The global basketball equipment market was valued at more than $13 billion in 2015 and is expected to reach almost $15 billion by 2020, says Technavio.
Technavio has announced its latest market research report on basketball equipment for the forecast period, 2016-2020. This market analysis, under the outdoor gear vertical, discusses the major drivers and key emerging trends that will influence the growth of the global basketball equipment market during the forecast period. Some of the top vendors listed in this industry analysis include Adidas, Amer Sports, Nike, Rawlings Sporting Goods, and Spalding Sports Equipment.
In terms of geographical analysis, the Americas are likely to continue its domination of the global market by accounting for a revenue of almost $7 billion by 2020. Puerto Rico, Dominican Republic, the US, Argentina, Brazil, Mexico, Venezuela, Canada, Uruguay, and Panama are expected to emerge as the key revenue-generators.
“Growing interest in the sport is prompting basketball equipment manufacturers to constantly innovate their product offerings in order to keep pace with the intensifying competition. Such product innovations in basketballs not only provide consumers with a convenient and comfortable game playing experience but also help give the basketball equipment market the much-required boost. Major innovations in basketballs have come in the form of tracking abilities. The Wilson X-ball is one such technologically advanced basketball, capable of tracking every basket that the player makes,” says Brijesh Kumar Choubey, a lead analyst at Technavio for outdoor gear.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing adoption of basketball
Basketball as a sport is currently gaining immense attention on a global level. For example, China, which contains almost one-third of the world’s population, has seen most of its citizens taking a keen interest in the game of basketball. The sport has always been quite popular in the US, but we see the game gaining admiration across the Atlantic, the UK, and in Europe as well. The sport has also gained popularity among the youth and has been listed as the world’s most popular sport among consumers between 14 and 18 years. The rising popularity of the sport is attributable primarily to the worldwide broadcast of NBA and WNBA. Furthermore, the growing popularity of the Paralympic Games is fueling the growth of wheelchair basketball across the globe. Currently, more than 80 countries are encouraging wheelchair basketball teams comprising both men and women.
Substantial scholarships
Basketball extends the second highest number of scholarship awards available with the highest average scholarship money received per student. Such high average scholarship of $39,200 can cover the entire college fee, including tuition fee, room and boarding fee, which come around $19,000 per year for a four-year degree college course in the US. As a result, there is increased participation among students, leading to an upsurge in demand for basketball equipment.
Celebrity endorsements
Preference for products that their favorite players promote is the most common purchase behavior exhibited by consumers across the globe. Vendors try to leverage this trend by making use of celebrity endorsements as one of their primary marketing tools. The launch of new product lines by famous athletes such as Michael Jordan, LeBron James, and Kobe Bryant help vendors boost their sales revenues. Apart from celebrity endorsements vendors also sponsor several sports tournaments and match to reinforce their market presence. Some of other common promotional strategies include offering discounts, seasonal offers, and contests.
Furthermore, many vendors also name their products after popular players to help boost sales by cashing in on the celebrity fan following. For instance, in July 2016, Nike launched the new Kevin Durant signature basketball shoes called the Nike Zoom KD 9. Air Jordan, a basketball footwear and athletic clothing brand by Nike, was created and endorsed by Michael Jordan. Nike also markets the LeBron 13 shoes that are endorsed by a basketball player, LeBron James.
Some of the other prominent vendors identified in this report are ASICS, Baden, Fila, Joma, Lifetime, McDavid, Mizuno, Nivia Sports, Puma, and Under Armour.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Basketball Equipment Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Sports Equipment Market 2016-2020
- Athletic Footwear Market in the US 2016-2020
- Fantasy Sports Market in Mexico 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
