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Basketball Gear Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global basketball gear products market was valued at USD 11.2 billion in 2021 and is projected to expand at a CAGR of 5.4% from 2022 to 2029. The growth of the market is attributed to the increasing popularity of basketball among men and women, which is boosting the demand for basketball gear products. Moreover, the growing sponsorship of athletes and teams coupled with the increasing marketing activities of key players is expected to drive the market growth.
The apparel segment is expected to account for a major share of the market during the forecast period. The growing demand for basketball apparel in the form of shorts, jerseys, and hoodies is expected to fuel the segment growth. Furthermore, the introduction of trendy and fashionable apparel by key players is expected to boost the segment growth. For instance, in June 2020, the apparel brand Carioca announced the launch of its new range of basketball apparel. The collection includes jerseys, shorts, and hoodies in a variety of colors and designs.
The growing popularity of online retailing is boosting the sales of basketball gear products. The availability of a wide variety of basketball gear products on different e-commerce platforms has been attracting a large number of customers. Moreover, the presence of several online stores offering discounts and other offers on basketball gear products is further driving the segment growth. Moreover, the increasing trend of social media marketing and influencer endorsements by key players is expected to support the growth of the market.
The rising popularity of street basketball and the increasing number of basketball tournaments and events are significant factors driving the demand for basketball gear products. Furthermore, the increasing number of players in the US and China is further expected to boost the market growth. For instance, in 2021, the National Basketball Association (NBA) announced a new basketball league, the NBA Africa League, which is expected to start in 2021.
Product Insights
The basketball shoes segment accounted for the largest market share, in terms of revenue, in 2022. Increasing demand for lightweight and stylish sports shoes for basketball, especially among professional and amateur players, is a key factor driving the market. Furthermore, the growing popularity of basketball as a sport, especially among teenagers and young adults, is another factor driving the growth of the basketball shoes segment. According to a survey conducted by the Statista in 2020, basketball was the most popular sport among children aged 6 to 17 in the United States.
The apparel segment is anticipated to expand at the fastest CAGR of 9.2% over the forecast period. The growing demand for trendy, comfortable, and lightweight apparel for basketball is a key factor driving the segment growth. In addition, the increasing number of basketball tournaments, especially in developing countries, is another factor driving the growth of the basketball apparel segment. According to the International Basketball Federation, in November 2020, there were around 215 men’s national teams and 157 women’s national teams participating in international basketball competitions.
Distribution Channel Insights
The sporting goods stores segment held the largest market share of over 33.6% in 2022. This segment is expected to witness significant growth over the forecast period owing to the increasing demand for traditional retail stores offering a wide range of basketball gear products. The presence of a wide range of basketball gear products in the sporting goods stores such as basketballs, shoes, apparel, and accessories has been driving the demand for basketball gear products. Moreover, the availability of expert advice and opinions on choosing the right basketball gear products has further been contributing to the growth of this segment.
The online segment is anticipated to register a lucrative CAGR of 11.7% over the forecast period. The increasing online retailing in the basketball gear market has been driving the segment growth. The brands are launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in May 2022, Nike launched its new online store for basketball fans and players. The website will offer a wide range of basketball gear products including apparel, shoes, and accessories. In addition, it will also offer exclusive deals and discounts on its products.
Type Insights
The basketball apparel and accessories segment accounted for the largest revenue share of 77.3% in the year 2022. The rising popularity of basketball as a sport is leading to an increasing demand for basketball apparel and accessories. Furthermore, increasing consumer preference for branded products and rising disposable incomes, especially in developing regions, are further driving the growth of this segment. Additionally, the presence of several global players in the market, such as Nike, Adidas, Puma, and Reebok, is boosting the demand for basketball apparel and accessories.
