Basketball shoe market is estimated to grow at a CAGR of 3.65% : Cognitive Market Research

As per Cognitive Market Research analysis, the basketball shoe market size is projected to grow from USD 5.31 billion in the year 2022 to USD 6.76 billion by 2029 at a CAGR of 3.65% from 2022-2029.

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Basketball is referred to as a team sport that involves two teams of five active players. Each team tries to score points against one another by throwing a ball through a 300 cm (10 feet) high hoop also called the basket. Basketball can be played on both indoor and outdoor courts under a certain set of organized rules.

Market Dynamics:
• Basketball is among the most popular sports played around the globe. Basketball is basically an indoor sport that is an exciting and fast pace game that can be played throughout the year. Moreover, the accessories or equipment required are minimal and simple i.e., a ball and hoops. Thus, it makes it a more cost-effective, and accessible sport to play, participate and learn which increases its popularity among the population. Further, the increasing number of basketball tournaments and championships also plays a significant role in promoting basketball among the population. Thus, with the increasing popularity of basketball sport, and disposable income levels, the demand for basketball shoes also increases simultaneously as it is an integral part of playing basketball sport.

• The data from FIBA (International Basketball Federation) has stated the presence of 450 million basketball players and fans globally.

• Basketball is associated with several health benefits including calorie burn, building up muscle, improvisation of balance and coordination, and development of concentration and self-discipline. Thus, an increasing number of fitness freaks and health-conscious people admire basketball to improve their health and also to form new social groups. Factors such as strengthening of sports infrastructure in emerging nations, rising disposable income levels, development of stadiums, and indoor sports halls, increasing focus on sports education, rising women's engagement in sports, and digital sport streaming services are expected to create lucrative opportunities for the growth and expansion of the basketball shoe market.

Regional Analysis of the Basketball Shoe Market:
• North America is anticipated to have the highest sales of basketball shoes
- Based on Region, the basketball shoe market is fragmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is estimated to have the highest market share of the market. Significant popularity of the basketball sport at the high school, college, and professional levels coupled with a strong culture of basketball are among the factors contributing to the growth of the market. Moreover, the high purchasing power of people and the presence of top basketball shoe brands in this region also contribute to the market's strength.

Top players involved in the Basketball Shoe market:
• Adidas AG
• NIKE Inc.
• Jordan
• New Balance
• Converse
• Peak Sports USA
• PUMA SE
• ANTA Sports Products Ltd
• Li Ning Co. Ltd
• Under Armour Inc.
• Reebok International Ltd.

Current Trends of Manufacturers:
• January 2023
- Jordan Brand Introduces 23/7, a Shoe Designed for a Kid's Experience
Jordan Brand has launched 23/7, a lightweight, durable, and easy-entry shoe for kids. 23/7 has an intuitive step-in design, a secure lockdown system, and forefoot flexibility that provides comfort to kids. The company was focusing to create a shoe that is an everyday part of a kid's life; bringing the sport to the next generation.

• September-2022
- New Balance Unveils the New Two Wxy V3 High-Performance Basketball Shoe
New Balance has launched TWO WXY V3, the third iteration remains under the FuelCell platform and is packed with design and tech built for the position-less player. The first colorway of the TWO WXY v3, called Cerebral, will be available at New Balance retail stores and select retailers

Segment Analysis:
The basketball shoe market is segmented on the basis of shoe type, closure type, buyer type, customers, distribution channel, and region.

• High-top shoe is preferred more by basketball players
- Based on Shoe Type, the market is fragmented into high tops, mid tops, and low tops. The high tops basketball accounts for the highest market share as it provides protection to the ankle from inversion sprains. The data from the American Academy of Podiatric Sports Medicine states that 68% of the National Basketball Association (NBA) players utilize a high-top shoe, 15% utilize a 3/4 top shoe, and only 10% will use a low-top basketball shoe for regular play.

• Offline channels are presumed to have the highest market share
- Based on Distribution Channel, the basketball shoe market is fragmented into online channels and offline channels. Offline channels are anticipated to have the highest market share. The majority of people prefer to visit stores or purchase footwear in person to eliminate the fitting and comfort issue of shoes. Moreover, the risk associated with counterfeit products in the online channel is comparatively more which also promotes the sales of basketball shoes through an offline channel. However, the increasing number of authorized dealerships and brand outlets in online distribution channels is projected to show significant growth in online channels in the forecasted period.

Related Report:
• Athletic Footwear Market - https://www.cognitivemarketresearch.com/athletic-footwear-market-report
• Basketball Equipment Market - https://www.cognitivemarketresearch.com/basketball-equipment-market-report
• Sports Shoes Market - https://www.cognitivemarketresearch.com/sports-shoes-market-report

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