Basketball Shoes Market

Basketball Shoes Market Outlook (2022-2032)

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.

Laces, being the traditional closure type for basketball shoes is expected to contribute more than 60% of the global market during the forecast period.

Report Attributes	Details
Basketball Shoes Market Size (2021A)	US$ 5,153.9 Million
Estimated Market Value (2022E)	US$ 5,291 Million
Forecasted Market Value (2032F)	US$ 6,907 Million
Global Market Growth Rate (2022-2032)	2.7% CAGR
North America Market Share (2021)	~35.5%
Europe Market Growth Rate (2022-2032)	~ 2.9% CAGR
United States Market Growth Rate (2022-2032)	~2.8% CAGR
Market Share of Top 5 Companies	~22.6%
Key Companies Profiled	Adidas AG NIKE, Inc. Peak Sports USA PUMA SE ANTA Sports Products Ltd Li Ning Co. Ltd Under Armour Inc. Reebok International Ltd. Xtep International Holdings Limited.

Sales Analysis of Basketball Shoes (2017-2021) vs. Market Forecast Outlook (2022-2032)

Basketball game’s popularity grew steadily but slowly only in developed regions during the last decade. However, with the advent of social and digital media, the game’s popularity has recently exploded all over the globe. Prominence of national and international platforms such as Olympics, FIBA Basketball World Cup etc., have provided great opportunity for the game to flourish on a global scale.

Since basketball shoes are the sole equipment for the players to perform above par in the game, playing in the right footwear holds prime importance to all basketball players. This has pushed the demand for basketball shoes significantly among the consumers, instigating a market expansion with a compound annual growth rate of 2.6% from 2017 to 2021.

The target product market is expected to currently grow due to the market player’s growing realization towards importance of quality over quantity while manufacturing their products. Despite the fact that basketball shoes have been used for a long time, the COVID-19 pandemic has left some residual changes in the sales of basketball footwear like lockdown restrictions disrupting the distribution of goods on global scale which will continue to positively impact the global market for basketball footwear.

Fact.MR suggests that the global market for basketball shoes will be valued at US$ 6,907 Million by 2032 end posing a CAGR of 2.7% since 2022.

• Short Term (2022 Q2 to 2025): Increase in consumers’ expenditure on sportswear and growing interest among the youth population to play basketball to boost the market growth of basketball shoes in short term.
• Medium Term (2025-2028): The target market will experience growth during the medium-term projection period as manufacturers focus of producing customized quality products according to the customers’ usability.
• Long Term (2028-2032): Investments by market players in various marketing campaigns with an objective to create demand for their products will expand the target product market during the long term forecast.

Over the 2017-2021 historical period, the global basketball footwear market registered a CAGR of 2.6%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 2.7% CAGR between 2022 and 2032.

Market share analysis of basketball shoes based on shoes type is provided in a nutshell in the above image. Under the shoes type segment, high tops basketball shoes segment dominates with 59.5% market share in 2022.

What’s Driving Demand for Basketball shoes?

“Use of Right Footwear by Players to Remain an Influential Factor for Basketball Footwear Sales”

Basketball has established itself as a global sport due to its prominence in the Olympic platform making it world’s second most popular sport. Owing to this, there is a clear growing interest in game of basketball across the countries despite the socio economic hiccups.

In addition, inclusion of the game in all educational institutes has influenced the younger generation to play basketball irrespective of their age and ability. Individuals have to sprint, jump as well as cut while playing basketball thereby increasing the demand for specially made shoes that can withstand all kinds of pressure and reduces the possibility of any injuries to ankle and foot.

Owing to such reasons, availability of basketball shoes in various sizes and shapes according to the target population’s priorities are expected to uplift the market for basketball shoes across the globe.

“Endorsements & Program Sponsorships to Open Plethora of Opportunities for Target Product Manufacturers”

Market players adopt various marketing strategies in order to maintain a prominent position in the market. Celebrity endorsements are used as one such marketing tool to boost brand awareness among the population. Star power and influence of such celebrities can add credibility and glamour to their brand thereby influencing the consumers’ purchasing behavior.

For instance, Michael Jordan signed an endorsement deal with Nike for launching a new product under the name ‘Air Jordans’. In addition, sports sponsorship programs by the companies helps the brand to achieve a connection with their target consumers.

Therefore, such pairing of a celebrity to a shoe brand will drive the sales for basketball shoes over the globe.

What Do Basketball Shoes Manufacturers Need to Watch Out for?

“Exorbitant Rates and Changing Preference Towards Athleisure Footwear to Hamper the Market Growth”

The athleisure trend is growing among the consumers due to the increasing desire for a multifunctional wardrobe.  The special design with add on features of a basketball shoe makes them different from other footwear thereby restricting its use only for playing basketball. Economic downfall has made the manufactured products expensive. In addition, use of high quality raw materials for the production of basketball shoes also affects the final price of the product thereby costing an arm and a leg of the consumer which in return decreases the sales of the target product.

Hence, consumers’ shift towards athleisure footwear owing to the expensiveness of basketball shoes acts as a restraining factor for the global basketball shoes market.

Country-wise Insights

Why is North America a Major Market for Basketball Shoes?

The United States basketball shoes market is estimated at US$ 1,558.7 Million in 2021.

Changing buyer’s perception and rise in consumer spending has made North America as one of the opportunistic market for basketball shoes. In addition, presence of leading players in the region have helped to maintain the growth trajectory of basketball shoes sales.

Moreover, growing interest of millennials and GenZs towards the game of basketball will open a handful of opportunities for the basketball shoes market expansion.

Why is Europe Expected to be Highly Lucrative for Basketball Shoes Market?

Consumers shift towards sustainable footwear that reduces the risk of any injuries to basketball players have opened incremental opportunities for developed as well as developing regions. The sports sector in Europe is considered to grow in the forecast period owing to increase in disposable income of the population.

The outbreak of the pandemic also proved to be a major factor for the market expansion of basketball shoes in Europe with the help of emerging e-commerce platforms for distribution of manufactured products.

Thus, Europe will become a profitable market for the target product in the coming years, according to Fact.MR.

Category-wise Insights

Why are High Tops Basketball Shoe Types Highly in Demand?

High tops basketball shoes are anticipated to hold 60.4% of the global market share among shoe type by 2032. The demand for high tops basketball is immense among professional players due to provision of comfort and ability to reduce any injuries to a player. The versatility of high top basketball shoes in terms of styling are commendable thereby uplifting the demand for high tops basketball shoes from professional as well as casual players across the globe.

Why Individual Buyer Type Segment for Basketball Shoes Market is Outpacing the Other Segments?

Market share by individual buyer type is anticipated to grow at a CAGR of 3.1% over the estimated period. The inclusion of basketball as a game in various schools, colleges and universities inculcated a keen interest among the youth population.

This rise in interest among the individuals is directly proportional to the sales of basketball shoes since, footwear is considered to be the sole equipment of the player. In addition, customization of footwear according to an individual’s requirement from the manufacture-end creates extensive opportunities for the target market.

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