Basketball Gear Market Size, Share & Trends Analysis Report By Product (Basketballs, Hoops & Backboards, Accessories), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global basketball gear market size was valued at USD 803.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. Increasing consciousness regarding fitness, inclination toward basketball, rising disposable income, and popularity of the National Basketball Association (NBA) are the main factors contributing to the growth of the market. However, fluctuating raw material prices of basketball equipment are restraining the growth of the market. Nevertheless, investments in basketball leagues are expected to create lucrative opportunities for the market growth. A number of nations that now host competitive basketball leagues as well as tournaments will support the industry demand.

The COVID-19 pandemic has had a negative impact on the market in 2020. The key players halted their manufacturing operations all over the world due to restrictions imposed by the government. In addition, various basketball events and leagues were canceled due to government guidelines and to stop the spread of COVID-19. However, with the uplift of various restrictions by governments, the market witnessed a gain in the sale of basketball gear in 2021. Sporting goods manufacturers reported gains in 2021 as the COVID-19 pandemic remains to surge sports involvement rates. Yearly sales for sporting goods retailers increased 24.7% in 2021 over 2020. The sporting goods sector made a digital shift with online shopping outperforming brick-and-mortar sporting goods stores.

Large sporting goods players performed well in 2021, such as Dick’s Sporting Goods, Under Armour, Adidas, and Nike. The U.S. sporting goods stores reported increased revenue every month in 2021 over 2020. Amid this growth, industry rivalry remains strong, which leads to specialty stores struggling to strive with the price as well as convenience of such large product offerings. Changing consumer behaviors both before and during the COVID-19 pandemic have increased the inclination towards online shopping. Over the last few years, there has been a significant demand for sports in various regions due to the growing influence of the internet and media as a means of promoting health as well as fitness, which has led to a rise in basketball competitions all over the world, thereby increasing the sale of basketball gear.

The basketball gear demand is backed by the rising interest of youngsters as well as teenagers. Demand for basketball gear is also influenced by growing consumer purchasing power, which is expected to drive the market. Ноwеvеr, іntеrnаtіоnаl bаѕkеtbаll аѕѕосіаtіоnѕ such as NВА and FІВА hаvе сеrtаіn ѕtаndаrdѕ fоr the ѕеlесtіоn оf bаѕkеtbаll gear, whісh most оf manufacturer’s mау not match with. Thus, it led to a decrease in the sales of the іmроrtаnt ѕеgmеntѕ, such as basketball and hoops and backboards, whісh іѕ а major fасtоr anticipated to сhаllеngе the global market.

The market includes both international as well as domestic companies competing for market share. Major market players concentrate on strategies such as modernization and new product introductions in retail, increasing distribution channels, entering department and discount stores, and collaborating with the stars in order to gain maximum customer penetration. For instance, in June 2021, JD Sports Group newly acquired Deporvillage, S.L., an online-only retailer of outdoor sporting equipment. In this acquisition, the company will acquire around 80% of the stake, while 0% will be retained by Deporvillage, S.L. founders - Xavier Pladellorens and Ángel Corcuera.

Product Insights

Basketballs held the largest revenue share of over 50.0% in 2021. Basketball is the only piece of equipment needed to play basketball. Basketball is the major gear largely used in national as well as league matches all over the world. For instance, the NBA gives 72 balls to each team at the start of the season. That brings the ball count to 2,160 basketballs. According to the stats, over 8 million basketballs are sold each year in the U.S. Thus, millions of basketballs are manufactured and sold each year globally.

The hoops and backboards segment is expected to expand at the 2^nd fastest CAGR of 4.3% from 2022 to 2030. The segment is witnessing impressive growth owing to the increasing participation in basketball both as a competitive sport as well as a recreational activity. With the increasing number of national as well as international basketball competitions, the demand for basketball hoops has poured, which, in turn, will surge the sales volume from retail stores to the company’s online sales channel.

Distribution Channel Insights

The offline segment led the global market with a revenue share of over 75.0% in 2021. This is due to the exposure and accessibility to the largest number of shoppers. The major factor contributing to the growth of this segment is the increasing consumer preference for buying high-end products from retail outlets. Moreover, it becomes easy for customers to know the exact size as well as the weight of the product from offline channels such as convenience stores and company-owned brand retail stores. In addition, season clearance sales and instant availability are able to lure the customers toward this distribution channel.

The online segment is expected to register the fastest CAGR of 4.9% from 2022 to 2030. The online distribution channel is anticipated to witness significant growth in the coming years on account of the availability of the newest trends and rarest brands at the most convenient price, along with the biggest discounts. In addition, most of these online shopping spaces collaborate with different other banks, which provide various payment modes as well as extra discounts when payments are completed using a particular medium. Owing to this, banks and other payment channels have been endorsing themselves via these e-commerce websites, thus leading to extra marketing and increasing total sales.

Regional Insights

North America accounted for the largest revenue share of over 65.0% in 2021. The U.S. and Canada were the major countries that largely contributed to revenue generation in North America in 2021. North America dominated the market due to NBA and people’s preferences. Moreover, growing consumer spending on sports goods, growing health awareness, and rising obesity are largely driving the North American market for basketball gear.

Europe is expected to register the 2^nd fastest CAGR of 4.3% from 2022 to 2030. In the countries such as France, Germany, Italy, Greece, and Spain, basketball is gaining popularity in spite of the continuing domination of soccer. Basketball is being played with more fluency than ever as most European players go into the pro league. Thus, with this transformation comes large popularity of the sport, its gear, as well as culture. More than 200,000 people in the U.K. pick up a basketball and play the game on a weekly basis. Statistics for several European nations show that the sport remains to enjoy a large popularity among the general public.

Key Companies & Market Share Insights

The Omni channel marketing by the key players has been making an optimistic impact on the market growth. Moreover, sales expansion through online channels, advanced product launches, and eye-catching marketing and advertising strategies that are implemented by the companies have driven the market. Most market players strive continuously to gain a competitive advantage over their competitors and develop a solid base for themselves. Some prominent players in the global basketball gear market include:

• Wilson Sporting Goods

• Rawlings Sporting Goods Company, Inc.

• Anthem Sports

• Nivia

• Dick’s Sporting Goods, Inc.

• Target Brands, Inc.

• SCHEELS SPORTS

• Anthem Sports

• Under Armour, Inc.

• BSN Sports

Basketball Gear Market Report Scope

Segments Covered in the Report

This report forecasts growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global basketball gear market report on the basis of product, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Basketballs

  • Hoops & Backboards

  • Accessories

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Greece

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Philippine

    • Australia

    • South Korea

    • Hong Kong

  • Central & South America

    • Argentina

  • Middle East & Africa

    • South Africa