New York, United States, July 11, 2022 (GLOBE NEWSWIRE) -- Golf is a cross-country activity where players use a range of clubs to hit a little ball from several teeing grounds into a succession of holes on a course. The champion is the golfer who makes the fewest putts. The objective is to strike the golf ball in the hole using as few club swings or club strokes as possible. Golf is a principal activity that is enjoyed by individuals of all ages. Golf is often played professionally, but it can also be played for relaxation and enjoyment of the outdoors. A round of golf is played for several hours, making it a full-day activity. It is played at a leisurely pace, allowing listeners to take in the beautiful scenery, soak in the sun, and enjoy their company.
Golf courses and country clubs make it easy to merge golf and pleasure. In addition to their greenery, many golf courses have family-friendly amenities such as restaurants, pools, and spas. Some are resorts in their entirety. Due to the rapid expansion of the golf tourism industry, it is anticipated that the sector will have positive growth throughout the projection period. In addition, infrastructural investments have increased globally to host and organize international golf competitions and events.
In addition, participation rates in professional golf tournaments have increased, particularly among Millennials, and this factor contributed to the rise in golf equipment sales over the forecast period. Heavy investments in advertising and sales activities to reach a large consumer base significantly impact the global golf equipment market. The extensive commercialization of golf tournaments, contests, and sponsorships on social media is projected to be one of the critical marketing tactics used by vendors to grow their market share and draw customers' attention.
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Increased Number of Golf Courses and Popularity of Golf Tourism to Drive the Market of Golf Equipment
Golf courses have expanded in recent years, especially in the leading golfing nations, like the United States, South Korea, Sweden, the United Kingdom, Japan, Germany, Canada, France, and Italy. These countries include more than 50% of the world's golf courses and are among the most known golfing destinations globally. More than 70% of the more than 30,000 golf courses globally are open to the public.
In 2019, it was estimated that more than 200 golf courses were under construction, and approximately 350 were in the planning stages. An incrementing proportion of golf courses and golf services is expected to enhance the global market for golf equipment during the forecast period. While golf is already well-established in the Northern and Western regions of Europe, it has been steadily expanding in the Central and Southeastern regions, which is expected to stimulate global golf equipment market growth in the coming years. These factors imply anticipated growth in the coming years.
Golf is a popular vacation pastime among golfers worldwide. They commonly combine golf with sailing, swimming, cycling, walking, and culinary and cultural hobbies. Florida, California, Scotland, Ireland, France, Sweden, and Spain compete with Mexico, Egypt, Thailand, Malaysia, and China, where the number of golfers has climbed by more than 20% per year. Additionally, the tourism industry has pushed Scotland and Ireland into popular golfing destinations. This is predicted to boost golf tourism in the forthcoming years, fostering the global golf equipment market growth.
Growing Participating of Women to Create Growth Opportunities
The participation of women in a variety of activities, notably outdoor sports such as golf, has increased considerably over the years. More than one-third of registered golfers are female in European countries such as Germany, Austria, Liechtenstein, and Switzerland. Wales, England, and Scotland have the second-to fourth-lowest female golfer percentages, ranging from 12% to 13%. Only Albania, where only 3% of golfers are female, has a smaller percentage of female golfers than the United Kingdom. Nonetheless, numerous golf regulatory organizations have provided diverse support to increase the number of female golfers. According to the National Golf Foundation, around 19 % of contemporary golfers are female.
Diverse initiatives are in place to promote women to play golf. Women's Golf Day (WGD) is a global golf initiative launched in 2016 to introduce women of all ages to the game and inspire existing female golfers to "tee it up" in a fun and inclusive environment. The top market rivals have also begun manufacturing golf equipment designed specifically for women. Furthermore, numerous sports campaigns encourage women to exhibit their athletic ability. It is projected that these factors will fuel global golf equipment market expansion over the forecast period.
Report Scope
| Report Metric | Details |
| Market Size | USD 15.44 Billion by 2030 |
| CAGR | 4.21% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | USD Billion |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Distribution Channel and Geography |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Adidas Group, Taylormade Golf Company Inc., Bridgestone Group, and PUMA SE. |
| Key Market Opportunities | Growing Participating of Women |
| Key Market Drivers | Increased Number of Golf Courses |
Key Highlights
- The global golf equipment market had a share of USD 10,656 million in 2021, which is expected to reach USD 15,445 million at a CAGR of 4.21% during the forecast period (2022–2030).
