Baseball is one of the most popular sports in the United States. Major League Baseball is currently the highest level of professional baseball in the world. A minor league baseball system can cover most medium-sized cities in the United States. Many companies encourage public participation in the sport through sponsorship, publicity and lobbying, thus promoting the growth of baseball market. As the number of people involved in baseball increases, the demand for baseball-related products will increase.
The equipment required for baseball includes baseball bat, baseball ball, baseball clothing. Baseball clothing refers to the protective equipment that must be worn for the safety of the players. Among these, baseball clothing account for the majority of the market share. Its market value has reached $1640.51 million in 2019.
In addition, baseball is involved in sports, training, and business. Baseball for sports is mainly used to respond to the needs of baseball enthusiasts. Basic baseball equipment helps baseball enthusiasts to have a better learning and athletic experience while learning baseball. In 2019, its market value has reached $846.55 million, which is the highest value among all baseball industries.
Baseball for training is designed to enhance and improve the game performance of players by improving their skills. These bats come in various shapes, sizes and uses. They can only be used to improve the competition ability of players at home or on the practice field, not for field pitching. Baseball for commercial refers to equipment used in professional baseball games, with detailed and strict requirements for specifications and materials of the equipment. With the increase in baseball event activities, its market value will rise year by year. Its market value is expected to rise from $684.17 million in 2019 to $828.71 million by 2027.
United States Baseball Industry Market Status and Prospect Analysis
The United States Baseball market has a total sales value of $1774.77 million back in 2015, and increased to $1944.67 million in 2020. The value of Baseball markets can be $2550.03 million by 2027. The CAGR of Baseball is 3.95% from 2020 to 2025.
The Northeastern United States occupies less than 1.5% of the US territory, but has 20% of the population and high urbanization level. The area is the most developed region for business and industry. Therefore, the Northeastern United States occupies a large market share in the baseball industry. In 2019, its market value has reached $610.6 million.
The western United States is a densely populated region with high GDP per capita and well-developed businesses. The baseball industry has reached a market value of $367.03 million in 2019, ranking third in the country.
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Opportunities and Challenges for the United States Baseball Industry under the COVID-19
The outbreak of the epidemic has forced the suspension of many baseball camps. Some sports product companies have opted to close factories and stores and make layoffs to contain the spread of the virus and reduce financial losses. Besides, the overall slowdown in global economic activity has led to a sharp decline in demand for baseball products in the United States.
However, as public exercise awareness is rising, the growth of the baseball industry is propelled. In a modern oligopoly industry, baseball companies must innovate or they will soon be eliminated from the market. Many companies have made the baseball game more exciting and promoted greater public participation through technological innovation. Innovation is now a major competitive weapon for companies to maintain and increase their share of the global market. Moreover, promotion is a very important means of building product awareness and stimulating people to buy products. The Internet offers unlimited opportunities to reach potential customers. By communicating on the Internet, one is able to learn more about the needs of customers. Trade events are also an important tool for connecting with potential buyers. Many sports industry importers find their suppliers through trade events. Partnering with a strong or potential baseball club is an important tool to promote a brand through the visibility of the club and star athletes, which can quickly gain fans and thus boost product sales.
Understanding the younger generation has always been considered the ultimate entry point into the global youth market. After all, they will account for a major portion of the spending power in the world. The changing habits and spending power of the younger generation will greatly impact the profitability and future growth of baseball manufacturers. The rise of emerging industries such as eSports and the decline in the number of attending live sporting events are changing the face of the sports industry with these new preferences. The sports industry must turn its attention to the younger generation. Younger generations are no longer following the team. They are more inclined to support individuals over teams. Individual athletes play a pivotal role in generating interest in teams and leagues among young fans. Baseball manufacturers can expand their audience by partnering with popular baseball players, thus driving further product development and expanding market share.
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