In 2023, the global cricket equipment market size is projected to hit US$ 630.42 million. Overall sales of cricket equipment are expected to surge at a 6.05% compound annual growth rate (CAGR), reaching a forecasted market valuation of US$ 1134.33 million by the end of 2033.
The cricket equipment market is expected to grow thanks to the expansion of cricket leagues around the world, especially in India, England, and Australia. The popularity of Twenty20 cricket matches is reflected in the proliferation of high-profile and spectacular T20 tournaments around the world.
The surge in marketing and sponsorship initiatives by cricket equipment manufacturers and leagues is driving increased demand. Major brands such as Nike and Adidas boost brand visibility and stimulate demand for cricket gear through sponsorships of prestigious cricket leagues like the Indian Premier League (IPL). Similarly, manufacturers are intensifying advertising efforts to promote their products.
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The proliferation of e-commerce platforms is also playing a significant role in expanding the cricket equipment market. With the convenience and accessibility offered by online shopping, customers can now purchase cricket products from anywhere in the world. As a result, several cricket equipment manufacturers are reportedly exploring opportunities to venture into the e-commerce realm in the near future.
The rising popularity of cricket among young generations has fueled the expansion of the cricket products industry in recent years. The modern youth has also taken an active role in self-care, becoming more proactive, mindful, and driven by concerns for their own health. The expansion of the cricket kit market might be helped along by this.
The demand for high-end products, such as cricket kits, has increased as the average American’s spending habits have shifted in recent years. The average monthly expenditures of millennials on sports, including cricket, far exceed those of any other generation. Young people’s increasing purchasing power are likely to expand the cricket kits market.
Key Takeaways
- Asia Pacific is expected to dominate the cricket kits market due to the presence of key cricket-playing nations like India, Australia, and Pakistan.
- Cricket products are expected to be the most popular equipment, contributing a significant share of the market revenue.
- Online sales channels are expected to witness significant growth due to increasing internet penetration and convenience for customers.
- Key players in the market are focusing on product innovations, collaborations, and partnerships to enhance their market share.
- The high cost of advanced and high-quality cricket products is a main restraint, especially for amateur players and those from developing countries.
- Regulations and safety standards for cricket products manufacturing and sales are expected to become stringent, which may increase compliance costs for manufacturers and suppliers.
Competitive Landscape:
Many different types of small and medium-sized businesses make up the cricket equipment market’s competitive landscape. There are only a handful of companies that control most of the market. Key market participants are:
- Adidas
- Gunn & Moore
- Sanspareils Greenlands
- Kookaburra
- Puma SE
- Gray-Nicolls
- Sareen Sports
- Slazenger
- Nike, Inc.
- MRF Limited
The products, prices, channels, and reputations of these businesses are all in a state of constant flux as they compete with one another. They put a lot of money into research and development to come up with innovative new products, like bats, balls, and protective gear that are lightweight and have improved performance. The company is also working to raise awareness of its brand by securing sponsorships and endorsing other companies’ products.
Alongside these global powerhouses is a slew of small regional and local firms catering to regions or markets. Price, quality, and service to customers are all points of competition for these businesses. To meet the ever-evolving demands of consumers, the company is also diversifying its product line.
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Key Segments
by End-User:
- Men
- Women
by Product Type:
- Bat
- Ball
- Protective Gear
- Others
by Geography:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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