- Based on product type, the golf clubs segment is expected to project at a CAGR of 4.08% and reach USD 5,488 million by 2030.
- Based on the distribution channel, the offline stores segment estimated to hold a share of USD 11,428 million at a CAGR of 3.39%.
- Based on region, North America will hold a share of USD 5,993 million at a CAGR of 3.60%.
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Regional Insights
North America will dominate the market with USD 5,993 million at a CAGR of 3.60% during the projected period. The U.S is the region's central growth contributor. The group of older golfers has increased in the United States. A rise in golf tourism has also resulted in the expansion of the golf equipment industry. Additionally, in 2019, the total number of Americans who played golf was 108 million. In addition, 5.7 million women played golf on a course in 2019, accounting for 23% of the on-course golfer population and 44% of the off-course golfer population.
In recent years, the sector has been pushed by several critical factors, including the growing popularity of golf and the increase in golf tourism, which has been reinforced by the growth of golf courses throughout. Younger individuals are gradually increasing their engagement in the sport, which will undoubtedly positively impact the global golf equipment market over the following years.
Europe will grow at a CAGR of 4.6% and reach USD 4,648 million by 2030. The United Kingdom contributes significantly to the share of the region. This is due to an increase in golf-related consumer spending throughout the nation. In recent years, the country's market has been bolstered by the proliferation of golf clubs, which has attracted a growing number of individuals to participate in the sport. In addition, the percentage of female golfers is projected to increase over the next several years, causing the domestic market to grow steadily. This factor provides significant market participants with expansion possibilities.
During the projected period, Asia-Pacific is expected to increase at a faster rate of 5.28 %. Japan's contribution propels the regional market. Japan is the second-largest golf market globally, behind the United States. In addition, there are several golf courses resulting from a surge in golf awareness and the percentage of young golfers in the country. Growing media coverage of international golf events has contributed to the sport's growing popularity among the general public. This has increased golf equipment sales in the country by increasing the number of young people participating in the sport.
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The global market of golf equipment players are
- Adidas Group
- Taylormade Golf Company Inc.
- Bridgestone Group
- PUMA SE.
Global Golf Equipment Market: Segmentation
By Product Type
- Golf Clubs
- Golf Balls
- Golf Bags and Accessories
- Apparel
- Footwear
By Distribution Channel
- Offline Stores
- Online Stores
By Region
- North America
- Asia-Pacific
- Europe
- South America
- The Middle East and Africa
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Golf Equipment Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Product Type Overview
- Introduction
- Market Size & Forecast
- Golf Clubs
- Market Size & Forecast
- Golf Balls
- Market Size & Forecast
- Golf Bags and Accessories
- Market Size & Forecast
- Introduction
- Distribution Channel Overview
- Introduction
- Market Size & Forecast
- Offline stores
- Market Size & Forecast
- Online stores
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Product Type
- By Distribution Channel
- Canada
- By Product Type
- By Distribution Channel
- Mexico
- By Product Type
- By Distribution Channel
- Latin America
- By Product Type
- By Distribution Channel
- Europe
- Market Size & Forecast
- Germany
- By Product Type
- By Distribution Channel
- France
- By Product Type
- By Distribution Channel
- U.K.
- By Product Type
- By Distribution Channel
- Italy
- By Product Type
- By Distribution Channel
- Spain
- By Product Type
- By Distribution Channel
- Rest of Europe
- By Product Type
- By Distribution Channel
- Asia Pacific
- Market Size & Forecast
- Japan
- By Product Type
- By Distribution Channel
- China
- By Product Type
- By Distribution Channel
- Australia
- By Product Type
- By Distribution Channel
- India
- By Product Type
- By Distribution Channel
- South Korea
- By Product Type
- By Distribution Channel
- Rest of Asia-Pacific
- By Product Type
- By Distribution Channel
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Product Type
- By Distribution Channel
- South Africa
- By Product Type
- By Distribution Channel
- Kuwait
- By Product Type
- By Distribution Channel
- Rest of Middle East & Africa
- By Product Type
- By Distribution Channel
- Introduction
- Company Profile
- Adidas Group
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Taylormade Golf Company Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Bridgestone Group
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- PUMA SE
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Adidas Group
Table of Content and Figure @ https://straitsresearch.com/report/golf-equipment-market/toc
Market News
- In 2022, Adidas Group announced a partnership with Foot Locker.
- In 2022, Taylormade Golf Company announced MyTaylorMade+, a mobile subscription app inspired by the Tour experience.
News Media
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