The global golf equipment market size was valued at USD 10,655.75 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.21% from 2022 to 2030. The market of golf equipment is witnessing strong growth on the account of rising golf tourism, rise in middle-class population, and increasing setup of golf courses around the globe. Moreover, increasing participation of women in golf course is projected to offer significant growth opportunities over the forecast period. Furthermore, key players in the market are focusing on innovating golf equipment which is further projected to foster market growth.
Global Golf Equipment Market: Regional Insights
Europe is expected to dominate the global golf equipment market over the forecast period and this is attributed to the presence of large number of golf club (approximately 3,000). Moreover, the UK held one of the highest market shares in the global golf equipment market during the study period. According to the Coherent Market Insights analysis, the UK golf equipment market was valued at USD 671.60 million in 2021, and it is projected to reach USD 847.47 million by 2027, registering a CAGR of 4.06% during the forecast period (2022-2027).
At the same time, North America is projected to experience fastest growth in the global market over the forecast period owing to the increasing participation of people in golf. According to the Coherent Market Insights analysis, in 2019, golf’s total reach accounted for 108 million people in the country. In addition, there were 5.7 million women who played golf on a course in 2019, accounting for 23% of the on-course golfer base and 44% of the off-course golfer base.
Figure 1. Global Golf Equipment Market Value Share (%), By Region, 2021
Global Golf Equipment Market Drivers:
Growing number of golf courses around the globe is driving growth of the golf equipment market. According to the Coherent Market Insights analysis, there are more than 30,000 golf facilities across the world, and more than 70% of them are open to the public. A significant share of these golf courses also belongs to private clubs, golf- centric real estate locations, and golf resorts.
Rising golf tourism is another key factor propelling growth of the market. For instance, The International Association of Golf Tour Operators (IAGTO) and the Golf Environment (GEO) are some of the international non-profit organizations that support and promote sustainability in golf tourism across the world. IAGTO has been commissioned to formulate golf tourism development and promotional strategies for more than 25 countries, including Brazil, Mexico, Peru, Mauritius, Jakarta, Kenya, Tunisia, Morocco, Egypt, Gran Canaria, Malaysia, Marbella, Galicia, Murcia, and Valencia.
Global Golf Equipment Market Opportunities:
Growing participation of women in golf courses is projected to offer significant growth opportunities over the forecast period. Various initiatives are being taken to increase the participation of women in golf. For example, Women’s Golf Day (WGD) is a global golf initiative that was launched in 2016 in order to introduce women of all ages to the game and encourage the existing female golfers to “tee it up” in a fun and inclusive environment.
Various key players in the market are focusing on innovating golf equipment. This is expected to provide lucrative growth opportunities for the players over the forecast period. For instance, in January 2022, TaylorMade Golf announced the Stealth Irons with a next-generation cab back design and innovative toe wrap construction.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 10,655.75 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 4.21% | 2030 Value Projection: | US$ 16,210.00 Mn |
| Geographies covered: |
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| Companies covered: |
Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports) |
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Global Golf Equipment Market Trends:
Increasing popularity of footwear for among young adults as they offer greater comfort and flexibility to the player than conventional shoes is a growing trend in the market. For instance, in June 2021, Adidas launched a golf shoe called the Solarthon that is lightweight and comfortable. Further, the brand aims to introduce Solarthon in limited-edition grey, blue, and white-colored variants. The shoe features Adidas’ Primeblue textile upper and recycled yarn containing at least 50% Parley Ocean Plastic to help the company’s “End Plastic Waste” initiative.
Expansion of retail sector such as supermarkets and hypermarkets coupled with the increasing focus manufacturer to showcase their products in these retailers will further favor the market growth. According to the Coherent Market Insights analysis, the offline stores segment of the global golf equipment market was valued at USD 8,466.39 million in 2021, and it is projected to reach USD 10,229.53 million by 2027, registering a CAGR of 3.32% during the period (2022-2027)
Global Golf Equipment Market Restraints:
Growing preferences of consumers towards other outdoor sports activities is expected to hamper the market growth. For instance, high-intensity sports, such as cricket, volleyball, football, and basketball, have been more popular due to their ability to improve health and fitness.
Unfavorable weather condition and high cost of equipment are other major factors expected restrict the market growth.
Figure 2. Global Golf Equipment Market Value Share (%), By Raw Material, 2021
Global Golf Equipment Market Segmentation:
The global golf equipment market report is segmented into product type, distribution channel, and geography
Based on product type, the market is segmented into Golf Clubs, Golf Balls, Golf Bags and Accessories, Apparel, and Footwear. Out of which, Golf Clubs is expected to dominate the global market over the forecast period as it is one of the key equipment used in golf. According to the Coherent Market Insights analysis, the golf clubs segment of the global golf equipment market was valued at USD 3,829.19 million in 2021, and it is projected to reach USD 4,820.17 million by 2027, registering a CAGR of 4.03% during the period (2022-2027).
Golf Balls segment is also expected to witness significant growth in the near future owing to the growing popularity of colored golf balls due to their higher visibility against the lush green turf.
Based on distribution channel, the market is segmented into offline stores online stores. Out of which, Offline Stores is expected to dominate the global market over the forecast period. Supermarkets and hypermarkets are some of the most visited retail outlets due to ease of accessibility, mainly in developed cities and metropolitan areas.
Online Stores segment is also expected to witness significant growth in the near future owing to the level of convenience online retailing offers to consumers. Moreover, online retailing gives the luxury of browsing and shopping for products 24x7 from the comfort of their homes.
Global Golf Equipment Market: Key Developments
Global Golf Equipment Market: Key Companies Insights
The global golf equipment market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global golf equipment market are Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports)
*Definition: Golf equipment includes clubs, bags, balls, tees, and shoes. Golf equipment can be used in games that range from competitions to social interactions. Many of these items are used for nine or 18-hole competitions.
Golf equipment is an essential part of the game, and the first thing that any golfer will need is a golf club. In addition to a golf club, a golfer will need other equipment to improve their game. There are several types of golf clubs, and each one has a different purpose. For example, a wood will be more difficult to hit than an iron, but it is still important to have a good set of golf clubs. The most common type of wood is a 3-wood, which has 15 to 17 degrees of loft. Other common types of woods include a 4-wood, a 5-wood, a wedge, and a 7-wood.
Market Dynamics:
Increasing number of golf courses around the globe is primarily fueling growth of the golf equipment market. According to the Coherent Market Insights analysis, in 2019, it was reported that more than 200 golf courses were under construction, and about 350 golf courses were in the initial stages of planning. The growing number of golf courses and golf facilities are projected to augment the demand for golf equipment during the forecast period. Moreover, growing popularity of golf tourism is another key factor augmenting market growth.
On the other hand, growing popularity of other outdoor sports activities is projected to restrict the market growth.
Key features of the study:
Detailed Segmentation:
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