The Basketball Market within the Sports Market in GCC is facing stagnant growth due to increased competition from other sports, limited media coverage, and declining merchandise and ticket sales. Factors such as lack of investment in youth development and limited interest among the population also contribute to this slow growth. Despite the increasing popularity and success of players on the global stage, the Basketball Market in GCC still struggles to gain significant traction. However, with strategic partnerships and targeted marketing efforts, there is potential for growth in the future.
Customer preferences:
As the popularity of Basketball continues to rise in the GCC region, there is a noticeable trend towards investing in high-quality and customizable athletic gear. This shift is largely influenced by the growing importance placed on performance and functionality by consumers. This preference for personalized and advanced equipment is also driven by the rise of social media and the influence it has on athletic fashion and image, creating a demand for stylish and high-tech sportswear. Companies in the GCC are increasingly focusing on catering to these evolving consumer preferences by offering a wide range of innovative and personalized sports apparel and equipment.
Trends in the market: In the GCC region, the Basketball Market is experiencing a shift towards female participation in the sport, with a 5% increase in female players over the past decade. This trend is significant, as it presents new opportunities for industry stakeholders to target a previously untapped market. Additionally, there is a growing interest in 3x3 basketball, with the sport being included in the 2020 Tokyo Olympics. This trajectory is expected to continue, with more investment and initiatives being taken to promote and develop the sport in the region. This presents potential implications for stakeholders, as there is potential for increased revenue and growth in the market. Furthermore, with the regions growing interest in hosting international sporting events, such as the 2022 FIFA World Cup, there is potential for the Basketball Market to gain more visibility and attract global players and investors.
Local special circumstances: In the GCC region, the Basketball Market within the Sports Market is heavily influenced by the cultural emphasis placed on the sport, with basketball being a popular form of entertainment and a symbol of national identity. Additionally, regulatory and political factors also play a role in the markets dynamics, with government support for developing basketball infrastructure and boosting the sports popularity. The regions geographical landscape, with its arid and hot climate, also presents unique challenges for hosting outdoor basketball events, leading to the growth of indoor facilities and leagues.
Underlying macroeconomic factors:
The GCC basketball market is heavily impacted by macroeconomic factors such as economic growth, consumer spending, and government policies. As the global economy continues to recover from the effects of the pandemic, the increase in disposable income and consumer confidence is expected to drive the growth of the basketball market in the GCC region. Moreover, governments in the GCC countries have been actively investing in sports infrastructure and facilities, creating opportunities for the market to expand. Additionally, the growth of tourism and the popularity of basketball as a recreational activity in the region contribute to the favorable market conditions. However, fluctuation in oil prices could have a significant impact on consumer spending, which may affect the overall growth of the market.
Data coverage:
The data encompasses B2C and B2B revenues. Figures are based on media spending, merchandise spending, and ticket spending. All monetary figures for merchandise and tickets refer to consumer spending on goods or tickets in the respective segment, which can be online and offline.Modeling approach / Market size:
Market sizes are determined through a combination of bottom-up and top-down approaches, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.
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