USD 803 million
Basketball Gear Market Size, Share, Growth Analysis, By Product(Basketballs, Hoops & Backboards, Accessories), By Distribution Channel(Online and Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25K2067 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Basketball Gear Market Insights
Global Basketball Gear Market size was valued at USD 803 million in 2021 and is poised to grow from USD 838.33 million in 2022 to USD 1183.1 million by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).
The National Basketball Association (NBA), growing interest in basketball, increased disposable income, and growing fitness consciousness are the key drivers of the market's expansion. The rise in prices of equipment for making raw material for basketball equipment may limit the market's expansion. However, it is anticipated that investments in basketball leagues would generate profitable chances for the market's expansion. Many countries that already organize competitive basketball leagues and competitions will help meet market demand.
Large athletic goods companies including Dick's athletic Goods, Under Armour, Adidas, and Nike did well in 2021. Every month in 2021 compared to 2020, U.S. athletic goods retailers reported higher revenue. Despite this expansion, industry competition is still fierce, which makes it difficult for specialized shops to compete on both price and convenience with such broad product selections. Online buying has become more popular as a result of shifting consumer habits that occurred both before and during the COVID-19 a pandemic
Due to the growing influence of the internet and media in promoting health and fitness, there has been a significant increase in the demand for sports over the past few years in many different regions. This has resulted in an increase in basketball competitions around the world and a corresponding rise in the sale of basketball gear.
Growing interest amongst youngsters and teenagers supports the market for basketball gear. Growing consumer spending power, which is anticipated to boost the business, also affects demand for basketball equipment. International basketball organizations including NBA and FBA, however, have specific standards for the selection of basketball equipment, with which most manufacturers may not be in compliance. Therefore, it resulted in a decline in sales of crucial segments, including basketball, hoops, and backboards, which is a significant factor that is projected to challenge the global market.
The market includes both domestic and international companies competing for market share. To attract the largest potential consumers, major market players focus on tactics such as increasing distribution channels, entering department and discount stores, updating retail with new product updates, and collaborating with celebrities. For instance, JD Sports Group simply acquired Deporvillage, S.L., an online-only supplier of outdoor sporting goods, in June 2021. The founders of Deporvillage, S.LXavier Pladellorens and angel Corcuera, will keep 0% of the stock in this purchase, which should have the solid acquire about 80% of it.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline
Fastest Growth
Online
Growth Rate
4.4% CAGR
Global Basketball Gear Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Basketball Gear Market Segmental Analysis
The global basketball gear market is segmented based on product, distribution channel, and region. In terms of product, the market is segmented into basketballs, hoops & backboards, and accessories. Based on distribution channel the market is segmented into online and offline. Regionwise, the market is widespread into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
The basketball segment held the highest revenue share in 2022. Basketball is the main equipment that is frequently used in both league and national competitions worldwide. For instance, each team in the NBA receives 72 balls at the beginning of the season. The total now stands at 2,160 basketballs. Over 8 million basketballs are sold in the United States annually, according to statistics. As a result, basketballs are produced and marketed in millions of different countries each year.
The market for hoops and backboards is anticipated to grow at the second-fastest CAGR of 4.3% between 2022 and 2030. Basketball is now played more frequently both as a competitive sport and as a recreational pastime, which is contributing to the segment's strong rise. The demand for basketball hoops has exploded due to the rise in the number of domestic and international basketball events, which will increase sales volume from brick-and-mortar stores to the company's online sales channel.
Analysis by Distribution Channel
The offline segment led the world market in 2022 with a revenue share of over 75.0%. This is due to the exposure and accessibility of the largest number of clients. The primary factor encouraging the growth of this sector is consumers' increasing willingness to buy luxury products through retail establishments. Additionally, shoppers may now easily find out the exact dimensions and weight of the products through offline sources including convenience stores and company-owned brand retail outlets. Customers may be attracted to this distribution channel by the quick availability and deals on seasonal clearance items.
Global Basketball Gear Market By Distribution Channel, 2022 (%)
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Basketball Gear Market Regional Insights
The largest revenue share ever was almost 65.0% in 2022 for North America. The United States and Canada were the largest contributors generating a majority of North America's income in 2022. The NBA and North American consumer preferences contributed to the region's dominance in the sector. In North America, rising obesity rates, rising health consciousness, and rising consumer spending on sporting goods are also major market drivers for basketball equipment.
