Prospects of Pickleball Equipment Market Continue to be Optimistic, Growth Remains Consolidated in N
A new Fact.MR study foresees the pickleball equipment market to record an impressive 8.9% value CAGR between the forecast period 2018 and 2028.
[UKPRwire, Fri Sep 14 2018] Prospects of the pickleball equipment market will continue to be optimistic, as the sport witnessed continued rise in popularity among the aging demographic, slates a recent Fact.MR report. The report envisages an august 8.9% value CAGR for the pickleball equipment market over the period of forecast, 2018 to 2028. In light of pickleball sportís uptake of popularity, several parks and recreational departments have been integrating the sport into their programs, which in turn is influencing participation and associated-equipment sales.
Facile and uncomplicated rules of pickleball have attracted more enthusiasts toward the sport. Pickleball participants range from beginners to seasoned players, all craving the thrill for competitive play. Compact size of pickleballís court has made the gameplay to involve meaningful conversations, as participants are required to play in close proximity. This has driven the pickleballís popularity as a great social activity, which in turn has been furthering participation in the sport.
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Pickleball Equipment Market: North America & Europe Collectively Account for Bulk Market Shares
The Sports & Fitness Industry Association (SFIA) has estimated over 2.8 million participants in the U.S. in 2017, which demonstrated a 12.3% rise from 2016. In a bid to enhance popularity of pickleball at the grassroots level, the USA Pickleball Association (USAPA) has introduced Pickleball Ambassador Program, wherein volunteers promote the sport in local areas. Such initiatives from pickleball sport clubs will enhance participation in the sport in North America.
European Pickleball Association, on similar lines, has been taking initiatives to promote the sport across various countries in the region. The association estimates nearly 2.5 Mn pickleball participants in Europe. Growth of the pickleball equipment market is set to remain consolidated in developed markets viz., North America and Europe, according to the report. North America will continue to remain at vanguard of pickleball equipment market, with Europe on the trail. Over four-fifth value share of the market are likely to be held by these two regions in the period of forecast.
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Opportunities Abound in Pickleball Equipment Market, Major Stakeholders Collaborate for Product Development & Portfolio Extension
With pickleballís popularity illustrating a tremendous rise, relevant equipment manufacturers are focusing on installing their own retail stores. Sporting goods producers are capitalizing on the opportunities, as the sport extends beyond the aging demographic. Numerous new pickleball equipment peddlers are foraying the market, while established vendors focus on product innovation. Leading tennis companies, such as Franklin and Head, are now entering the pickleball courts for promoting their products. Key players have also commenced developing and introducing lifestyle clothing and equipment related to pickleball, and are witnessing robust demand in the area, according to SFIA.
Stakeholders in the pickleball equipment market are joining forces for developing and introducing new advanced products, and enhancing their portfolio to gain a competitive edge. An exclusive distribution agreement recently signed between The Composite Recycling Technology Center (CRTC) and Pickleball Central is a prime example of such strategic collaborations. CRTC aims at distributing its pickleball paddle manufactured by using recycled carbon fiber of aerospace grade. Eco-friendly pickleball equipment launches such as this will further enable companies to gain consumer loyalty, and boost their sales.
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