Overview of the global basketball equipment market
The global basketball equipment market is anticipated to grow at a steady rate and will post a CAGR of more than 2% during the forecast period. The increasing number of scholarship awards will drive the growth prospects for the global basketball equipment market during the forecast period. One of the major factors that drive the market’s growth is the availability of associated scholarship awards, which have the highest average scholarship money provided per head. Such a high average scholarship can cover the entire college fees, including tuition fees, room and boarding fees for a four-year degree college course in the US. Families who have very low incomes cannot afford college fees, which encourages them to look for sports scholarships that can cover the majority of their college expenses.
In terms of geography, the Americas accounted for the maximum market share during 2015 and will continue to dominate the market for the next few years. One of the major factors that propel the market’s growth in the region is the availability of a large consumer base in the region along with their strong affinity towards basketball as a sport. One of the major sport in the Americas is basketball and is extensively played in the regions of South America, the US, and Canada. At present, the most active basketball playing countries in the region are Puerto Rico, Dominican Republic, the US, Argentina, Brazil, Mexico, Venezuela, Canada, Uruguay, and Panama. Another major factor that encourages people to adopt basketball in the region is the increasing awareness of the activity as a healthy sport.
Competitive landscape and key vendors
The global basketball equipment market is highly fragmented and competitive due to the presence of a large number of key players. The vendor’s strategic approach changes in terms of intense competition and the changing consumer preferences. Also, the suppliers are compelled to distinguish their product and service offerings through a clear and unique value proposition, due to the presence of an intensely competitive environment. Moreover, the increasing competition is leading to the introduction of many innovative products in the market.
Key vendors in this market are
Rawlings Sporting Goods
Spalding Sports Equipment
Other prominent vendors in the market include ASICS, Baden, Fila, Joma, Lifetime, McDavid, Mizuno, Nivia Sports, Puma, and Under Armour.
Segmentation by product and analysis of the basketball equipment market
Basketball training equipment
The basketball shoe segment accounted for the maximum market share during 2015 and will continue to dominate the market until the end of 2020. Since the vendors are capitalizing on brand and celebrity athlete performances, the market witnesses a steady growth. Also, the vendors are increasingly focusing on expanding their market presence and profit margins by launching new innovative products. As a result, the market growth rate is expected to rise in the coming years.
Segmentation by retail format and analysis of the basketball equipment market
Specialty and sports shops
Department and discount stores
Department and discount stores
In 2015, the specialty and sports shops segment accounted for the maximum market share and will continue to dominate the market until the end of 2020. One of the major factors that drive the market’s growth is the availability of a large number of prominent brands in these outlets.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global basketball equipment market?
What are the key market trends impacting the growth of the global basketball equipment market?
What are the challenges to market growth?
Who are the key vendors in the global basketball equipment market?
What are the market opportunities and threats faced by the vendors in the global basketball equipment market?
What are the trending factors influencing the market shares of the Americas, APAC, Europe, and ROW?
What are the key outcomes of the five forces analysis of the global basketball equipment market?
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