Emerging Competitors: The Changing Landscape of Basketball Shoes Market 2032 | FMI - FMIBlog
The market for sneakers designed for basketball enthusiasts is predicted to be valued at approximately $2,567 million in the year 2022. Moreover, industry experts estimate this market to grow and reach around $3,538 million by the year 2032. This projection represents a compound annual growth rate (CAGR) of roughly 3.7% from 2022 to 2032.
In order to stay competitive, manufacturers utilize different strategies to strengthen their position in the market. These techniques include merging with other companies, forming partnerships, promoting brand affiliations, introducing new products, and expanding their global distribution networks. They also put a great deal of effort into research and development, making significant investments in this area. Additionally, they offer appealing discounts on their products to attract more customers. By implementing these marketing strategies, their goal is to take advantage of promising growth opportunities in the foreseeable future.
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Lillard, a well-known name in the basketball industry, has achieved incredible triumph with eight extremely profitable athletic shoes made in partnership with Adidas. The 32-year-old recently revealed the launch of the "Dame Certified," a collection of reasonably priced basketball shoes, which will further enhance his position in the industry.
In the last decade, there has been a gradual rise in the interest for basketball games in developed countries. Nevertheless, the worldwide popularity of this sport has experienced a sudden surge thanks to the advancements in social media and digital platforms. Events such as the Olympics, the FIBA Basketball World Cup, and various renowned national and international platforms have provided ample opportunities for basketball to expand its reach globally.
Moreover, there is a noticeable expansion of sports facilities, particularly in emerging nations such as China and India. The global engagement in sports is on the rise, thanks to the establishment of various structures including fitness centers, stadiums, and enclosed sports halls, among other similar establishments.
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The increasing consensus among the general population that sports can enhance overall quality of life has also played a role in the rise of the market. Even the government has made substantial contributions to the expansion of the global basketball shoe industry. Through initiatives such as ensuring access to sports education, providing incentives and subsidies to athletes, and organizing sporting events, the government has actively fostered the growth of the sports sector worldwide. Government backing for public awareness of physical fitness, the surge in sports participation, disposable income, and population growth are all driving forces propelling the global basketball shoe market forward.
Important Lessons from the Basketball Footwear Industry Analysis
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According to an analyst from FMI, the intended audience will witness an increase in size over the estimated timeframe as manufacturers concentrate on creating tailored goods of exceptional quality that align with the customers' needs.
Effects of the Coronavirus on the Economy
The global basketball shoes market suffered greatly during the COVID-19 pandemic, bringing about widespread destruction. As people were focusing more on essential items, footwear, being a discretionary purchase, took a significant blow. Outlet closures and economic measures further exacerbated its decline. However, the shoe industry has managed to bounce back, thanks to the widespread availability of online shopping and convenient doorstep delivery services. With the easing of COVID-19 restrictions, there has been a noticeable increase in demand for basketball shoes, indicating a path to recovery for the industry.
Key players in the basketball footwear industry include 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, and Converse, among several others.
Obtain a greater understanding of significant information
In its latest offering, Future Market Insights provides an impartial analysis of the market for basketball shoes. This analysis includes information on historical demand from 2017 to 2021, as well as forecasts for the period from 2022 to 2032. The study reveals interesting insights about the market for basketball shoes, including the different types of shoes available (high top, mid top, low top), the various applications for these shoes (sports, lifestyle, competition), the different closure types (laces, Velcro, straps, zippers), the target consumer groups (men, women), and the different sales channels (multi-brand stores, independent small stores, online retailers, and other sales channels). The forecast covers the period from 2022 to 2032.
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