Tennis apparel: Key market research findings
- Increasing number of players and tournaments drive market growth
- Men’s tennis apparel accounts for the majority share of the market
- Key vendors – Adidas, Fila, Nike, Puma, and Under Armour
Technavio’s market research analysts predict the tennis apparel market in the Americas to grow at a CAGR of almost 3% between 2016 and 2020. The increasing number of frequent tennis players and the tennis tournaments are the primary drivers for growth in this market. Associations such as the United States Tennis Association (USTA) are focusing on sponsoring basic-level competitions and tournaments to encourage more participation. The increasing number of tournaments is resulting in an increase in demand for tennis apparel, as well as frequent replacement of old apparel, thereby contributing to growth in the market. During 2015, the Americas accounted for around 48% of the market space globally to become the dominant shareholder. The growth of the market in this region can be attributed to the immense popularity of the sport in the region.
The new market research report from Technavio presents a breakdown and analysis of the tennis apparel segments based on the end-user.
“The availability of better quality products is an ongoing trend in the market. Vendors worldwide are coming up with new products for different tennis tournaments in attempt to strengthen their foothold in the competitive market. Such product innovations are registered mostly in the sphere of materials and fabrics. For example, Wilson Sporting Goods is using their smart design technique for the production of its tennis apparel and employing nanotechnology for enhancing performance benefits,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
The men’s tennis apparel market accounted for the majority share of the market with a revenue of around $352 million in 2015. This high growth rate of this market is stimulated by the intense popularity of the sport among the male population and their high participation rates. Vendors are focusing on sponsorship deals with prominent tennis players in an attempt to enhance consumer base and to increase profit margins. For instance, Roger Federer signed a 10-year contract deal with Nike in 2008 for wearing its tennis apparel in all his matches, for an annual contract of $10 million.
The key vendors in the market include Adidas, Fila, Nike, Puma, and Under Armour. The market is highly consolidated because of the presence of a few prominent large vendors. Competition in the market is expected to increase during the forecast period with the growing demand for tennis apparel. This has led to the introduction of many advanced products and innovative solutions by vendors. The entry of new players will be barred due to the strong presence of well-established brands in the market.
A more detailed analysis is available in the Technavio report, Tennis Apparel Market in the Americas 2016-2020.
We can customize reports by other regions and specific segments upon request.
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