The global and Chinese baseball caps market is predicted to expand at a phenomenal CAGR over the forecast period (2018 to 2023). Growing popularity of the game of baseball is anticipated to propel demand for quality baseball caps with logos of different teams and in different colors. This is one of the primary drivers for the global market.
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High demand for expensive and retro-styled hats to keep pace with the latest fashion trends is anticipated to propel growth of the baseball caps market. Increasing number of men and women supporting branded caps is likely to stimulate growth of the market over the forecast period. High adoption of caps among athletes and non-athletes to protect themselves from sunlight and as a fashion accessory to go with casual attires can further foster market growth.
Rising popularity of baseball caps among police and military personnel is also expected to fuel growth of the market for baseball caps. Availability of comfortable and stylish caps can attract more consumers. To cater to rising demand and changing trends, most companies are offering customized and authentic baseball caps. For instance, Adidas Originals recently unveiled its new baseball cap in pastel pink color. This cap is likely to feature six-panel construction being made from polyester or cotton in pale pink hue. In addition, it has the company’s logo embroidered upon the front-center in white giving it the authenticity.
The worldwide baseball caps market can be segregated on the basis of product type, application, and region. Based on the product type, the market can be classified into women, men, and kids. In the coming years, the men segment is likely to grow at an impressive pace owing to high adoption of baseball caps among men as a fashion statement.
Based on application, the market for baseball caps can be divided into personal, professional, and athletic use. In the coming years, the professional segment is projected to witness fast growth due to the rising popularity of baseball caps among military and navy personnel. In addition, high demand for baseball caps among professional baseball players owing to growing number of clubs and leagues can boost market expansion in near future.
Regional segmentation includes Europe, North America, India, China, and Japan. In North America, the baseball caps market is expected to witness significant growth owing to high demand for baseball caps among United States Navy and United States Coast Guard. In addition, increasing use of baseball caps as part of uniform among private security companies and the United States police forces is estimated to propel demand for snapback baseball caps in the region. Moreover, rising popularity of Major League Baseball (MLB) among North Americans is likely to impel growth of the regional market in the next few years.
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In Europe, the market for baseball caps is estimated to grow at a remarkable growth rate owing to increasing number of European players being signed by major leagues. In addition, introduction of Euro League Baseball (ELB) by the European Association of Professional Baseball (EAPB) in 2016 is expected to boost demand for baseball caps in the region.
In China, the baseball caps market is anticipated to propel at a substantial pace in the forthcoming years owing to increasing number of wholesale baseball caps suppliers in the region. In addition, frequent formation of Chinese baseball leagues and clubs is likely to positively influence the regional market in the years to come. In India, the market for baseball caps can grow at a steady pace owing to increasing number of online retailers selling baseball caps as fashion accessory. In Japan, the market is likely to develop in the next few years due to numerous baseball leagues demanding customized baseball caps for players.
Some of the leading companies in the global baseball caps market are Nike, Adidas, Ralph Lauren, Lackpard, and MLB.
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