Basketball Shoes Market Size to Rise at 2.7% CAGR by 2032

The global basketball shoes market is set to enjoy a valuation of US$ 5,291 Million in 2022 and further expand at a CAGR of 2.7% to reach US$ 6,907 Million by the end of 2032.

Only in developed nations did basketball games' popularity increase steadily but slowly during the past ten years. 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.

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Growth Drivers of the Basketball Shoes Market:

The basketball shoes market has experienced remarkable growth, fueled by several factors:

A. Popularity of Basketball: The global popularity of basketball, both as a professional sport and a recreational activity, continues to drive demand for basketball shoes.

B. Sports Sponsorships and Endorsements: High-profile endorsements by NBA stars and other basketball icons significantly influence consumer preferences, driving sales for endorsed shoe models.

C. Technological Advancements: Continuous innovation in shoe technology, such as cushioning, traction patterns, and materials, enhances performance and comfort, attracting enthusiasts and athletes alike.

D. Streetwear and Fashion Culture: The crossover between basketball shoes and streetwear culture has widened the market, making basketball shoes a style statement beyond the court.

Challenges and Opportunities:

The basketball shoes market faces both challenges and opportunities in its pursuit of growth:

A. Intense Competition: The market's competitive landscape requires brands to continuously innovate and differentiate their products to stand out.

B. Market Saturation: As the market becomes saturated with various shoe models, brands must create compelling marketing strategies to capture consumer attention.

C. Inclusivity and Diversity: Brands embracing inclusivity by offering diverse sizing options and catering to different playing styles can tap into new market segments.

D. Focus on Sustainability: Sustainable and eco-friendly initiatives present an opportunity for brands to attract environmentally conscious consumers.

Competitive Landscape:

Prominent market players manufacturing basketball shoes are Adidas AG, NIKE, Inc., Peak Sports USA, PUMA SE, Under Armour Inc., Reebok International Ltd., Xtep International Holdings Limited. and ANTA Sports Products Ltd.

Manufacturers adopt various strategies like mergers & collaboration, endorsement programs, new product launches, expansion of distribution channel across the globe etc. to maintain a prominent position. They focus on expanding their product portfolio by tremendously investing in R&D sector as well as providing discounts on their manufactured products. Following such marketing strategies will enable them to enjoy significant growth opportunities in the assessment period.

• In Feb 2021, Reebok announced a partnership with Montreal based Dime to launch low cut basketball shoes under the name of Dime x Reebok BB4000.

Fact.MR has provided detailed information about the price points of key manufacturers of basketball shoes positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Basketball Shoes Industry Research:

· By Shoes Type :
• High Tops
• Mid Tops
• Low Tops

· By Closure Type :
• Laces
• Straps
• Zippers
• Velcro

· By Buyer Type :
• Individual
• Institutional
• Promotional

· By Sales Channel :
• Independent Sports Outlet
• Franchised Sports Outlet
• Modern Trade Channels
• Direct to Customer Brand Outlet
• Direct to Customer Online Channel
• Direct to Customer Institutional Channel
• Third Party Online Channel

· By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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How will be insights and market estimations provided in the Fact.MR report on the Demand of Basketball Shoes make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions

• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period

• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets

• Provides scrutiny of the industry trends that have shaped recent government policies

• Provides an account of major breakthroughs in all segments that might change the course of the market considerably

• Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Basketball Shoes Market

• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future

• Evaluates the role of various stages of funding on new growth avenues in key regional markets

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This release was published on openPR.