Global Basketball Equipment Market 2016-2020
About Basketball Equipment
The basketball shoe segment is witnessing a significant prominence over all other product segments. It accounts for the largest portion of the overall sales revenue and has a dominant share in the market. This is expected to gain further traction during the forecast period as the adoption of basketball footwear is high among the global populace. Regions like North America and Europe have been displaying a strong affinity toward the adoption of the sport, which has propelled major market vendors to establish a strong market in these regions. The following exhibit is a representation of the market for basketball equipment across product segments, with respect to their CAGRs over a period from 2015 to 2020, their current revenues, and market share in 2015.
Technavio’s analysts forecast the global basketball equipment market to grow at a CAGR of 2.18% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global basketball equipment market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of basketball equipment to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Basketball Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global basketball equipment market: Adidas, Amer Sports, Nike, Rawlings Sporting Goods, and Spalding Sports Equipment
Other Prominent Vendors in the market are: ASICS, Baden, Fila, Joma, Lifetime, McDavid, Mizuno, Nivia Sports, Puma, and Under Armour
Commenting on the report, an analyst from Technavio’s team said: “Globally increasing concerns about preserving the environment have encouraged sporting goods manufacturers to come up with eco-friendly products. This has led to basketball equipment market manufacturers adopting environment-friendly practices and production methods. The advent of environmentally friendly basketball courts marked a significant step toward this initiative. Arlington's College Park Center in Texas, US, is a popular example of an environment-friendly basketball court, which was designed by Dallas-based architecture firm HKS in the US. The arena includes energy-efficient glazed windows, a roof that reduces the building's solar load, a low-use water system, and native landscaping. The Towson University SECU Arena in Maryland, US, is another such basketball court that implements various eco-friendly elements. The arena has energy-efficient mechanical systems, with low-emission paint and carpeting used. The arena was also built using recycled building materials. This arena is expected to be at least 20% more efficient than all similar facilities.”
According to the report, launching advertising campaigns by famous sportsmen and athletes is an age-old and successful marketing strategy practiced by almost all well-established sports equipment manufacturers. Generally, the most common purchase behavior exhibited by consumers is the preference for products that their favorite players promote, and thus, vendors use celebrity endorsements as one of their primary marketing tools. Famous athletes such as Michael Jordan, LeBron James, and Kobe Bryant often launch new product lines of international vendors, which boost their sales revenues. Apart from celebrity endorsements, many vendors also sponsor a number of sports tournaments and matches, which again aids in reinforcing their market presence.
Further, the report states that professional basketball is one of those games which requires a lot of stamina, strength, speed, flexibility, and skill. Another very important fitness component that should be considered for basketball is a high body height. The average height of a basketball player among all the teams in the NBA is about 6 feet 7 inches; however, the average American height is about 5 feet 9 inches. This physical structure is required as the game requires a lot of tackling and shooting. Taller basketball players are often considered to have an advantage in basketball, as their shots have to travel a shorter distance to the basket. Additionally, taller players also start out closer to rebound, with their ability to reach higher, yielding better chances of blocking out the shots of shorter players.
Adidas, Amer Sports, Nike, Rawlings Sporting Goods, Spalding Sports Equipment, ASICS, Baden, Fila, Joma, Lifetime, McDavid, Mizuno, Nivia Sports, Puma, Under Armour.