LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global basketball equipment market to grow at a CAGR of more than 2% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global basketball equipment market for 2016-2020. The report also lists basketballs, basketball shoes, basketball training equipment and basketball accessories as the four major product segments.
“Many professional leagues are getting established in eastern European countries like Poland, the Czech Republic, Serbia, and Lithuania, where basketball is increasingly becoming the second most admired sport after soccer,” says Arushi Thakur, an industry expert for outdoor gear sector at Technavio.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global basketball equipment market:
- Increasing adoption of basketball
- Substantial scholarships
- Celebrity endorsements
Increasing adoption of basketball
Basketball has been growing substantially over the years. The sport has been gaining immense attention on a global level and has been receiving the same international acceptance as football does. For example, China, which comprises almost one-third of the world's population, has seen most of its citizens taking a keen interest in the game of basketball. The sport has always been quite popular in the US but is gaining admiration across the Atlantic, the UK, and in Europe as well.
Such rise in the popularity of game can be attributed to several factors, one of which is the worldwide broadcast of NBA games. Adding to this global reach is the widespread use of internet and social media which enables players to connect with their fans. Additionally, the growing popularity of the Paralympic Games has fueled the growth of wheelchair basketball globally. Currently, more than 80 countries have been encouraging wheelchair basketball teams comprising both men and women.
Substantial scholarships
Families with income below USD 40,000 cannot afford college fees of around USD 20,000. This has led many people to look for sports scholarships that can cover college fees, with high scholarship amounts acting as a major attraction to them. One of the key drivers of the global basketball equipment market is that the sport extends the second highest number of scholarship awards available with the highest average scholarship money received per student. This is also one of the main reasons why many Americans are encouraged to take up basketball. This sport also covers the fees for a larger number of students as compared to other sports.
Celebrity endorsements
Launching advertising campaigns by famous sportsmen and athletes is an age-old and successful marketing strategy practiced by almost all well-established sports equipment manufacturers. Generally, the most common purchase behavior exhibited by consumers is the preference for products that their favorite players promote, and thus, vendors use celebrity endorsements as one of their primary marketing tools.
Famous athletes such as Michael Jordan, LeBron James, and Kobe Bryant often launch new product lines of international vendors, which boost their sales revenues. “Apart from celebrity endorsements, many vendors also sponsor several sports tournaments and matches, which again aids in reinforcing their market presence,” says Arushi.
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