Cricketing Glory: Equipment Market Sets Sights on US$ 1134.33...

Cricketing Glory: Equipment Market Sets Sights on US$ 1134.33 Million and a 6.05% CAGR by 2033

Posted 2024-03-11 10:34:30

By 2023, the size of the global cricket equipment market is expected to reach US$ 630.42 million. Cricket equipment sales are expected to rise overall at a compound annual growth rate of 6.05%, bringing the market valuation to 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.

Government spending on sports infrastructure is expected to rise, and the market should benefit from the rapid investment being made to promote technological advances in areas like sports analytics, sports medicine, and the creation of affordable sports equipment. As an example, the Government of India supported 62 sports infrastructure projects across a variety of disciplines the Northeast region in December 2021 as part of the Khelo India scheme.

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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.

The manufacturing of goods and the worldwide sale of those goods are both constrained by fluctuations in the cost of raw materials. Product demand is being stifled all over the world due to rising manufacturing costs and technological barriers. The rising price of raw materials has a knock-on effect on a company’s production costs. In turn, this raises the retail price of cricket products, which slows the industry’s sales growth.

The price of timber, for example, went up from $US 550 per thousand in 2020 to US$ 850 per thousand in 2021, as stated in a report published by the National Association of Home Builders (NAHB) in February 2022.

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.

Key Segments

Cricket Equipment Industry by End-User: