The potential growth difference for the basketball apparel market between 2021 and 2026 is USD 4.58 billion, as per the latest market analysis report by Technavio. The report also identifies the market to witness an accelerating growth momentum at a CAGR of 5.6% during the forecast period. Technavio is a global market research firm with industry expertise on hundreds of technologies. Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
Market Driver
One of the key factors driving the global basketball apparel industry growth is the innovations in basketball apparel designs and portfolio expansion. Vendors such as Adidas, Nike, and Under Armour are using innovative materials for making basketball apparel. For instance, Nike offers basketball shorts with the sweat-wicking double-knit fabric feature
Market Trends
Introduction of connected basketball apparel is one of the key basketball apparel market trends that is expected to impact the industry positively in the forecast period. The growing technology innovations across the globe are encouraging sports apparel manufacturers to introduce smart features in their products. For instance, in September 2017, Nike announced the launch of Nike NBA Jersey with NikeConnect. The customers can download the NikeConnect application on their Android and iOS phones and connect to their favourite teams and players. Such innovations are expected to boost the growth of the market in focus in the coming years.
Market Challenges
One of the key challenges to the global basketball apparel industry growth is the inconsistent raw material prices. In the present market scenario, basketball apparel manufacturers are experiencing fluctuations in their profit margins. This is owing to the fluctuating prices of raw materials and the increasing vendor competition. In addition, the emergence of local players has led to price wars among competitors. Moreover, foreign currency fluctuations are directly adversely impacting the prices of raw materials such as cotton and natural fabrics.
The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Which are the Key Regions for Basketball Apparel Market?
34% of the market’s growth will originate from North America during the forecast period. The US is the key market for basketball apparel in North America. Market growth in this region will be faster than the growth of the market in Middle East and Africa.
The significant rise in the awareness of basketball as a healthy sport will facilitate the basketball apparel market growth in North America over the forecast period. The market research report by Technavio entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
Which is the Revenue-generating Distribution Channel Segments in the Basketball Apparel Market?
The basketball apparel market share growth by the offline segment will be significant during the forecast period. Offline stores offer a convenient shopping experience and a wide range of products at competitive prices. As a result, these stores help the vendors in expanding their customer base. Specialty stores, department stores, hypermarkets, and warehouse clubs are the different types of organized offline outlets in the global basketball apparel market. Factors such as business expansions and a rise in the number of department stores add to the sales of these retail formats, which will significantly contribute to the market growth during the forecast period.
Basketball Apparel Market Scope:
| Base year | 2021 |
| Forecast period | 2022-2026 |
| Growth momentum & CAGR | Accelerate at a CAGR of 5.6% |
| Market growth 2022-2026 | $ 4.58 billion |
| Market structure | Fragmented |
| YoY growth (%) | 4.8 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | North America at 34% |
| Key consumer countries | US, Australia, Spain, France, and Argentina |
| Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
| Key companies profiled | 47 Brand LLC, adidas AG, ANTA Sports Products Ltd., ASICS Corp., Authentic Brands Group LLC, Ballislife LLC, Berkshire Hathaway Inc., Decathlon SA, Fila Holdings Corp., Groupe Artemis, Iconix Brand Group Inc., Mitchell and Ness Nostalgia Co., New Balance Athletics Inc., Nike Inc., POINT 3 Basketball, Sunlight Sports Pvt. Ltd., Under Armour Inc., and United Sports Brands |
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