The Global Basketball Market size was reasonably estimated to be approximately USD 900.55 Million in 2022 and is poised to generate revenue over USD 1,424.54 Million by the end of 2030, projecting a CAGR of around 5.90% from 2022 to 2030.
A basketball is a spherical ball used in games of the same name. Basketballs usually range in size from very small promotional items that are only a few inches in diameter to extra-large balls nearly 2 feet (60 cm) in diameter used in training exercises. The circumference of a youth basketball can be as small as 27 inches (69 cm), while NCAA men's and women's basketballs can be as large as 30 inches (76 cm) and 29 inches, respectively (74 cm). The National Basketball Association (NBA) has a standard basketball circumference of 29.5 inches (75 cm), and the Women's National Basketball Association (WNBA) has a maximum circumference of 29 inches WNBA-sized CAA, NBA, or WNBA-sized balls are typically used in high school and junior leagues.
Top Key Players in the Basketball Market:
Molten (Japan), Mikasa Sports (Japan), Adidas (Germany), Franklin Sports (U.S.), Under Armour (U.S.), Unique Sports (U.S.), PEAK (China), Champion (U.S.), Lining (China), Tachikara (Japan), FitDeck (U.S.), Wilson (U.S.), Anta (China), Nike (U.S.), SKLZ (U.S.), Spalding (U.S.), And Other Major Players.
Market Dynamics and Factors for the Basketball Market:
Drivers:
Growing Popularity of The Game of Basketball Among Teenagers
The sport's reputation quickly transcended the borders of the US and became one of the most popular sports in almost every country in the world. And there are many reasons why basketball is still one of the most popular sports. Nowadays basketball has become one of the most accessible sports. There is a basketball court in almost every corner of our planet. It is a sport that you can both play and watch, either in person or via TV or an online streaming service. There are also numerous major leagues in the US (NBA, NCAA) and around the world.
Opportunities:
Increasing Interest of Youngsters in Sport Activities
For sports organizations understanding the potential barriers and facilitators to participation in their specific context can make a significant difference in maintaining and growing the number of players, volunteers, and fans who engage and participate regularly. This has flow-on effects for the long-term sustainability of individual sports, organizations, and the sector more broadly. The students who are very much engaged in sports activities have a bonding capability. Here, they have to work as a team, which teaches them how to enhance social relationships which is also an important parameter of life. Due to this factor participation of youngsters is increasing.
Segmentation Analysis of the Basketball Market:
- By Type, the rubber segment is Anticipated to Dominate the Market Over the Forecast period. A rubber basketball is a type of basketball that is made from rubber material. Rubber basketballs are commonly used in various settings, such as in schools, recreational play, and outdoor use.
- By Application, the Indoor segment is Anticipated to Dominate the Market Over the Forecast period. The material used is where the two different types of basketballs' primary physical differences lie. The surface of an indoor ball feels softer to the touch than an outdoor ball, as may have experienced if you've ever seen one at a basketball court and dribbled or shot it.
Regional Analysis of the Basketball Market:
North America is Expected to Dominate the Market Over the Forecast Period. Basketball is a primarily American sport. To keep the students occupied and out of trouble during the chilly winter months in Springfield, Massachusetts, James Naismith, a young physical education teacher, was asked to create a new indoor game in 1891. In the United States, participation in basketball has remained high over the last decade, with over 20 million people playing the game every year. The NBA is the premier men’s professional basketball league in North America, with the average franchise value of its participating teams standing at approximately 2.48 billion U.S. dollars.
Key Industry Development:
- In February 2023, Wilson Sporting Goods Co. introduced the 3D Airless Prototype Basketball on Saturday night during the first round of the AT&T Slam Dunk Contest by Houston Rockets' player, KJ Martin.
- In March 2022, Molten Corporation a manufacturer of competition quality sports balls and equipment announced it to provide the official game ball designed exclusively for the FIBA Women's Basketball World Cup 2022 scheduled to be held in Australia for 10 days from September 22 to October 1, 2022.
