Global Golf Equipment Market was valued at US$ 11.14 Billion in 2022, exhibiting a CAGR of 4.7%, over the forecast period (2023 to 2030) to reach US$ 16.11 Billion by 2030.
Global Golf Equipment Market, By Product Type (Golf Clubs, Golf Balls, Golf Bags and Accessories, Apparel, and Footwear), By Distribution Channel (Offline Stores and Online Stores), By Geography (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) as published by Coherent Market Insights
Global Golf Equipment Market- Driver
Increased media coverage of golf competitions.
Golf has become increasingly popular sports in recent years due to increased media coverage of international golf competitions. This increased exposure encourages younger generations to engage in golf-related activities, and this is likely to contribute to growth of golf equipment sales in the region.
Global Golf Equipment Market- Opportunities
Rising demand for eco-friendly golf equipment
Advent of eco-friendly golf equipment that consists of heavy earth salts rather than heavy metal fillers and golf hats that are made from bamboo/cotton, and is not chemically treated, is expected to provide significant growth opportunities. This is attributed to growing consumer demand rising for sustainable products
Global Golf Equipment Market- Restraints
High Cost of golf courses and equipment
Busy schedules of the younger customer group leads to increase in the number of indoor games, and thus hampers demand for golf equipment. High membership fees of golf courses is also hampering golf equipment market growth. Furthermore, the high cost of golf equipment is expected to hamper the global golf equipment market growth.
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Key Takeaways:
.In 2021, the North America golf market6 was valued at apporoximately $21.8 billion USD
Golf equipment, including clubs, balls, bags, and accessories, dominates the global golf market. According to a report by Technavio, the golf equipment market accounted for over 60% of the global golf market in 2020
Global Golf Equipment Market- Trends
Customized equipments
Golfers are increasingly looking for customized equipment that is tailored to their individual needs and preferences. Manufacturers are responding to this trend by offering a wide range of customization options, including personalized shafts, grips, and clubheads.
Online sales of golf equipment
Online sales of golf equipment are on the rise, driven by the convenience and ease of online shopping. Manufacturers and retailers are responding to this trend by investing in their online presence and offering a wide range of products and services through their websites.
Rising popularity of golf among young generations
Golf has traditionally been a sport favored by middle-aged and elderly individuals;however, it is increasingly gaining popularity among the younger generations in the U.S.. This is exemplified by the emergence of young golfers such as Jordan Spieth, Rory McIlroy, Justin Rose, Justin Thomas, and others, who are challenging the notion that golf is not an old-fashioned sport. Golf is becoming increasingly popular among women also, with women accounting for 33% of the new golfers in 2021 as compared to 27% among Gen Z and younger millennials. A study conducted by the Koozie group stated that the number of golf rounds in the U.S. increased by approximately 5% in 2021, as compared to 2020, and by approximately 20% in the years prior to the pandemic.
Global Golf Equipment Market - Impact of Coronavirus (COVID-19) Pandemic
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, 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 U.K., Germany, Sweden, Denmark, and Norway, the golf market has grown in terms of volume and value. Spain and Portugal suffered substantially because their golf market is mostly.
Global Golf Equipment Market - Competitive Section
- Callaway Golf Company
- Sumitomo Rubber Industries
- Nike Inc.
- Acushnet Holdings
- Mizuno Corporation
- Taylormade Golf Company Inc.
- Adidas Group
- Bridgestone Corporation
- Puma SE
- PING
- Anta Sports Products Limited (Amer Sports)
