Global Basketball Gear Market

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 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 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).

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. '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'

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.

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.

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.

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Global Basketball Gear Market

Report ID: SQMIG25K2067

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