The global basketball equipment market size valued at USD 875.22 Million in 2022 and is projected to reach USD 1289.50 Million by 2031, expanding at a CAGR of 4.4% during the forecast period, 2023-2031. The growth of the market is attributed to rising influence of internet and media as a means to promote fitness, which has impacted the extensive growth of sports culture. Thereby, basketball events along with its growing popularity among teenagers and youngsters.
Basketball is a popular sport around the globe, it is played by two competing teams; each with five players on a court. These teams score points by throwing the basketball across an elevated horizontal hoop. Various equipments are used in playing basketball. Leagues such as the NBA (National Basketball Association) have several guidelines and parameters for the official basketball matches and the equipments to use.
The COVID-19 pandemic had an unpleasant impact on the basketball equipment market. The production has been on halt and both the demand and supply ware affected. The market suffered moderate loss; however the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
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The rising number of sponsorships and scholarships by associations including NBA and FIBA etc. are anticipated to fuel the demand of the basketball equipment market during the forecast period
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Advertisement and promotion by well-known celebrities, athletes and sportsmen lead to immense popularity for the sport. Thereby, directly influencing the market growth of basketball equipment.
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Rapid growth of the sports industry along with globalization and access to internet and media around the globe are key factors driving the market expansion during the forecast period.
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High cost of basketball equipment due to inconsistent supply of raw materials is estimated to restrict the market expansion.
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Quality standards and regulations imposed by the basketball federation act as the main challenge to restrict the market growth.
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R&D investment and technological advancement in brewing enzymes are expected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the global basketball equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Basketball Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Category (Basketball Shoes, Basketballs, Basketball Accessories and Basketball Training Equipment) Application (Specialty and Sports Shops, Department and Discount Stores and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Adidas, Amer Sports, Nike, Rawlings Sporting Goods, Spalding Sports Equipment and JORDAN
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Market Segment insights
The liquid segment is projected to constitute a large market share
Based on category, the basketball equipment market is segregated into basketball shoes, basketballs, basketball accessories and basketball training equipment. The basketball shoes segment is expected to account for a key share of the market during the forecast period owing to Its design and quality, it is designed precisely for the intensity of the game with continuous running and jumping these shoes provide stability, comfort , flexibility and even act as shock absorber.
On the other hand, the basketball accessories segment is anticipated to expand at a rapid pace during the forecast period owing to rise in popularity of the sport along with promotions and advertising by celebrities , athletes and sportsmen.
Specialty and Sports Shops segment is expected to register a substantial CAGR
Based on application, the global basketball equipment market is divided into specialty and sports shops, department and discount stores. The specialty and sports segment accounts for a key share of the market over the forecast period owing to its accessibility, ease of purchase and alternatives for the end users. However, department and discount stores are projected to grow over the forecast period due to availability of products in these stores are much more feasible.
Asia Pacific is expected to dominate the market
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to expand at a robust CAGR during the forecast period. The regional market growth can be attributed to huge consumer base along with the strong attraction toward basketball as a sport.
Segments
The basketball equipment market has been segmented on the basis of:-
Category
- Basketball shoes
- Basketballs
- Basketball accessories
- Basketball training Equipment
Applications
- Specialty and sports shops
- Department and discount stores
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Companies
Competitive Landscape
Key players competing in the global basketball equipment market include Adidas, Amer Sports, Nike, Rawlings Sporting Goods, Spalding Sports Equipment and JORDAN.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares.
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