The basketball shoes segment is anticipated to expand at the highest CAGR of 8.1% over the forecast period. The increasing popularity of basketball and the surging demand for basketball shoes are the primary factors driving the growth of this segment. Moreover, technological advancements such as the introduction of customized shoes and the integration of advanced features such as an automatic lacing system are boosting the demand for basketball shoes. For instance, Nike has launched a basketball shoe with an auto-lacing system called the Adapt BB 2.0. Additionally, the presence of several e-commerce companies, such as Amazon and Walmart, is also augmenting the demand for basketball shoes.
Regional Insights
North America dominated the market and accounted for the largest revenue share of over 35.3% in 2022. The increasing popularity of basketball as a sport among young people in the region is a major factor driving the growth of the market. Additionally, the presence of many prominent players in the region, such as Nike, Adidas, and Under Armour, is expected to positively influence the market growth. For instance, in April 2022, Under Armour launched a new line of basketball shoes for the U.S. market.
Asia Pacific is expected to witness the second-fastest growth in the coming years. Increasing purchasing power of consumers in the region is expected to drive the growth of the market. Additionally, the growing popularity of basketball as a sport in the region is expected to create lucrative opportunities for the market players. For instance, in May 2022, the Chinese Basketball Association announced its partnership with Nike to create a new line of basketball gear.
Financial Projections
In this part of the basketball gear products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your basketball gear products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a basketball gear products business comes from the sale of basketball gear, clothing and apparel, shoes, accessories, and other related products. Here you will find a list with a description of each of these items and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the basketball gear products business running will be described. The list of operating expenses includes wages, rent or mortgage payments, maintenance and repairs, utilities, insurance policies, advertising, and others. It is important to note that expenses related to the purchase of inventory should also be included.
Key companies & market share insights
Some of the key companies operating in the basketball gear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In March 2022, Adidas AG launched the ‘Crazy Explosive’ basketball shoe range.
– In May 2022, Nike Inc. launched the Hyperdunk X, a new shoe designed to provide superior cushioning and stability.
– In June 2022, Converse Inc. launched the Chuck Taylor All Star II, a modernized version of the classic basketball shoe.
Some of the prominent players in the basketball gear market include:
– Adidas AG
– Nike Inc.
– Converse Inc.
– Under Armour Inc.
– Puma SE
– New Balance, Inc.
– ASICS Corporation
– Anta Sports Products Ltd.
– Li Ning Company Limited
– Skechers USA, Inc.
Global Basketball Gear Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global basketball gear products market based on product, material, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Basketballs
– Basketball Shoes
– Apparel
– Accessories
2. Material Outlook (Revenue, USD Million, 2017 – 2030)
– Synthetic
– Natural
– Others
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
4. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
5. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Regions are Expected to Offer the Highest Growth Opportunity?
[A]: North America dominates the global market for basketball gear due to the presence of leading manufacturers and retail outlets, as well as a large consumer base. The Asia Pacific is expected to be the fastest-growing region, due to the increasing popularity of the sport and the presence of numerous manufacturers.
[Q]: What are the Key Trends in the Basketball Gear Market?
[A]: The basketball gear market is witnessing increasing demand for lightweight and stylish products. Manufacturers are introducing new products that are designed for improved performance, comfort, and safety. In addition, rising consumer awareness about the benefits of using basketball gear is driving the market’s growth.
[Q]: Who are the Leading Players in the Basketball Gear Market?
[A]: The leading players in the global basketball gear market include Nike, Adidas, Under Armour, Puma, Reebok, and New Balance.
[Q]: What are the Growth Drivers of the Basketball Gear Market?
[A]: Factors such as the increasing popularity of the sport and the rising demand for technologically advanced products are driving the growth of the basketball gear market. Additionally, the expansion of e-commerce platforms is providing a boost to the market’s growth.
[Q]: What are the Challenges Faced by the Basketball Gear Market?
[A]: The availability of counterfeit products and rising competition from regional players are some of the major challenges faced by the basketball gear market. Additionally, the fluctuating raw material prices and high manufacturing costs are hindering market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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