Basketball Gear Industry Overview
The global basketball gear market size was valued at USD 803.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. Increasing consciousness regarding fitness, inclination toward basketball, rising disposable income, and popularity of the National Basketball Association (NBA) are the main factors contributing to the growth of the market. However, fluctuating raw material prices of basketball equipment are restraining the growth of the market. Nevertheless, investments in basketball leagues are expected to create lucrative opportunities for the market growth. A number of nations that now host competitive basketball leagues as well as tournaments will support the industry demand.
The COVID-19 pandemic has had a negative impact on the market in 2020. The key players halted their manufacturing operations all over the world due to restrictions imposed by the government. In addition, various basketball events and leagues were canceled due to government guidelines and to stop the spread of COVID-19. However, with the uplift of various restrictions by governments, the market witnessed a gain in the sale of basketball gear in 2021. Sporting goods manufacturers reported gains in 2021 as the COVID-19 pandemic remains to surge sports involvement rates. Yearly sales for sporting goods retailers increased 24.7% in 2021 over 2020. The sporting goods sector made a digital shift with online shopping outperforming brick-and-mortar sporting goods stores.
Gather more insights about the market drivers, restraints, and growth of the Global Basketball Gear Market
Large sporting goods players performed well in 2021, such as Dick’s Sporting Goods, Under Armour, Adidas, and Nike. The U.S. sporting goods stores reported increased revenue every month in 2021 over 2020. Amid this growth, industry rivalry remains strong, which leads to specialty stores struggling to strive with the price as well as convenience of such large product offerings. Changing consumer behaviors both before and during the COVID-19 pandemic have increased the inclination towards online shopping. Over the last few years, there has been a significant demand for sports in various regions due to the growing influence of the internet and media as a means of promoting health as well as fitness, which has led to a rise in basketball competitions all over the world, thereby increasing the sale of basketball gear.
The basketball gear demand is backed by the rising interest of youngsters as well as teenagers. Demand for basketball gear is also influenced by growing consumer purchasing power, which is expected to drive the market. Ноwеvеr, іntеrnаtіоnаl bаѕkеtbаll аѕѕосіаtіоnѕ such as NВА and FІВА hаvе сеrtаіn ѕtаndаrdѕ fоr the ѕеlесtіоn оf bаѕkеtbаll gear, whісh most оf manufacturer’s mау not match with. Thus, it led to a decrease in the sales of the іmроrtаnt ѕеgmеntѕ, such as basketball and hoops and backboards, whісh іѕ а major fасtоr anticipated to сhаllеngе the global market.
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Basketball Gear Industry Segmentation
Grand View Research has segmented the global basketball gear market on the basis of product, distribution channel, and region:
Basketball Gear Product Outlook (Revenue, USD Million, 2017 - 2030)
- Basketballs
- Hoops & Backboards
- Accessories
Basketball Gear Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Offline
- Online
Basketball Gear Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA (Middle East & Africa)
Market Share Insights:
June 2021: JD Sports Group newly acquired Deporvillage, S.L., an online-only retailer of outdoor sporting equipment. In this acquisition, the company will acquire around 80% of the stake, while 0% will be retained by Deporvillage, S.L. founders - Xavier Pladellorens and Ángel Corcuera.
Key Companies profiled:
Some prominent players in the global Basketball Gear Industry include
- Wilson Sporting Goods
- Rawlings Sporting Goods Company, Inc.
- Nike, Inc.
- Nivia
- Dick's Sporting Goods, Inc.
- Target Brands, Inc.
- SCHEELS SPORTS
- Anthem Sports
- Under Armour, Inc.
- BSN Sports
Order a free sample PDF of the Basketball Gear Market Intelligence Study, published by Grand View Research.
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