The basketball shoe market value is expected to rise from USD 2,761.5 million in 2024 to USD 4,013.6 million by 2034. This market is analyzed to surge ahead at a CAGR of 3.8% over the next decade.
The basketball shoe industry is thriving on the growing popularity of basketball. The appeal of basketball is fueling participation in the game, for recreational leagues or professional levels. Thus, creating demand for proper footwear designed for performance optimization and injury prevention.
Young people too show greater involvement in basketball. The surge in youth basketball programs is expanding the consumer base for basketball shoes.
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Basketball shoe brands consistently innovate new technologies to improve features like shock absorption, cushioning, and traction. Customers seeking the latest advancements are drawn to these innovations to up their game.
Brands are further seen strategically partnering with renowned basketball athletes to endorse their shoes. The skills and fame of these icons help increase brand recognition and desire for the shoes that they promote. Brands also employ effective marketing campaigns that use social media and creative strategies to magnify this effect.
“Players are innovating and employing cutting-edge technologies in their latest collection of basketball shoes to attract more customers,” says an analyst of Future Market Insights.
Key Takeaways from the Basketball Shoe Market Report
- The basketball shoe market witnessed a growth rate of 3.4% during the historical period.
- By closure type, the laces type segment is projected to account for 45.3% in 2024.
- Based on product type, the high-top shoes are expected to acquire a share of 48.3% in 2024.
- The United States and Germany are performing at an average of 4.3% and 5.5% CAGRs, respectively, through 2034.
- Countries in the Asia Pacific, except China, are predicted to offer lucrative opportunities for investors and stakeholders alike.
Competitive Outlook
The basketball shoe industry is competitive, with several brands vying for consumer interest and loyalty. Players are shielding themselves from irrelevancy by constantly investing in tech advancements. Brands are thus integrating new materials for durability and lightness. For better court grip, they are introducing innovative traction patterns, and for better impact absorption, they are enhancing shoes’ cushioning systems. Constant improvements attract athletes who are always on the lookout for the latest technology.
Responding to the evolving customer purchasing habits, players are focusing on increasing consumer access via eCommerce platforms. This allows for a wider reach and easier purchases for consumers. Apart from expanding distribution channels and product innovation, players are focusing on partnerships, collaborations, and acquisitions to accelerate their growth.
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Key Players:
- 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
- Converse
- Others
Latest Developments Taking Place in Basketball Shoe Industry
- In March 2024, it was announced that the PUMA sneakers of LaMelo Ball, who is a famous Charlotte Hornets guard, are going to be available in an ‘Iridescent’ colorway.
- In May 2024, SNEAKER NEWS LLC announced that the signature sneakers of Kobe Bryant have assisted in developing a stacked 2024 release calendar. Several pairs are already scheduled for next year.
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Key Segments of Market Report
By Product Type:
Based on product type, the industry is divided into high-top shoes, mid-top shoes, and low-top shoes.
By Application:
By application, the market is trifurcated into sports, lifestyle, and competition.
By Closure Type:
Common closure types of basketball shoes include laces, Velcro, straps, and zippers.
By Consumer Orientation:
Based on consumer orientation, the industry is bifurcated into men and women.
By Sales Channel:
Various sales channels for basketball shoes include multi-brand stores, independent small stores, online retailers, and other sales channels.
By Region:
The basketball shoes are sold across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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