Basketball Shoes Market By Type (High-Top Basketball Shoes, Mid-Top Basketball Shoes), Application (Trifurcated into Sports, Lifestyle), Closure Type (Laces, Velcro, Straps), Distribution Channel (Specialty Stores, Department Stores), & Region for 2024-2031

Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Basketball Shoes Market Valuation – 2024-2031

So, basketball shoes are getting super popular these days, and there are a few reasons why. First off, basketball is just booming globally, thanks to those awesome international games and the rockstar players we all love. That means more players and fans are getting in on the action! Plus, everyone's focusing on playing their best and staying safe from injuries, so they're after shoes that really deliver for basketball's unique demands. People want that killer traction, solid support, and comfy cushioning. That's pushing companies to come up with some seriously cool new shoes. All this is driving the market crazy – we're talking a jump from USD 3.41 Billion in 2023 to a whopping USD 4.56 Billion by 2031!

The athleisure movement, as well as the demand for fashionable yet functional footwear, have helped to drive market expansion. Basketball shoes have become a fashion statement, appealing to a wider audience than only professional and amateur players. As a result, major brands are investing extensively in design and marketing to attract the attention of fashion-conscious consumers, broadening the market’s reach and potential. The rising demand for cost-effective and efficient basketball shoes is enabling the market grow at a CAGR of 3.7% from 2024 to 2031.

Basketball Shoes MarketDefinition/ Overview

Basketball shoes are specialized athletic footwear designed to improve performance, provide support, and keep players safe on the court. They have a combination of cushioning, traction, and ankle support to address the dynamic movements inherent in basketball, such as jumping, fast lateral movements, and sudden stops. The design often incorporates a padded collar, a responsive midsole for shock absorption, and a sturdy outsole with a grip pattern to avoid slipping. These shoes have been built to withstand the physical demands of the game while lowering the risk of ailments including ankle sprains and foot fatigue.

In terms of future scope, material science and technology developments are expected to drive the evolution of basketball shoes. Innovations like 3D-printed components, smart textiles, and embedded sensors have the potential to transform how shoes react to a player’s motions and offer performance data in real time. Furthermore, the emphasis on sustainability may result in the creation of eco-friendly materials and industrial techniques, which align with broader environmental aims. As the game of basketball evolves, so will the technology behind basketball shoes, which strive to improve player performance, comfort, and injury prevention.

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How will the Influence of Professional Athletes and Celebrity Endorsements Drive the Growth of the Basketball Shoes Market?

The Basketball Shoes Market will continue to fuel the expansion of the influence of professional athletes and celebrity endorsements. Signature shoes and high-profile collaborations with NBA players and other celebrities generate enormous customer attention and brand devotion, as evidenced by Nike’s Jordan Brand, which earned $5.1 billion in revenue for fiscal year 2022. This impressive financial result demonstrates how athlete endorsements may significantly improve market growth by using the visibility and attractiveness of famous personalities to attract and engage consumers.

The increase in popularity of basketball will promote the expansion of the basketball shoe market. As the sport grows in popularity around the world, there will be an increasing need for specialized footwear to meet the needs of a more diversified range of players. Basketball is the third most popular sport in US high schools during the 2022-2023 school year, with approximately 944,000 participants. The rise in participation highlights the rising market potential for high-performance basketball shoes built for players of all levels.

How Does the Economic Downturns Impact the Growth of the Basketball Shoes Market?

Economic downturns may have an impact on the growth of the basketball shoe market by causing consumers to spend less on non-essential items such as specialist athletic footwear. During times of economic instability, consumers can prioritize needed products and services above discretionary purchases, thereby affecting demand for high-end or premium basketball shoes. However, the market’s resiliency may be bolstered by the sport’s sustained popularity and the critical role that quality footwear plays in performance and injury prevention, thereby offsetting the negative effects of economic changes.

