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The basketball apparel market size is estimated to grow at a CAGR of 6.45% between 2023 and 2028. The market size is forecast to increase by USD 5,930.43 million. The growth of the market depends on several factors including the innovations in basketball apparel designs and portfolio expansion, the increasing adoption of basketball, and the introduction of various national and international basketball tournaments.
This basketball apparel market report extensively covers market segmentation by end-user (male and female), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the basketball apparel market growth is the introduction of various national and international basketball tournaments. There has been an increase in basketball tournaments and a rise in the participation of regular players over the last few years. In addition, Basketball at the Olympics, FIBA World Championship, EuroBasket, FIBA Americas Championship, FIBA Asia Championship, FIBA African Championship, and FIBA Oceania Championship are some of the well-known basketball events.
For instance, the 2023 FIBA Basketball World Cup, which took place from August 25 to September 10, 2023, will be the 19th version of the event that is held for national men's basketball teams. Furthermore, as announced on December 9, 2017, this was the first basketball World Cup to be hosted by multiple nations, including the Philippines, Japan, and Indonesia. A total of 32 teams from 32 countries participated in the event. Hence, such factors are positively impacting the market which, in turn, drives the market growth during the forecast period.
A key factor shaping the basketball apparel market growth is the introduction of connected basketball apparel. The launch of connected basketball clothing by market players is trending in the global basketball apparel market. In addition, the growing technology innovations across the globe are encouraging sports apparel manufacturers to introduce smart features in their products.
For example, in September 2017, Nike announced the launch of Nike NBA Jersey with NikeConnect. In addition, it is a connected jersey that allows customers to obtain scores, statistics, exclusive content, and highlight reels about their favorite teams and players with a tap on the jersey tags that are connected to smartphones. Hence, such factors are positively impacting the market which, in turn, drives the market growth during the forecast period.
The increase in the availability of counterfeit products is one of the key challenges hindering the basketball apparel market growth. The rising availability of counterfeit products results in an uneven competitive scenario of price standardization and market share erosion. In addition, counterfeit products, which lack durability and quality, sell at lower costs compared with the commodities of international brands to gain a competitive advantage.
Moreover, the key market competitors find achieving the optimum market penetration difficult. In addition, counterfeit products have a subsequent effect on the dilution of original brands. The main reason is that consumers confuse counterfeit products with original ones. Hence, such factors are negatively impacting the market which in turn hinders the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Basketball Apparel Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
47 Brand LLC: The company offers basketball apparel such as Franklin, Scrum, Lacer, Shortstop Hood and other apparel.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The male segment is estimated to witness significant growth during the forecast period. This segment includes shorts, hoodies, jerseys, tops, long-sleeve t-shirts, t-shirts, basketball pants, basketball tights, and others. In addition, Basketball at the Summer Olympic Games, EuroBasket, FIBA Americas Championship, FIBA World Championship, and FIBA Oceania Championship are the popular male basketball tournaments.
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The male segment was the largest segment and was valued at USD 10,587.87 million in 2018. Moreover, Nike, Adidas, PUMA, Under Armour, and POINT 3 BASKETBALL are the key market players that offer male basketball apparel in the market. In addition, A few of the men's apparel products that these companies offer include the Chip/White Wood DRYV Baller 3.0 Men Dry Hand Zone Basketball Shorts, Men Nike NBA Connected Jersey, UA Baseline Cotton Men Basketball Tank Top, and INDIANA HOOSIERS HRC JERSEY. Furthermore, brand endorsement plays a major role in the male basketball apparel category. Vendors such as Adidas and Nike are launching new lines of basketball products under the names of famous professional basketball players. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly fuelling the growth of the market in North America is the rising awareness of basketball as a healthy sport in the region. In addition, sport is the most popular in North America when compared with other regions and a majority of the population prefers to play basketball rather than football. Furthermore, the most popular and influential basketball players from the region are LeBron James, Michael Jordan, Kobe Bryant, and Kevin Durant. Strategic brand partnerships with these players have further helped the market players in gaining popularity in the region. Hence, such factors drive the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global basketball apparel market witnessed a significant slowdown due to the temporary closure of various industries, including those manufacturing basketball apparel in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The basketball apparel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Basketball Apparel Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.45% |
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Market Growth 2024-2028 |
USD 5,930.43 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.55 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, Australia, France, Spain, and Argentina |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
47 Brand LLC, Adidas AG, ANTA Sports Products Ltd., ASICS Corp., Authentic Brands Group LLC, Berkshire Hathaway Inc., Decathlon SA, FILA Holdings Corp., Iconix International, Mcdavid, Mitchell and Ness Nostalgia Co., New Balance Athletics Inc., Nike Inc., POINT 3 Basketball, PUMA SE, Russell Brands LLC, SUNLIGHT SPORTS PTE LTD., Under Armour Inc., United Sports Brands, and Ballislife LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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