Basketball Shoes Market Proposals & Trends Leading to 7.14% CAGR Growth during 2017-2021
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Basketball is a game which is popular across the globe and has several accessories. Shoes is one such accessory which is directly associated with the game, and is a more crucial one. There are several benefits of using shoes especially designed for the game. The material, make, quality size, and other features decide the shoe rating and its premium. Basketball shoes are also used by people who have money and look for style but do not play the game. However, for basketball players who look at the game from a career perspective, this accessory is a must which is essential to maintain their foot health.
6 Forecast Highlights on Global Basketball Shoes Market
1) High tops segment by shoes type is expected to grow at a higher growth rate as compared to other segments and is poised to continue showing its dominance throughout the period of forecast. The segment growth is mainly due to its foot friendliness and support while playing. The high tops segment is anticipated to grow at a CAGR of 2.8% throughout the period of forecast
2) The medium tops and low tops segments are expected to grow at a similar pace during the period of 2017 to 2022. The medium tops segment, however, has a higher market share than the low tops segment, and reflects a market share of 32.4%. Both are expected to lose BPS by the end of 2022
3) Laces segment is expected to dominate the global market by closure type. The segment is poised to grow at a higher growth rate comparatively, and reflects a market share of 57.1%. the straps segment follows laces segment and is second from top with respect to growth rate and market share
4) North America region dominates the global market by region and has a higher market attractiveness index. It is considered to be the most lucrative region growing at a higher growth rate and registering a CAGR of 2.7% as compared to other regions. Basketball as a recreational game and as career is rising in this region, with bath professionals and amateurs opting for the game and also the basketball accessories, thereby raising the consumption bar of basketball shoes in this region
5) The individual segment by buyer type is fastest growing segment compared to institutional and promotional segments by buyer type. The individual segment shoes higher market share by dominating the market and is expected to grow at a CAGR of 2.9% throughout the period of forecast. It is also expected to gain a high BPS by the end of 2022
6) Third party online channel segment dominates the global basketball shoes market by sales channel. It also shows a comparatively higher growth rate and anticipated to reflect a CAGR of 3.4% throughout the period of forecast of 2017 to 2022. Following this segment, the direct consumer brand outlet segment also shows potential and grows at a reasonably well growth rate during the forecast period
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North America at the Zenith of the Global Market
North America region is expected to show higher market attractiveness index and is considered to be the most lucrative market. This region is expected to dominate the global basketball shoes market in terms of revenue share and growing at a comparatively higher growth rate than other regions. Europe is expected to show similar growth rate during the period of forecast, yet has a lower market share by revenue as compared to North America. The main cause rise in this market is attributed towards the increasing disposable income and more riches opting for basketball as a recreational sport and also intend to take care of their foot health and especially protect their ankles, thereby contributing to the fast growth rate of basketball shoes in the North America region. Asia-Pacific excluding Japan (APEJ) region shoes sluggish growth rate and a slower one as compared to these two regions throughout the forecast period.
High Tops Top the List
High tops segment by shoes type is anticipated to show a higher growth rate as compared to other segments along with a higher market share by revenue thereby showing dominance during the period of forecast. The high tops segment is expected to grow at a CAGR of 2.8% during the forecast period of 2017 to 2022 and also is expected to gain a higher BPS by the end of 2022. The medium tops segment is also gaining speed slowly, and seconds the high tops segment. High tops segment growth can be attributed towards the conventional design and ankle protection feature of high top shoes that low tops segment does not show. Moreover, the high top shoes are less costly and more robust.
By Buyer Type, the Individual Segment Outpaces Other Segments
The individual segment by buyer type shows a comparatively higher growth rate and is expected to register a CAGR of 2.9% during the period of forecast. The segment also portrays dominance owing to a higher market share among the three segments. This segment also expected to enjoy a higher gain in the BPS by the end of 2022. Following the individual segment, the institutional segment has taken a better turn with respect to growth and market share.
Laces Segment vs. Straps Segment, One Tough Call to Make
The laces segment by closure type is expected to grow at a higher rate followed by the straps segment. However, the laces segment shows higher market share and dominates the market. The straps segment comes second in line with respect to value market share and it would be advisable to invest in these two segments as per regional outlook, especially in North America the laces segment could find better opportunities the laces segment is shows a market share of 57.1% as of 2017 and this trend is anticipated to continue throughout the period of forecast.
Third Party Online Channel Grows Stronger
The third party online channel segment by sales channel shoes a higher growth rate comparatively during the period of forecast with a higher market share by revenue thereby dominating the global market. This segment is poised to register a CAGR of 3.4% during the period of forecast. Following this segment, the direct customer brand outlet segment shoes good potential and is expected to grow at a steady rate during the period of forecast.
The report also profiles companies that are expected to remain active in the expansion of the global basketball shoes market through 2022, which include Adidas AG, NIKE, Inc., Peak Sports USA, PUMA SE, ANTA Sports Products Ltd, Li Ning Co., Ltd, Under Armour, Inc., Reebok International Ltd., Amer Sports Corporation and Xtep International Holdings Limited.
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