Supply chain disruptions can have an impact on the basketball shoe market’s growth by delaying production, increasing costs, and limiting product availability. Interruptions in the supply chain, such as those involving raw materials, manufacturing, or distribution, can result in higher consumer prices and lower inventory for retailers, thereby hurting sales and market growth. To manage these risks and maintain market momentum, businesses must react by strengthening their supply chains and exploring alternate sourcing and production options.

Category-Wise Acumens

Will the Performance-Oriented Players Propel the High-Top the Basketball Shoes Market?

The Basketball Shoes Market dominates the high-top segment. Performance-oriented athletes are expected to fuel the high-top basketball shoe market. High-top shoes, which are known for providing greater ankle support and stability, are particularly popular among players who value performance and injury prevention during tough games. High-top basketball shoes are projected to become more popular as athletes seek footwear that improves their on-court performance while also lowering their risk of ankle injury. This tendency will be aided by ongoing advancements in shoe technology targeted at satisfying the specialized needs of serious players, hence encouraging market growth in this area.

Superior ankle support is expected to drive the high-top basketball shoe market. High-top shoes are specifically intended to provide increased ankle support, which is critical for players looking to lower the risk of injury and improve stability during hard motions on the court. The focus on ankle protection appeals to performance-oriented athletes who stress safety and performance, driving up demand for high-top models. As the benefits of improved ankle support become more widely acknowledged, this segment’s market growth is projected to accelerate.

Will the Strong Brand Partnerships Raise the Specialty Stores Segment for the Basketball Shoes Market?

The basketball shoe market, strong brand partnerships are expected to propel the specialty retailers’ section. Collaborations between well-known businesses and professional sportsmen or celebrities result in unique and highly sought-after product lines that are frequently displayed prominently in specialized stores. These collaborations increase brand visibility and appeal, enticing customers looking to purchase limited-edition or sponsored footwear. As specialty stores use these high-profile collaborations to differentiate themselves and offer distinctive products, traffic, and sales are expected to improve, fueling growth in this market sector.

Product expertise is expected to fuel the specialty retailers’ section of the basketball shoe market. Specialty stores frequently hire employees with an extensive understanding of athletic footwear and basketball-specific requirements, offering customers important insights and personalized recommendations. This knowledge enables buyers to make informed decisions regarding the best footwear for their performance and comfort needs, thus improving the whole shopping experience. As a result, specialty stores can attract and retain customers looking for professional guidance and high-quality products, driving growth in this market category.

Gain Access into Basketball Shoes Market Report Methodology

Country/Region-wise Acumens

Will the Global Brands Lead the North American Region for the Basketball Shoes Market?

North America? Yeah, it's pretty much always been basketball shoe central. Big names like Nike and Jordan Brand really rule the roost there. They've got a huge following and people are super loyal, so they've got a massive impact. Back in 2020, Nike basically owned the court with 86.2% of the U.S. basketball shoe market, and Jordan Brand was responsible for 28% of that! That just shows how much people trust and love their name. And get this, according to The NPD Group, we're talking about $1.9 billion in basketball shoe sales in the U.S. in 2023 alone! Plus, something like 77% of U.S. players go for brands they know, which proves how much these global giants are pushing growth in North America.

North America's basketball scene is seriously intense, and that's why the basketball shoe market is booming! We're talking NBA level passion – with 18,077 fans packing arenas every game and a staggering 2.1 billion followers on social media. That kind of love for the game just makes everyone want the gear. And get thisbasketball's predicted to be the number one team sport in the US, with the NFHS reporting nearly 944,000 high schoolers hitting the courts. All that playing and watching? It creates a huge demand for basketball shoes that perform great and look even better, which is why the North American market is absolutely taking off.

Will the Young Population Expand the Asia-Pacific Region for the Basketball Shoes Market?

