Rising Per Capita Badminton Shoe Demand to Increase its Market Value to Over US$ 5 Bn by 2028
Badminton is the second most played sports in the world, and the number of people playing badminton as a recreation has witnessed a significant surge in the recent past. As badminton tournaments have increased tenfold in the past decade, the head count of professional badminton players have also increased tremendously, thereby augmenting the demand for badminton shoes every year.
Key Badminton Shoe Providers Calibrating their Strategy in Tune to the Customer Needs
Various manufactures of badminton shoes have been heavily focusing on the distribution of badminton shoes through online sales channels. It could be evidently seen that a majority of badminton shoe manufactures, such as Adidas, Puma, Yonex and Li Ning, have turned their attention to capture sales of badminton shoes through online channels, such as company’s official e-commerce website and third-party e-commerce websites. Beyond this, companies like Adidas have shut many of their retail stores around the world to concentrate and meet the demands from online sales channels.
Endorsement is one of the key strategies used by badminton shoe manufacturers to drive their sales. Badminton shoes endorsed by athletes are 60% more likely to be sold as compared to those without any endorsement. Badminton shoe consumers are also being influenced by brand promotions done by their favorite stars. Majority of the companies that offer badminton shoes have signed lucrative sponsorship deals with top ranking players of the sport. Majority of the companies are also providing sponsorship to become lead title partners for various badminton competitions being hosted around the globe. Badminton as a sport has started to become more popular among the youth with several of them emerging from different countries. Therefore, some manufactures, such as Yonex and Li Ning, have started offering special shoes for the youth.
Badminton Shoe Market revamped with Product Innovation
Badminton shoes have undergone tremendous innovation in the recent past. Several companies have started manufacturing badminton shoes with round sole. The round sole technology provides better grip and comfort to the feet providing the athletes with maximum energy for feet movement. The badminton shoe manufacturers are also providing hexagon grip in the non-marking soles to help the footwear make better contact with the surface of the badminton court. The innovation of product with an ergo shape has provided the players with safety against any type of injuries. As the stress to perform has increased multifold, badminton players have started demanding shoes with proper ventilation. In order to meet the demand, manufacturers have been using advance mesh technology in badminton shoes. The advance mesh technology reduces the risk of injury caused by cramps. As badminton has become more dynamic than earlier, players want the shoe to be more comfortable. Badminton shoes with more cushioning have been in demand to bear the shock resistance for the feet. The inclusion of 3D printed graphite sheet in the mid-sole by some manufacturers helps to provide rigidity to the feet to enhance the performance of the player.
Presence of Versatile Sales Channel for Badminton Footwear
Companies, such as Li Ning, Yonex, Adidas, Puma and Asics have their presence through various channels including company’s online channels, third-party online channels, retail stores and specialty stores in some regions. Babolat offers products from company’s online channel, as well as third-party online channel, as they also have a distribution channel in various regions. Lotto and Mizuno mainly uses online channels to sell their products as they have few specialty stores in some regions and they are majorly available through retail stores worldwide. Carlton Sports has been using SportsDirect, a third-party online channel, to sell their products in the U.S. and the UK. They are also sold in some parts of Asian regions through third-party online channels. Victor Rackets Ind. Corp have been selling their products in Taiwan and India through various online channels, retail and specialty stores. Cosco India is selling their products only in India through channels including company’s e-commerce channel, third-party online channels and retail stores.
Outsourcing Empirical in Profit Margin Growth for Badminton Shoes Market
Many badminton shoe 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. Also, Asian countries are well-known for providing quality labor, which has increased the outsourcing opportunity for this region.
Along with all the cost saving benefits, outsourcing would also provide the companies with 24 hour working structure due to difference in time zones. Outsourcing also helps to reduce a considerate amount of lead time required for the product to reach the marketplace. These factors have led to a significant surge in the number of outsourcers, who take such opportunites for clients.
Counterfeiting of Badminton Shoes – A Challenge for the Established Player
The surge in brand awareness has also led the consumers using high end and high value badminton footwear products, though this has also created a sudden arrival of a pool of manufacturers of counterfeit products who use the logo of established brands to sell their products at a cheaper price. Thus, an unorganized market is not only taking away genuine customers from the real product, but also creating confusion among customers and changing their perception about a particular brand due to the missing attributes of the real brand in the counterfeit products that they have been purchasing.
The market of counterfeit products is also growing as their manufacturers do not need to spend on advertisement, though they reap the benefits of the advertisement efforts of the real manufacturers. This growth of counterfeit products is mostly being observed in the developing countries where a large number of consumers are driven by the logo of the brand. This unorganized market is largely unchecked and thus has been posing serious threats to the organized players.
Badminton Shoe – A Fairly Competitive Market
Companies, such as Li Ning, Yonex, Asics and Adidas, are some of the key players in badminton shoes market, together comprising more than half of the market revenue generated, while the remaining market revenue is highly fragmented into plethora of companies, which do not have presence on a global scale. Companies like Cosco is one of the leading providers of badminton shoes in India, however the company lags behind in terms of global footprint. Some of the badminton shoes manufacturing companies are Puma, Mizuno, Victor Spots, Babolat, Carlton Sports, Lotto and Salming.
