Increase in adoption of baseball, surge in expenditure on sport in the developing countries, growing popularity of baseball leagues, and the rise in participation of women in baseball drive the growth of the global baseball equipment market.
PORTLAND, Ore., Oct. 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Baseball Equipment Market by Type (Bat, Gloves, Helmets, Others), by Distribution Channel (Specialty Sports Stores, E Commerce, Supermarket and hypermarkets, Others),by Price Point (Economy, Mid range, Premium), by Buyer Type (Individual, Institutional): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global baseball equipment industry is estimated to generate $3.5 billion in 2021 and $5.1 billion by 2031, witnessing a CAGR of 3.8% from 2021 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers and Opportunities
Increase in adoption of baseball, surge in expenditure on sport in the developing countries, growing popularity of baseball leagues, and the rise in participation of women in baseball fuel the growth of the global baseball equipment market. However, unawareness and availability of counterfeit equipments in the emerging markets and increase in proclivity indoor leisure activities hinder the market growth. On the other hand, increase in sponsorship &promotion of the baseball sport present new opportunities in the market in the coming years.
The baseball equipment market was negatively influenced by the COVID-19 outbreak, owing to governments' restrictions and regulations to stay home, which restricted the number of baseball games and tournaments. Governments imposed strict lockdowns, social distancing norms, traveling restrictions, and cancellation of all sporting events worldwide. Baseball clubs and training centers were shut down temporarily in an attempt to contain the spread of coronavirus.
Due to all sports being puton halt, baseball equipment stores were closed, leading to the downfall of baseball equipment buying and selling activities.
However, during the post-pandemic period, the sales of baseball equipment rose due to the lifting of restrictions and the resumption of professional and recreational playing of baseball. This is expected to continue in the future due to the growing popularity of the sport globally.
The specialty sports stores segment to dominate the market in terms of revenue during the forecast period
Based on distribution channel, the specialty sports stores segment contributed to the largest share of nearly two-fifths of the global baseball equipment market in 2021, and is expected to rule the roost during the forecast period. Most specialty store business operators maintain considerable depth in the type of products that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers. This in turn, drives the segment. However, the ecommerce segment is projected to witness the fastest CAGR of 4.6% from 2022 to 2031, due to the easy and wide availability of baseball equipment products, shopping offers, and various services such as door step delivery, easy payment, and cash back offers.
The economy segment to maintain its lion's share during the forecast period
Based on price point, the economy segment held the largest share of nearly half of the global baseball equipment market in 2021, and is expected to maintain a prominent growth during the forecast period. This is because the economy section of the market is relatively cost-effective& feasible, and its collection attracts more people as it is less expensive. However, the mid-range segment is likely to exhibit the highest CAGR of 4.2% in 2031, as most consumers prefer mid-range products that are good in quality and slightly inexpensive.
The bat segment to hold the largest share during the forecast period
Based on type, the bat segment held the largest share of nearly two-fifths of the global baseball equipment market in 2021, and is expected to maintain a noteworthy growth during the forecast period. Continuous usage of different materials, including wood, composite, hybrid, and aluminum, based on baseball bats on account of perceiving greater performance depending on different pitches is expected to drive the bat segment. However, the others segment is likely to exhibit the highest CAGR of 4.4% in 2031.
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North America to garner the largest revenue by 2031
Based on region, North America was the largest market in 2021, accounting for more than two-fifths of the global baseball equipment market, and is likely to lead the trail throughout the forecast period. North America is the leading baseball equipment market. Baseball is a well-known sport in this region and there is a significant fan base of popular baseball players However, LAMEA is anticipated to manifest the fastest CAGR of 5.3% during the forecast period, due to the improving lifestyle, greater exposure to western sports, and an increasing number of facilities and leagues of baseball equipment growth in the region.
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