Global Badminton Shoes Market Share Predicted to Reach USD 5.51 Billion by 2027, at 8.85% CAGR Growth: Polaris Market Research
As the penetration of badminton has increased, more and more consumers prefer badminton footwear to be comfortable to have positive impact on their performance. These shoes typically possess cushioning effect to spread pressure on feet, to avoid any sort of injury during tournament. Earlier, badminton shoes were manufactured by weaving multiple layers of fabrics with each other causing heavy generation of waste as well as requiring more labor force. With product innovation, shoe-knitting is a technology that knits badminton shoes just like a pair of socks.
According to the research report, The Badminton Shoes Market size was valued at USD 2.82 Billion in 2019 and is anticipated to reach USD 5.51 Billion by 2027, to grow at a CAGR of 8.85%during the forecast period.
It has been a very primitive and effective strategy to promote products offered for a particular sport by collaborating with famous personalities of that game. This helps the consumers attach their feelings for famous sports player with the footwear and apparels brand they adorn. The manufacturers of badminton shoes have been collaborating with key badminton players from particular countries to endorse their products. This has aided in significant revenue rise with several badminton enthusiasts wearing specific shoes to play the sport.
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What Does the Report Include?
- Status of the Badminton Shoes Market in world view.
- Top companies operating in the market.
- Import-Export policies regarding the products/services in the Badminton Shoes Market.
- Research and development activities.
- Major research agenda in industry segments.
- Segmentation according to application, type, and geography.
- Comparative study of the domestic and international prices of the products and services and related price fluctuations.
- Worldwide Badminton Shoes Market’s driving forces and roadblocks
As several badminton tournaments are being hosted around the world every year, the number of participants playing the tournaments have also increased considerably. As more and more local players have started to represent badminton on an international stage, viewership has also witnessed an abrupt increase. This, in turn, has augmented the demand for various badminton accessories including shoes.
Many badminton manufacturers have utilized outsourcing strategy efficiently in recent past to earn more profit margins. Outsourcing the production of badminton shoes to regions like Asia helps in reducing the cost price of the product effectively. The lower wages required to manufacture shoes is one of the key reasons for Asian countries becoming a shoes manufacturing hub.
Market participants such as Li Ning Company Limited, Lotto Sport Italia, ASICS Corporation, Yonex Co., Ltd, Adidas AG, VICTOR RACKETS IND. CORP, Mizuno USA, Inc., Carlton Sports, Babolat, Cosco (India) Ltd, and Puma SE. are some of the key players operating in the global market.
Companies like Babolat, Li Ning, Yonex, Adidas, Puma and Asics have focused on offering their products in all geographical regions through various channels at company’s disposal. While companies like Lotto and Mizuno have been focusing majorly on regions like Europe, North America and Asia. Carlton Sports have been targeting United Kingdom and USA through their online channel SportsDirect and some countries of Asia through e-commerce websites. Victor Rackets Ind. Corp are focusing on countries like Taiwan and India. Cosco India has only focused on Indian market.
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Impact of COVID-19 on this Market:
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