Squash Rackets Market Forecast Reveals Growth Opportunities Highlighting 3.7% CAGR during 2018-2028
A new study by Fact.MR reveals that the market for squash rackets is projected to expand at a value CAGR of 3.7% throughout the period of assessment, 2018-2028.
[UKPRwire, Wed Apr 17 2019] The squash racket industry will continue to move forward at a steady rate, driven by new technologies and developments in design and performance of squash rackets. World Squash Federation and Professional Squash Association (PSA) and national federations have endorsed the World Squash Day to encourage clubs to open doors to attract and introduce more participants to the game, squash being rated as one of the healthiest sports.
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A new study by Fact.MR reveals that the squash rackets market is projected to expand at a value CAGR of 3.7% throughout the period of assessment, 2018-2028.
Squash Gains Momentum – Motivation for Racket Manufacturers
Steady acceptance of squash worldwide can be traced back in 1998, when it was featured at the multi-sport events conducted by Asian Games and Commonwealth Games. Squash associations having lobbied for long years for the sport to be accepted into Olympic Games, the inclusion of this sport in recent times has raised its popularity worldwide, the sport being played for leisure and from a professional point of view. Possible inclusion of squash in the 2020 Tokyo Olympics and 2024 Olympics along with other games has pushed the fame of the sport.
Gaining momentum of the sport has motivated manufacturers in producing enhanced professional squash rackets coupled with a steady increase in demand for rackets from both amateurs and professionals alike has substantially fuelled the sales volume of squash rackets since the past few years and the status quo is expected to continue over the forecast period.
Trending Eco friendliness Sustaining Growth
Given the growing importance of environment protection and trending eco-friendly products adoption, squash racket manufacturing has taken a new turn towards using eco-friendly material. Organic, recycled plastic material and water based adhesives are substituting the traditional synthetic rubber, leather, nylon, polyurethane and others as raw materials used in manufacturing of squash rackets. Thermoplastic elastomer – a newly developed and an advanced nontoxic material – is witnessing increased demand and used in manufacturing eco-friendly squash rackets. Several squash federations and associations are largely involved in environmental improvements and are established as eco-operators.
In alignment with this fact, key participants are producing rackets that use only 15 to 20 percent chemicals as compared to traditional rackets, the main aim being reducing the volume of disposed plastic. The use of eco-friendly material in manufacturing rackets is expected to significantly influence the growth of the squash racket market.
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Light Weight to Complement Expansion
Pervasiveness of light weight squash rackets continues to contribute to the overall demand for the product, preference particularly observed among squash professionals. Light weight of squash rackets enable better performance in terms of speed and swing owing to enhanced flexibility along with strength. Carbon fiber – that provides superior strength to weight ratio – has replaced wood, steel and metal in manufacturing of squash rackets. Moreover, application of nanotechnology in squash rackets in order to reduce weight, enhance strength and stiffness, increase abrasion resistance and reduce friction with a view to enhance performance and durability has pushed the use of light weight squash rackets, consequently aiding the growth of the squash rackets market.
In a bid to gain firm foothold, participants involved in the manufacturing of squash rackets have differentiated their products in terms of technology, design and performance. Dunlop Sports uses the sonic core technology that reduces frame vibrations enhancing racket control. In addition, it has incorporated premium silicone based EVA material at vital points in the racket frame which offers high rebound properties and elasticity. On the other hand, Wilson Sporting Goods Company has started the Green Initiative in view of implementing environment friendly material across its squash racket product portfolio.
The report on squash rackets market includes business analysis and product portfolio and developments of key participants involved in the manufacturing of squash rackets. Wilson Sporting Goods Company, Dunlop Sports, Prince Global Sports, Tecnifibre, Amer Sports and One Strings are few of the key stakeholders operating in the squash rackets market.
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