The potential growth difference for the basketball apparel market between 2021 and 2026 is $4.58 billion, as reported in the latest market analysis report by Technavio. The report also expects the market to witness an accelerating growth momentum of 5.6% during the forecast period.
Innovations in basketball apparel designs and portfolio expansion are expected to be the leading market growth drivers during the forecast period, especially as brands such as Adidas, Nike, and Under Armour incorporate innovative materials into their basketball apparel offerings, such as Nike’s sweat-wicking double-knit fabric basketball shorts.
Inconsistent raw material prices will impact market growth negatively: Basketball apparel manufacturers are already experiencing fluctuations in profit margins due to fluctuating prices of raw materials and increasing vendor competition. Vendor margins have been negatively affected because of the lag between these cost fluctuations and the ability to increase prices. Cost-driven end-users prefer low-cost basketball apparel rather than investing heavily in global brands
Key Market Segment Analysis:
Technavio’s basketball apparel market report is segmented by Distribution Channel (Offline and Online), End-user (Male and Female), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The offline distribution channel segment held the largest market share in 2021. The segment will continue to account for the highest market share during the forecasted period. Offline stores offer a convenient shopping experience and a wide range of products at competitive prices. As a result, these stores help the vendors in expanding their customer base.
- North America will be the leading region with 34% of the market’s growth during the forecast period. The US is the key market for basketball apparel in North America. The significant rise in the awareness of basketball as a healthy sport will facilitate the basketball apparel market growth in North America over the forecast period.
For additional insights into the contribution of all the segments, and regional opportunities see Technavios’ sample report.