The global ball sports luggage market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio
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The global ball sports luggage market will post a CAGR of close to 5% during the period 2019-2023 (Graphic: Business Wire)
The popularity of ball sports activities is increasing significantly across the world, resulting in an upsurge in the number of participants in the tournaments. This will encourage ball sports organizers to increase the number of tournaments and matches globally. For instance, the popularity of basketball as a sport has been growing substantially in countries such as the UK, China, and countries in Europe. Such increase in the number of tournaments and participation will create immense opportunity for many sports luggage vendors to enter the growing market.
As per Technavio, the advent of environment-friendly sports equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ball sports luggage market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global ball sports luggage market: Advent of environment-friendly sports equipment
Globally, the demand for sustainable products is increasing at a rapid pace with environmental protection becoming the need of the hour. As a result, vendors are focusing on reducing the adverse effects on the environment, resulting in the advent of sustainable sports equipment. The ball sports luggage market is also witnessing strong demand for the use of eco-friendly raw materials in the manufacturing process. Thermoplastic elastomers (TPEs), is one of the newly developed and advanced non-toxic materials, which is increasingly being used by vendors to make environment-friendly products.
"Vendors in the market, such as Nike, adidas, and Under Armour, are using innovative materials to make ball sports luggage. This is mainly to cater to the rising demand for premium products from high-end consumers. Vendors are also focusing on pricing strategies to optimize their bottom lines with an effective profit margin strategy," says a senior research analyst at Technavio.
Global ball sports luggage market: Segmentation analysis
This market research report segments the global ball sports luggage market by distributional channel (offline and online) and geographic regions (North America, Europe, APAC, South America, and MEA).
The offline segment held the largest ball sports luggage market share in 2018. The growth of this segment is driven by business expansions and the rising number of organized retail outlets such as departmental stores, specialty stores, hypermarkets, and warehouse clubs across the world.
The North America region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The market growth in Europe can be attributed to the steady demand for ball sports luggage from sports that have dedicated fan bases, such as NFL, basketball, baseball, and volleyball.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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