Aug 23, 2017
4 Predictions on Future of Cricket Gloves Market
by Team Fact.MR
Cricket is quite a polarizing game as it is followed with a passion in Commonwealth countries but is hardly understood in the rest of the world that was not influenced by the British. Cricket gloves are an important part of the cricket accessories market but the cricket gloves market has not been able to reach its full potential. This is mainly because the gentleman’s game itself has been unable to gain widespread acceptance in Europe, South America, and East Asia, hampering the growth of the cricket gloves market. In addition, the cricket gloves market is largely saturated and companies have to devise innovative marketing strategies to help their products be the ‘best amongst the rest’.
The cricket gloves market is anticipated to be at a value of approx. US$ 60 million by the end of the forecast period in 2022.
- The individual segment accounts for the lion’s share of the cricket gloves market by buyer type and is likely to remain so throughout the duration of the forecast period. The individual segment is on track to be worth just under US$ 42 million by end 2022, making it imperative for key stakeholders in the cricket gloves market to target these buyers. The institutional segment is some way behind at approx. a third of the cricket gloves market. Companies could look at targeting institutions in the highly populous APEJ region particularly India, Pakistan, Bangladesh, and Sri Lanka as these countries consider the game to be their de-facto national sport and have committed large sums to it
- The modern trade channel is the most popular distribution channel with a revenue share approaching a quarter of the cricket gloves market. The modern trade channel is especially lucrative in APEJ and Europe as both these regions are estimated to be worth more than US$ 4 million by end 2022. The franchised sports segment closely follows the modern trade channel and it represents a sixth of the cricket gloves market by distribution channel. APEJ alone contributes more than a third and it would make sense for companies to attack this region before all others in the cricket gloves market
- The direct to customer online channel is currently a niche as it occupies a single-digit revenue share in the cricket gloves market. However, there is a strong possibility that it may become increasingly important in the days ahead as a result of improving Internet connectivity and the flexibility and convenience offered by ecommerce channels. Ecommerce is anticipated to have the maximum impact in the APEJ region allowing the direct to customer online channel to push past US$1.5 million in this dynamic region of the cricket gloves market
- The 175mm-190mm segment is the largest in the cricket gloves market by glove size and is projected to remain so. All the regions have a sluggish CAGR with respect to this segment but the greatest possibilities would be in the APEJ region. The 165mm-175mm segment is comparatively smaller and has revenue share of under 13% in the cricket gloves segment
The report on the cricket gloves market has profiled companies involved in the cricket gloves market. The companies are Playground Sports (India) Pvt. Ltd., Cosco (India) Limited, Kookaburra Sport Pty. Ltd, Gray-Nicolls Limited, ASICS Corporation, MRF Limited, Reebok International Ltd, PUMA SE, Nike, and Adidas AG.