LONDON, December 04, 2019 – The global basketball apparel market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
Prominent vendors in the market are increasing the use of lightweight materials and incorporating breathable designs and other features in their product offerings. Some vendors are focusing on expanding their product portfolios and are consistently updating their pricing strategies to remain competitive in the market. Such developments among vendors are driving the growth of the global basketball apparel market.
As per Technavio, the introduction of connected basketball apparel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Basketball Apparel Market: Introduction of Connected Basketball Apparel
The growing use of technologies is encouraging market vendors to introduce smart features in their products. For instance, the tags on Nike’s NikeConnect NBA Jersey allow users to connect it with their smartphones. This enables users to obtain scores, statistics, exclusive content, and highlight reels about their favorite teams and players. The introduction of connected basketball apparels by market vendors is expected to positively impact the market’s growth.
“Celebrity endorsements and expansion of online and offline distribution network will further boost market growth during the forecast period”, says a senior analyst at Technavio.
Global Basketball Apparel Market: Segmentation Analysis
This market report segments the global basketball apparel market distribution channel (offline and online), end-users (male and female), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the growing number of strategic brand partnerships between basketball celebrities and market vendors.
Some of the key topics covered in the report include:
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