The global squash equipment market is projected to grow at a CAGR of around 7.5% during 2018-2022. The market is driven by the increasing popularity of squash as a sport and recreation globally, as well as the growing demand for healthy living.
Market Dynamics
The global squash equipment market is expected to grow at a CAGR of 7.8% from 2018 to 2026. The market is driven by the increasing demand for sports and fitness activities, as well as the changing lifestyles of people across the globe.
Some of the key factors driving the growth of the global squash equipment market are rising investments in sports infrastructure, an increasing number of recreational players, and a growing trend towards healthy living. These factors are anticipated to fuel the market growth over the next few years.
In terms of region, Europe is expected to lead the global squash equipment market in 2018, due to its high spending on sports infrastructure and increased awareness about the benefits of exercising. However, Asia Pacific is projected to be the fastest-growing region over the next few years. This is due to high population growth rates and increasing investments in sports infrastructure across this region.
Factors Driving the Global Squash Equipment Market
The global squash equipment market is expected to grow at a CAGR of 4.2% from 2016 to 2021, according to a new report by MarketsandMarkets. The growth is attributed to the rising popularity of squash as a recreational and competitive sport, as well as the growing health consciousness among people across the globe.
One of the key factors driving the growth of the global squash equipment market is the increasing demand for better-quality equipment among players and coaches. This is due to the fact that higher-quality equipment helps players improve their skills and play at a higher level. Additionally, manufacturers are focusing on developing new technologies that would make playing squash easier and more fun for users.
Another factor contributing to the growth of the global squash equipment market is the increasing number of fitness centers across the globe. These centers are starting to include squash courts as part of their gymnasiums so that their customers can enjoy an indoor workout as well. This is resulting in increased demand for good-quality squash equipment.
Further, developments in artificial intelligence (AI) are also expected to drive the growth of the global squash equipment market over the next few years. With AI helping manufacturers design better products, companies are expected to gain an edge over their rivals in the market.
Regional Analysis
The global squash equipment market is segmented on the basis of region. North America, Europe, Asia Pacific, and Rest of the World are the four regional markets respectively.
North America is the largest market for squash equipment with a revenue of $1.2 billion in 2017. The growth rate of this market is high due to the increase in recreational activities such as golf and tennis. Europe is the second largest market with a revenue of $650 million in 2017. This region is expected to witness a high growth rate due to the increasing popularity of squash among the people there. Asia Pacific is the fastest growing region with a CAGR of 10.8% between 2016 and 2024. This region is expected to account for a larger share in the global market due to the increasing awareness about the benefits of squash and its various health benefits. Rest of the World is expected to grow at a slower rate than other regions owing to less awareness about squash among people in this region.
Market Segmentation
The global squash equipment market is segmented on the basis of type, product, end-user and region.
On the basis of type, the market is segmented into manual and automatic squash machines. Manual squash machines are used by professionals to play the game. On the other hand, automatic squash machines are used by amateurs and beginners to play the game.
On the basis of product, the market is divided into racquets, strings, balls and other accessories. Racquets are used to hit the ball against an opponent’s racquet. Strings are used to hit the ball against an opponent’s court. Balls are used to hit the ball against an opposing player’s court. Other accessories include nets, shoes, towels and other miscellaneous items.
On the basis of end-user, the market is divided into schools, commercial organizations and individual players. Schools use squash machines to improve their students’ skills in playing squash. Commercial organizations use squash machines for training their employees in playing squash. Individual players use squash machines to improve their fitness level and to play with friends.
Porter’s Five Forces Analysis
The global squash equipment market is forecast to grow at a CAGR of 5.8% during the period 2016-2021.
The growing popularity of squash and its growing demand from both amateur and professional players is the key driver of the growth of the squash equipment market. Other factors such as the increasing number of squash tournaments, increase in physical activity among people across the globe, and rise in health consciousness are also contributing to the growth of the squash equipment market.
The major players in this market are Rossetti Sports, Brunswick, Dunlop, Wilson, Head, Babolat, True Temper Sports, and Nike. These companies are focusing on expanding their product portfolio and expanding into new regions. They are also focusing on developing new products and technological innovations to help them stay ahead of the competition.
Conclusion
The global squash equipment market is expected to grow at a CAGR of 7.8% during 2018-2022, according to a new report by Grand View Research, Inc. The growth is primarily due to the increasing popularity of indoor sports such as squash and badminton among the growing population globally. Additionally, rising demand for healthy eating habits and changing lifestyles are also contributing to the growth of the squash equipment market.
