Golf equipment includes golf tees, balls, golf bags, and other items used for playing the sport. Tees are used to raise the ball off the teeing area, making it easier to hit the ball in the hole with the fewest number of attempts. Golf shoes are designed with spikes on the bottom for traction, and golf gloves help golfers maintain their balance.
The global golf equipment market is estimated to account for US$ 10,655.75 Mn in terms of value by the end of 2021.
Global Golf Equipment Market: Drivers
Increasing participation rate of people is driving growth of the golf equipment market. According to the Coherent Market Insights analysis, between 1985 and 2020, the number of official golf courses in Europe increased from around 3,000 to 7,000, after which a slight decline was witnessed. As of 2017, England, with approximately 1,870 official golf courses, had the highest number of golf courses in Europe, followed by Germany and France, with around 700 and 600 registered golf courses, respectively.
Global Golf Equipment Market: Opportunities
Advent of eco-friendly golf equipment that consist of heavy earth salts rather than heavy metal fillers and golf hats that are made from bamboo/cotton that is not chemically treated is expected to provide significant growth opportunities. This is attributed to the growing consumer demand rising for sustainable products
Global Golf Equipment Market: Restraints
Lack of physical activities among consumer due to hectic lifestyle is expected to limit their participation in golf courses. This is projected to hamper the market growth.
Global Golf Equipment Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has affected millions of people around the world. The World Health Organization declared COVID-19 a pandemic on March 11, 2020, leading to a huge impact on people’s lives. Owing to this, governments around the world have implemented multiple measures to curb the spread of the virus. Apart from the serious implications on people's health and healthcare services, the COVID-19 pandemic has had a significant impact on businesses and the global economy. The pandemic had adversely impacted the golf equipment market over the study period. For instance, Spain and Portugal suffered substantially because their golf market is mostly dependent on tourism. However, in the United Kingdom, Germany, Sweden, Denmark, and Norway, the golf market has grown in terms of volume and value.
The global golf equipment market was valued at US$ 10,655.75 Mn in 2021 and is forecast to reach a value of US$ 16,210.00 Mn by 2030 at a CAGR of 4.21% between 2022 and 2030.
Offline store segment held dominant position in the global golf equipment market in 2020, accounting for 60.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
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Global Golf Equipment Market Trends:
Growing trend of online shopping is driving sale of golf equipment. This can attributed to ease of purchasing products and level of convenience online retailing provides consumers. Moreover, consumers have the luxury of browsing and shopping for products 24x7 from the comfort of their homes. All these factors are projected to augment the market growth.
Rapid urbanization and increasing disposable income of consumers are other major factors acting as a catalyst to the market growth.
Global Golf Equipment Market: Competitive Landscape
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)
Global Golf Equipment Market: Recent Developments