The global basketball market has experienced significant growth, and this trend is expected to continue in the coming years. In 2022, the market size was estimated to be approximately USD 900.55 Million, and it is projected to reach a revenue of over USD 1,424.54 Million by the end of 2030. This indicates a projected Compound Annual Growth Rate (CAGR) of around 5.90% from 2023 to 2030.
Basketball, a beloved sport with universal appeal, has captured the hearts of millions of enthusiasts worldwide. From its humble beginnings as a sport created in 1891 to its current status as a major professional league spectacle, basketball’s journey has been remarkable. With accessible basketball courts in nearly every corner of the world and numerous major leagues, the game has become a part of the daily lives of both players and fans alike.
Major Key Players:
The basketball market is driven by several key players who contribute to its growth and development. Some of the major key players in the industry include Molten, Mikasa Sports, Adidas, Franklin Sports, Under Armour, Unique Sports, PEAK, Champion, Lining, Tachikara, FitDeck, Wilson, Anta, Nike, SKLZ, and Spalding, among others. These companies play a crucial role in supplying basketball equipment, including balls, apparel, and accessories, catering to the needs of players and enthusiasts worldwide.
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Global Basketball Market: Rising Popularity and Promising Opportunities
Market Drivers and Opportunities:
Growing Popularity Among Teenagers: Basketball’s reputation has transcended borders, making it one of the most popular sports globally. Accessible basketball courts and its enjoyable nature have contributed to its rising popularity among teenagers and the younger generation. With major leagues like NBA and NCAA, the sport’s visibility and appeal continue to grow.
Increasing Interest in Sports Activities: The interest of youngsters in sports activities has witnessed a notable upsurge. Engaging in sports, including basketball, fosters teamwork, leadership, discipline, and sportsmanship. As these skills are equally important in academics and management, participation in sports contributes to the overall growth of the sports industry and basketball manufacturers.
In February 2023, Wilson Sporting Goods Co. introduced the 3D Airless Prototype Basketball during the AT&T Slam Dunk Contest, showcasing continuous innovation in basketball equipment.
In March 2022, Molten Corporation provided the official game ball for the FIBA Women’s Basketball World Cup 2022, demonstrating its commitment to international competitions.
In September 2021, Molten Corporation offered an exclusive tournament design official game ball for the FIBA EuroBasket 2022, reinforcing its presence in major basketball events.
As the basketball market continues to witness rising popularity among teenagers and increased interest in sports activities, it is expected to thrive in the coming years. With major leagues driving engagement and accessibility of basketball, the sport’s global appeal is set to sustain its growth trajectory.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
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Basketball Market Segmentation:
Type: The basketball market can be segmented based on the type of basketballs. Indoor basketballs, made of full-grain leather, are known for their soft touch and grip, making them suitable for play on indoor courts. On the other hand, outdoor basketballs are designed for durability on rough outdoor surfaces.
Application: The market can also be segmented based on application. The indoor segment is anticipated to dominate the market over the forecast period. Indoor basketballs are preferred for their superior performance and durability when used on indoor courts.
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For this report, Introspective Market Research has segmented the Basketball Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America: North America is expected to dominate the basketball market due to the sport’s strong roots in the region. With its inception in Springfield, Massachusetts, in 1891, basketball quickly gained popularity and became a well-liked sport among both men and women. The NBA, with teams in the United States and Canada, is the major professional basketball league globally, further solidifying basketball’s prominence in North America.
- The Czech Republic
- Rest of Eastern Europe
- Rest of Western Europe
- South Korea
- The Philippines
- New Zealand
- Rest of APAC
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of SA
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Covid-19 Impact Analysis:
The COVID-19 pandemic significantly impacted the basketball market, as it did with many other sports. Events and competitions were postponed or canceled, leading to revenue losses for basketball manufacturing companies. The suspension of the NBA season and restrictions on spectator attendance resulted in a downturn in revenue during the pandemic.
Scope of the Report:
The latest research on the Basketball Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Basketball industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Basketball Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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