According to recent findings from Future Market Insights (FMI), the Basketball Shoes Market is valued at USD 2,567 million in 2022, with expectations to climb to USD 3,538 million by 2032. This trajectory reflects a compound annual growth rate (CAGR) of 3.7% from 2022 to 2032. The steady rise in demand for basketball shoes is attributed to factors such as the increasing participation in basketball globally, the influence of professional athletes, and the growing emphasis on sports and fitness activities. These trends underscore the market’s potential for sustained growth and development over the forecast period.
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.
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
- Converse
Basketball Shoes Market by Category
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
- Other Sales Channel
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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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