Basketball shoes are flying off the shelves in Asia-Pacific! What's fueling this boom? Well, it's all about the kids. Southeast Asia is bursting with youth – think ASEAN countries, where the average age is just around 30. These young people are seriously into basketball and looking good. The Chinese Basketball Association says participation is up 10% every year, and Nielsen Sports discovered that basketball is the second most popular sport with young adults in India's big cities. This love for both playing well and looking fresh in their kicks is really making the Asia-Pacific basketball shoe market explode!

The Asia-Pacific region’s role as a manufacturing hub will fuel the expansion of the basketball shoe market. The region’s concentration of production facilities allows for cost-effective manufacturing and efficient distribution, which benefits both local and worldwide markets. With Asia accounting for 87.2% of global footwear production in 2022, including significant contributions from China, Vietnam, and Indonesia, the region’s strong manufacturing skills boost its competitiveness. The region’s manufacturing strength promotes market growth and places it prominently in the global Basketball Shoes Market.

Competitive Landscape

The Basketball Shoes Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Basketball Shoes Market.

Nike, Inc., Adidas AG, Under Armour, Inc., Puma SE, Li Ning Company Ltd., ASICS Corporation, New Balance Athletics, Inc., Converse Inc. (Owned by Nike), ECCO Sko A/S, PEAK Sport Products Co., Ltd., Xtep International Holdings Limited.

Latest Developments

  • In August 2024, Converse will produce a new basketball shoe, the All-Star BB Shift CX. The shoe incorporates features from earlier generations, including improved cushioning, ankle support, and a modern look.
  • In February 2023, Adidas and James Harden unveiled the Harden Vol. 7, the most recent iteration of Harden’s signature basketball shoes, which incorporate advanced design technologies such as a new caged Jet Boost midsole, Lightstrike materials, and a full-length propulsion plate to improve stability, cushioning, and agility.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2018-2031

Growth Rate

CAGR of ~3.7% from 2024 to 2031

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • By Type
  • By Application
  • By Closure Type
  • By Distribution Channel
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Nike, Inc., Adidas AG, Under Armour, Inc., Puma SE, Li Ning Company Ltd., ASICS Corporation, New Balance Athletics, Inc., Converse Inc. (Owned by Nike), ECCO Sko A/S, PEAK Sport Products Co., Ltd., Xtep International Holdings Limited.

Customization

Report customization along with purchase available upon request

Basketball Shoes Market, By Category

Type

  • High-Top Basketball Shoes
  • Mid-Top Basketball Shoes
  • Low-Top Basketball Shoes

Application

  • Trifurcated into sports
  • Lifestyle
  • Competition

Closure Type

  • Laces
  • Velcro
  • Straps
  • Zippers

Distribution Channel

  • Specialty Stores
  • Department Stores
  • Wholesalers/Distributors
  • Online Retailers

Geography

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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We'll take a good look at the market, diving deep with both qualitative and quantitative analysis. We'll slice and dice the market based on different categories, considering not just the money side of things, but also the other influential factors. You'll get clear market value data (in USD Billion) for each of these categories and sub-categories. We'll pinpoint the region and segment we think is going to explode with the fastest growth and ultimately rule the market. Our analysis will highlight how much of the product/service is being used in each region and what's driving the market there. Then, we'll size up the competition. You'll see the market ranking of the big players, along with details on their latest movesnew product/service launches, partnerships, expansions, and acquisitions over the past five years. We'll also give you extensive company profiles, with an overview, key insights, product benchmarking, and a SWOT analysis for each major player. Looking ahead, we'll give you our take on where the market's headed, considering recent developments, growth opportunities, the forces driving it, and the challenges and obstacles it faces in both emerging and developed regions. We'll also provide an in-depth market analysis from different angles using Porter's five forces analysis and give you a better understanding of the market through Value Chain insights. Finally, we'll paint a picture of the market dynamics, highlighting growth opportunities in the years to come. And don't forget, you'll get 6-month post-sales analyst support to help you make the most of this information.

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