The Lawn-Tennis Rackets market in South Africa has experienced a significant decline over the past decade, starting from 2013 with a market value of 5.6944 million US dollars and decreasing to 4.3113 million US dollars in 2023. The year-on-year variation reflects a volatile market with peaks and troughs, noting particular declines in 2016 and the COVID-19 affected year of 2020. Specifically, the market contracted by 24.28% in 2016 and saw a significant reduction of 9.22% in 2020. The most recent trends reveal a consistent decline with the market decreasing by 1.69% from 2022 to 2023.
Looking forward to the forecasted period, the market is projected to continue its downward trend with a 5-year Compound Annual Growth Rate (CAGR) of -1.49%, leading to an overall decline of approximately 7.23% from 2024 to 2028. The expected market value by 2028 stands at 3.9239 million US dollars.
Key future trends to watch for include potential market stabilization or growth factors such as increased interest in tennis driven by global and local initiatives, technological advancements in racket materials that could spur replacement cycles, and the impact of economic conditions on consumer spending in South Africa. Additionally, monitoring emerging market players and changing consumer preferences towards more sustainable and durable sporting goods could also affect market dynamics.
