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The market trends and analysis report covers an in-depth analysis of market growth factors such as the expansion of distribution networks by companies, the customization of baseball equipment by companies, and the high popularity of alternative sports.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Akadema Inc., Amer Sports Corp., Ampac Enterprises Inc., ASICS Corp., BRG Sports Inc., Champro Sports, D BAT Sports, Diamond Sports, Franklin Sports Inc., Hillerich and Bradsby Co., Marucci Sports LLC, Mizuno Corp, New Balance Athletics Inc., Nike Inc., Nokona American Ball Gloves, Rawlings Sporting Goods Co. Inc., Schutt Sports, Under Armour Inc., and USA Baseball
Qualitative and quantitative analysis of market growth and trends 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. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Expansion of distribution networks by companies is the key factor driving market growth. Market players follow different strategies for the expansion of their online and offline distribution networks, which can increase their customer base. They invest in opening new stores and remodeling the existing ones. The increasing number of offline stores and online channels is expected to accelerate companies' revenue generation.
Moreover, brick-and-mortar retailing remains the key channel for the sales of baseball equipment. However, Internet retailing will see a rapid growth rate in the next five years. Further, the growing Internet penetration and the increasing trust of consumers in Internet retailing, combined with fast shipping services and the growing fragmentation of consumer choices, are expected to significantly contribute to the growth of the global baseball equipment market during the forecast period.
Customization of baseball equipment by companies is the primary trend shaping market growth. The popularity of customized products has increased in various developed regions, especially in North America and Europe. Several emerging countries, such as China and India, are also experiencing a surge in demand for customized premium goods, such as baseball shoes and baseball bags. Akadema, one of the major market players in the market, offers customized hand gloves with custom logos.
Similarly, Nike Inc. offers customized baseball equipment and accessories. The extent of personalization can vary from the design, logo, color, and buckles to embroidery or adding names. For instance, Nike Inc. offers customized team jerseys for baseball. It allows customers to customize their baseball equipment in terms of color, design, team, player name, and the printing of text. Hence, the advent of customization encourages more purchases, hence driving market growth during the forecast period.
The high popularity of alternative sports is a challenge that affects market growth. The market faces intense competition from other sports, such as boxing, judo, wrestling, fencing, and kickboxing. The high popularity of various outdoor sports, such as cricket, football, hockey, basketball, tennis, and swimming, is also a challenge for the market. Apart from the usual major cricket tournaments such as the International Cricket Council (ICC) Cricket World Cup, T20 World Cup, Ashes, and the Asia Cup, many other cricket tournaments are conducted frequently at the global level.
Furthermore, there is an increasing number of football events at global and national levels. This can be attributed to the various global and national level governing bodies and associations that promote the sport. There has been an increase in the viewership of football in countries such as the United Arab Emirates, Thailand, Chile, Portugal, Spain, Italy, Germany, the UK, and France as the popularity of football in these countries is rising. Therefore, the popularity of alternative sports is expected to impede the growth of the market during the forecast period.
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The offline segment will account for a major share of the market's growth during the forecast period.?The offline distribution channel consists of specialty stores, including brand-owned stores, multi-brand stores, apparel stores, fashion and personal accessories stores, and sports equipment stores, as well as hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores. Global market players are expanding their stores in local and regional markets to fuel sales through offline channels. The offline segment was valued at USD 2,142.50 million in 2018. Further, the hypermarkets, supermarkets, convenience stores, and clubhouse stores that sell baseball equipment include Walmart Inc. (Walmart), Costco Wholesale Corp. (Costco Wholesale), and Target Brands Inc. (Target). Further, department stores are one-stop solutions for shopping sports equipment including baseball equipment. Thus, such benefits will lead to an increase in the adoption of department stores, supermarkets, hypermarkets, and convenience stores for purchasing baseball equipment, which, in turn, will drive market growth during the forecast period.
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The market is segmented by type into bats, gloves, shoes, balls, protective gear and others. The bats?segment will account for the largest share of this segment.?
North America is estimated to contribute 37% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The US and Canada have been traditional markets for baseball equipment, owing to the popularity of the sport in both countries. The rising demand for customized baseball equipment drives the growth of the market in North America. Furthermore, the sales of celebrity-endorsed and designer baseball equipment are increasing in North America. Such baseball equipment costs more than normal ones. Therefore, the growth in the sales of such equipment is expected to increase the revenue generated by the market players. This, in turn, is expected to drive the growth of the market in the region during the forecast period.
Baseball Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.05% |
Market Growth 2024-2028 |
USD 693.08 million |
Market structure |
Fragmented |
YoY growth (%) |
3.85 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key consumer countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Adidas AG, Akadema Inc., Amer Sports Corp., Ampac Enterprises Inc., ASICS Corp., BRG Sports Inc., Champro Sports, D BAT Sports, Diamond Sports, Franklin Sports Inc., Hillerich and Bradsby Co., Marucci Sports LLC, Mizuno Corp, New Balance Athletics Inc., Nike Inc., Nokona American Ball Gloves, Rawlings Sporting Goods Co. Inc., Schutt Sports, Under Armour Inc., and USA Baseball |
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, Market condition analysis for the forecast period. |
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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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