There are millions of people across the globe who care way too much about bat and ball, willow and leather, stump and bail, and so forth. However, the global cricket equipment market is relatively small when compared to other sports. But as they say, “Look after the pennies, and the pounds will take care of themselves”, the industry is expected to grow slowly but steadily in terms of CAGR, thereby impacting the revenue of the parent industry- sports equipment market- during the next five years. This growth can be attributed to factors such as mass media appeal and sponsorship, celebrity endorsements, emergence of T20 tournaments and strong governing bodies for sports among others.
Cricket Equipment Market – In Need of a Powerplay?
The APAC region holds the largest market share at a global level, while India is one of the major contributors to the market revenue. This can be ascribed to the fact that there is a massive presence of cricket enthusiasts in the region, thereby boosting the sales of cricket equipment during the forecast period.
Cricket, unlike other sports such as football or hockey that are played at a stretch, allows for frequent short breaks at different points during the game and is one of the most viewed games worldwide. Consequently, it has become a sport that attracts a wide range of sponsorship, advertisements and appeals to the mass media. This is expected to grow owing to shorter formats like T20 that have generated renewed interest in the sport. Also, celebrity endorsement is an old influencer marketing strategy used by sports equipment manufacturers to drive sales and build brand presence in the market.
Moreover, the rise in awareness regarding the benefits of an active lifestyle has coerced people to opt for some sort of physical activity including sports like cricket and football. In addition, several housing projects include amenities like play clubs and activity centers as more people have started including sports activities in their day-to-day chores.
The Playing ‘Six’ of the Cricket Equipment Market
The market for cricket equipment is highly fragmented due to the presence of many competitors – big and small. These players focus heavily on research and development as well as innovation to meet the needs of the sport enthusiast, across the world. The top players of the market are as follows,
- Sareen Sports Industries
- Sanspareils Greenlands
- Gunn and Moore and Unicorn Products
These players majorly compete on factors such as price, quality and brand. The vendors must devise a strategy to withstand competition from other players and sports, and create a sustainable competitive advantage.
Technavio – Helping You Occupy the Crease
We, at Technavio, have conducted an in-depth industry research and compiled a comprehensive report for the cricket equipment market which includes industry trends, challenges and its competitive landscape. The industry in question is set to have a successful innings during the next five years. What are you waiting for? Ask us for a FREE Sample or source a report customized just for you!