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The cricket equipment market is poised to grow at a compound growth rate of 6.7%

The cricket equipment market is poised to grow at a compound growth rate of 6.7%

According to a new report published by Allied Market Research, titled ‘Cricket Equipment Market’, the size of the cricket equipment market was estimated at $680.20 million in 2022 and is estimated to reach $1.3 billion by 2032, growing at a rate of CAGR of 6.7% from 2023 to 2032.

Cricket equipment refers to the many equipment and equipment required for playing the game of cricket. This equipment is intended to ensure the comfort, safety and performance of the players during the game. Cricket equipment consists of four main components: the bat, ball, stumps and protective equipment. A helmet, padding, gloves, thigh pads, chest protector and abdominal protection are all essential protective equipment for players.

The rapid rise of the T20 and T10 cricket competitions provided a powerful impetus for the expansion of the cricket equipment market. T20 competitions, such as the Indian Premier League (IPL), and the shorter T10 format have transformed the cricket scene by creating a sense of excitement and entertainment. These tournaments not only showcase the pinnacle of cricketing talent but also provide cricketers with an international opportunity to showcase their abilities. This increased awareness has a direct impact on the cricket equipment sector as spectators and aspiring cricketers are encouraged to emulate their favorite players, increasing the demand for high-quality equipment.

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T20 and T10 formats require specialized equipment to enable their fast and furious gameplay. As a result, there is a clear trend of advancement in cricket equipment technology, with manufacturers developing equipment suited to the specific problems presented by different formats. Furthermore, the leagues’ global appeal has expanded the cricket fan base not only within conventional cricket-playing countries but also in other regions, resulting in a larger global market for cricket equipment. As a result, the expansion of the T20 and T10 competitions has played a major role in defining the development of the cricket equipment market, influencing customer preferences and driving innovation.

Strong competition from other sports continues to pose a significant barrier to the growth of the cricket equipment market. Cricket competes fiercely for attention and consumer dollars in locations where other sports are prominent. Individual tastes differ due to the range of sporting options available, and cricket equipment manufacturers must rise to the challenge of capturing a share of the market within this competition. Sports with dedicated fan bases and developed equipment markets, such as football, basketball and tennis, can divert attention and resources away from cricket. Advertising campaigns and advertising tactics should appeal not only to dedicated cricket fans, but also to those interested in other sports. In addition, the availability and cost of equipment for other athletic activities may outpace the cricket equipment market. To differentiate themselves in the sporting goods sector, manufacturers must focus on developing unique features for cricket equipment.

The rapid expansion of e-commerce has emerged as a potential development prospect for the cricket equipment market. The convenience and accessibility offered by internet platforms have changed the way customers purchase athletic products, including cricket equipment. E-commerce allows cricket fans and players to explore a wide range of cricket equipment, compare items, read reviews and make informed purchasing decisions from the comfort of their own home. This improved convenience expands market reach, removes geographic barriers and reaches cricket fans in both conventional and unusual cricket regions. Furthermore, the digital environment allows manufacturers and traders to present their entire product range, including specialty and specialty products, to a global customer base. E-commerce also enables promotional activities, flash discounts and exclusive online offers, which increase affordability and encourage online purchases. Convenience of transactions, secure payment methods and fast delivery services all contribute to a smooth shopping experience, promoting consumer happiness and loyalty. As the e-commerce environment evolves, partnering with the cricket equipment market not only provides a simple purchasing option, but also serves as an exciting platform for innovation, market development and improved accessibility for cricket fans around the world.

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The cricket equipment market is segmented by product type, price, distribution channel and region. Depending on the product type, the market is divided into bats, balls, protective equipment and others. Based on price, it is fragmented into economic, medium and high. By distribution channel it is divided into hypermarkets/supermarkets, sports stores, brand stores and others. Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.

Players operating in the cricket equipment market have adopted various development strategies to expand their cricket equipment market share, increase profitability and stay competitive in the market. Key players profiled in this report include Gray-Nicolls, Kookaburra Sport Pty Ltd, Gunn & Moore (GM), Sareen Sports Industries, Adidas AG, New Balance Athletics, Inc, SG (Sanspareils Greenlands), British Cricket Balls Limited, Spartan Sports, Delux Sports Company and Sommers Sports.

Key finding of the study

In 2022, the bats segment was the highest contributor to the cricket equipment industry, based on product type.
According to the cricket equipment market analysis, the mid-range segment, based on price, generated the highest revenue in 2022 and is likely to grow significantly during the forecast period.
According to the cricket equipment market trends, based on the distribution channel, the sports retail segment achieved the highest sales in 2022 and is likely to grow significantly during the forecast period of the cricket equipment market.
According to the demand in the cricket equipment market, on a region-by-region basis, the Asia Pacific region was the largest contributor to revenues in 2022 and is expected to grow at a significant CAGR during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Wilmington, Delaware. Allied Market Research provides global corporations as well as medium and small businesses with unparalleled quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan, CEO of Allied Market Research, is leading the organization towards delivering high-quality data and insights. We maintain professional business relationships with various companies and this helps us in mining market data that helps us generate accurate research data tables and confirm the utmost accuracy of our market forecasts. All data presented in the reports published by us is obtained through primary interviews with top executives of leading companies in the concerned domain. Our secondary data sourcing methodology includes in-depth online and offline research and discussion with expert industry professionals and analysts

This release was published on openPR.