Baseball Equipment Market in the US 2019-2023 | Growing Customization to Boost Growth | TechnavioThe Associated Press
LONDON--(BUSINESS WIRE)--Jul 12, 2019--
The baseball equipment market in the US is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the baseball equipment market in the US from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing popularity of baseball. Baseball has been gaining popularity across the globe, primarily in North America. Thus, the growing popularity of baseball is aiding the baseball equipment market in the US to thrive. Although American football is the biggest sport in the US in terms of popularity, several European players are signing on various teams, thereby driving the growth of the market. For example, in June 2018, Yoan Antonac became the seventh French player to sign an MLB contract after he reached an agreement with the Philadelphia Phillies. Such contracts signed by well-known baseball players increase interest in the game and thus, raise the popularity of the baseball in the US. Also, the increase in the number of baseball games organized by baseball event managers is expected to drive the growth of the baseball equipment market during the forecast period.
As per Technavio, growing customization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This baseball equipment market in the US 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Baseball Equipment Market in the US: Growing Customization
The rapid evolution of baseball equipment and the increased competition in the market have made it necessary for vendors to focus on strategies such as faster delivery processes and mass customization and personalization. Mass customization and personalization has slowly been gaining importance in the baseball equipment market in the US, primarily driven by the advances in technology, add-on features and equipment, and shape, size, and color of baseball equipment. Vendors like Amer Sports, Under Armour, and Mizuno provide a platform for their customers to personalize their own baseball equipment by providing them with a template where they can adjust, alter, and add options to the final product design. Thus, the growth in consumer preference for customized baseball equipment like bats and protective equipment coupled with the increasing awareness about special sporting events in countries like the US will aid vendors to grow organically during the forecast period.
“Innovations, particularly in baseball bats, protective equipment, and gloves, are key trends in the baseball equipment market in the US. Also, many vendors in the market are partnering with technology providers to develop new or limited-edition baseball equipment. Thus, the introduction of such innovative products attracts more customers and encourages them to invest in new products, thereby helping the market,” says a senior analyst at Technavio.
Baseball Equipment Market in the US: Segmentation analysis
This market research report segments the baseball equipment market in the US by distribution (specialty and sports shops; department and discount stores; online retail; and others) and by product (bats, gloves, shoes, balls, and protective gear and others).
The baseball bat segment led the market in 2018, followed by gloves, shoes, balls, and protective gear and others. During the forecast period, the bats segment is expected to maintain its dominance over the global market and register the highest incremental growth due to the increase in the retail price of bats across the country.
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Five Forces Analysis
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- Vendors covered
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INDUSTRY KEYWORD: SPORTS OTHER RETAIL MANUFACTURING SPECIALTY DEPARTMENT STORES OTHER MANUFACTURING RETAIL BASEBALL
SOURCE: Technavio Research
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PUB: 07/12/2019 09:00 AM/DISC: 07/12/2019 09:01 AM