The Basketball Shoes Market is estimated at USD 2,567 million in 2022 and is projected to reach USD 3,538 million by 2032, at a CAGR of ~3.7% from 2022 to 2032.
Over the past ten years, the popularity of basketball games has consistently but slowly increased in developed nations. However, the popularity of the game has recently skyrocketed worldwide as a result of the development of social and digital media. The Olympics, the FIBA Basketball World Cup, and other prominent national and international platforms have given the sport significant opportunities to grow internationally.
Additionally, sports infrastructure is growing, especially in developing countries like China and India. Worldwide sport participation rates are increasing as a result of the construction of facilities like gymnasiums, stadiums, and indoor sports arenas, among others.
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The growing belief among the general public that sports may help people live better lives has also contributed to the market’s growth. Even the government is contributing significantly to the expansion of the world market for basketball shoes. By guaranteeing sports education, offering incentives and subsidies to athletes, and organising sporting events, the government has also contributed to the growth of the sports industry around the world. Government support for public awareness of physical fitness, growing sports participation, disposable income, and population growth are all factors propelling the global Basketball Shoes Market ahead.
Key Takeaways from the Basketball Shoes Market Study
- In terms of sales channel, online retailing is likely to dominate over the forecast period. Consumer tastes are evolving, and instead of shopping offline, customers are turning to online retailing, which is prompting manufacturers to expand their online presence in the market. One of the major factors driving the growth of the online sales channel is the availability of a wide range of basketball shoes online.
- In the case of regional analysis of regions like the North America and Asia is expected to gain traction in the basketball shoes
- Increased consumer spending on sportswear and rising interest in basketball among young people will help the market for basketball shoes grow.
- The basketball shoes market will grow as a result of market participants’ investments in a variety of marketing initiatives designed to generate demand for their goods.
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“The target market will experience growth during the projection period as manufacturer’s focus of producing customized quality products according to the customers’ usability.” Says an FMI Analyst.
Impact of COVID-19 on the Market
The COVID-19 pandemic caused devastation in a variety of global industries, notably the basketball shoes market. Due to the discretionary nature of footwear, it was one of the industry’s most negatively hit by the epidemic as a result of outlet closures and austerity measures due to the economy’s fast deteriorating state. The shoe industry has recovered thanks to the accessibility of online shopping and doorstep delivery, with a recovery in demand in post-covid conditions.
Who is winning?
Leading players operating in the basketball shoes market Adidas Group, Nike Inc., New Balance, ASICS, PUMA SE, Under Armour, Inc., Li Ning Company Ltd., ECCO, China Dongxiang (Group) Co., Ltd., 361 Degrees International Limited., Vans, and Converseamong others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Basketball shoes market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Basketball Shoes Market by Product Type (High top shoes, Mid top shoes, Low top shoes) By Application (Sports, Lifestyle, Competition) By Closure Type (Laces, Velcro, Straps, Zippers) By Consumer Orientation (Men, Women) By Sales Channel (Multi-brand Stores, Independent Small Stores, Online Retailers and Other Sales Channel) & Region – Forecast to 2022-2032.
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