additionally, stringent regulations imposed by some countries on gambling activities are also expected to dampen the growth of this market in future years.
Billiards and Snooker Equipment Segmentation
The billiards and snooker equipment market is segmented on the basis of type, application and region.
The billiards and snooker equipment market is segmented on the basis of type into pool tables, cues and balls, table tennis and other related products. Pool tables are the largest segment of this market and is expected to grow at a CAGR of 5.4% from 2017 to 2027. cues and balls is the second-largest segment with a share of about 19%. This product is used for both pool and snooker games. Table tennis, which has seen a growing popularity owing to its health benefits, is expected to grow at a CAGR of 6.4% during the forecast period. Other related products such as rugs, cues, chalk boards etc. are also growing at a moderate rate.
Region-wise, Europe is expected to dominate the billiards and snooker equipment market with a share of over three-fourth in 2017. This dominance is expected to decline in North America during the forecast period as consumers migrate towards Europe for better quality products. Asia Pacific is anticipated to witness significant growth over the next few years owing to increasing investments in this sport by various countries.
The following are the key factors that are driving the growth of the billiards and snooker equipment market:
- Growing popularity of the sport among people of all ages
- Technological advancements in the manufacturing process of these products
- Growing demand for premium quality products
- Market Drivers
The global billiards and snooker equipment market is projected to grow at a CAGR of 6.4% during the forecast period 2018-2023. The growth is attributed to rising disposable incomes, increasing awareness about health benefits associated with playing games such as billiards and snooker, and increased investments by the key players in the market.
Some of the major factors hampering the growth of the billiards and snooker equipment market are rise in prices of raw materials, increase in costs, slowdown in economic activities, and increase in imports. However, various government initiatives such as promotion of healthy living and sports are expected to boost the demand for these games among people across the globe.
Restraints
One of the main reasons why billiards and snooker equipment is in high demand is because it offers a unique experience that is not found in any other sport. Players can shoot pool, snooker, or other games while enjoying a drink with friends.
Another reason why billiards and snooker equipment is popular is because it offers a great way to socialize. Players can gather around the table and have a great time chatting while playing the game. This makes it an excellent option for hosting parties or other events.
In addition, billiards and snooker equipment is very affordable. This makes it an ideal option for people who want to get into the sport but don’t want to spend a lot of money. Plus, many retailers offer free delivery, which means that customers don’t have to spend time driving around looking for a store that sells the equipment they need.
Overall, the market for billiards and snooker equipment is growing rapidly due to its unique features and affordability. Players of all levels can enjoy this sport without having to spend a lot of money.
Opportunity
The billiards and snooker equipment market is projected to grow at a CAGR of 6.5% from 2017 to 2027. This growth is driven by the increasing popularity of these sports among people in India and other parts of Asia.
There are several reasons for the growth of the billiards and snooker equipment market. One reason is that these sports are becoming more popular among people in India and other parts of Asia. These countries have a large population, and many people are interested in playing these sports. In addition, the growing number of senior citizens in these countries is also contributing to the growth of the billiards and snooker equipment market.
Another reason for the growth of the billiards and snooker equipment market is the increasing interest in sport among people in general. People are increasingly looking for ways to improve their fitness levels, and playing billiards and snooker can be a fun way to do this. Additionally, many people believe that these sports can help to improve mental well-being.
The demand for billiards and snooker equipment is also increasing because this type of equipment is becoming more affordable. Many companies are now producing affordable versions of these sports equipment, which is contributing to the growth of the market.
The billiards and snooker equipment market is projected to grow at a CAGR of 6.5% from 2017 to 2027. This growth is driven by the increasing popularity of these sports among people in India and other parts of Asia.
Analysis of Porter’s Five Forces Analysis
The billiards and snooker equipment market is expected to grow at a CAGR of 6.5% over the forecast period. This growth is mainly driven by rising demand for recreational activities such as dining out, traveling, and watching TV.
The five forces analysis of the billiards and snooker equipment market shows that the major restraining factor is the high cost of raw materials. This is due to stringent regulation in Europe and Japan, which restricts the production of this type of equipment. The high cost of raw materials is also a restraining factor for the growth of the market in China.
The other major restraining factor is the high level of competition. There are a number of companies that are competing with each other to provide quality products at low prices. This has resulted in a decline in profits for some companies, which has restrained their growth.
The strong bargaining power of suppliers is another restraining factor for the growth of the market. Suppliers have a lot of power to negotiate prices with manufacturers, which can result in lower profits for manufacturers.
Conclusion
The billiards and snooker equipment market is projected to grow at a CAGR of 7.5% during the forecast period 2022-2026. The increasing popularity of these games across age groups is one key factor that would drive the market growth during this period. There is an increasing demand for high-end equipment, which in turn would drive the market growth. In addition, regional demand (Northern Europe and North America) is expected to grow at a faster rate than global demand owing to their higher spending power.