Europe is anticipated to have the second-fastest CAGR, at 4.3%, between 2023 and 2030. Basketball is becoming more and more popular in countries like France, Germany, Italy, Greece, and Spain despite soccer's prolonged supremacy. Basketball is being played more fluently than ever thanks to the majority of European players joining the professional league. As a result of this change, the sport, its gear, and the culture all became immensely popular. In the UK, more than 200,000 people play basketball each week. Statistics for numerous European nations show that the sport is still extremely common among the general public.
Global Basketball Gear Market By Geography, 2022-2030
- Largest
- Fastest
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Basketball Gear Market Dynamics
Drivers
Growing Popularity of Basketball
- Basketball is one of the most popular sports worldwide, and its popularity continues to grow. As more people become interested in playing basketball, the demand for basketball gear also increases.
Restraints
High Cost
- Basketball gear can be expensive, especially high-end products. This can be a significant barrier for many consumers, who may not be able to afford premium products.
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Basketball Gear Market Competitive Landscape
A positive impact on market growth has been made by the leading companies' use of omni channel marketing. Additionally, market growth has been fueled by the companies' use of innovative product introductions, online sales expansion, and striking marketing and advertising tactics. The majority of market participants work tirelessly to outdo rivals and establish a strong foundation for themselves.
Top Player’s Company Profiles
- Nike, Inc.
- Adidas AG
- Under Armour, Inc.
- Spalding Sports Worldwide, Inc.
- Puma SE
- New Balance Athletics, Inc.
- Wilson Sporting Goods Co.
- McDavid Inc.
- SKLZ
- Molten Corporation
- Mizuno Corporation
- And1
- Champion Sports
- Russell Brands, LLC
- Everlast Worldwide, Inc.
- Dunlop Sports Group Americas, Inc.
- Rawlings Sporting Goods Company, Inc.
- Vizari Sport USA
- Kappa
- ASICS Corporation
Recent Developments
- In March 2022, The Blissfeel running shoe was the first of four that Lululemon planned to release in women's sizes that year. The business also revealed during the introduction that Charge feel, a cross-training shoe, will be released in two styles—low-top and mid-top—in the summer of 2022.
- In March 2022, the international single-seater racing championship for female drivers, W Series, and Puma renewed their cooperation. For the Puma W Series Team in 2022, it contracted Finnish driver Emma Kimiläinen.
Basketball Gear Key Market Trends
- Growing Popularity of Basketball: Basketball is one of the fastest-growing sports globally, with an increasing number of players, fans, and enthusiasts. This trend is driving the demand for basketball gear, including shoes, apparel, equipment, and accessories.
- Athlete Endorsements: Major basketball players and athletes have a significant impact on the basketball gear market. Athlete endorsements can influence consumers' purchasing decisions and drive sales of branded products. Companies invest heavily in partnerships with top basketball players to enhance their brand recognition.
- Product Innovation: Basketball gear manufacturers are continually innovating to create better and more advanced products. For instance, some companies are developing shoes with advanced cushioning technology and breathable fabrics to provide better support and comfort to players.
- Direct-to-Consumer Sales: Many companies are focusing on direct-to-consumer sales through their websites and retail stores. This allows them to have more control over their brand image and pricing, as well as offer a more personalized shopping experience for customers.
Basketball Gear Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global basketball gear market analysis, growing interest in basketball, increased disposable income, and growing fitness consciousness are the key drivers of this market's expansion. The shift in raw material prices of Basketball equipment may create challenges to the overall growth of this market in the coming years. However, it is anticipated that investments in basketball leagues would generate profitable chances for the market's expansion. Due to the growing influence of the internet and media in promoting health and fitness, there has been a significant increase in the demand for sports over the past few years in many different regions. This has resulted in an increase in basketball competitions around the world and a corresponding rise in the sale of basketball gear.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 803 million |
| Market size value in 2031 | USD 1183.1 million |
| Growth Rate | 4.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Basketball Gear Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Basketball Gear Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Basketball Gear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Basketball Gear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Basketball Gear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Basketball Gear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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