Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Golf Tourism Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global golf tourism market shrank from $4.93 billion in 2022 to $4.76 billion in 2023 at a compound annual growth rate (CAGR) of -3.4%. The golf tourism market is expected to grow to $6.07 billion in 2027 at a CAGR of 6.3%.
The increasing government support for the promotion of golf tourism is expected to drive the growth of the golf tourism market going forward. The governments are promoting golf destinations to domestic and international tourists as a means of earning additional foreign exchange through the development of the niche product and thereby contributing to economic growth.
For instance, in June 2021, in Scotland, a new Golf Tourism and Visitor Strategy were developed, with a focus on destination development, community engagement, education, and health as the industry attempts to recover from the challenges of the COVID-19 pandemic. Hence, the rising government initiatives to support golf tourism will drive the growth of the market.
Strategic collaborations and partnerships have emerged as a key trend gaining popularity in the golf tourism market. Major companies operating in the golf tourism sector are focused on strategic collaborations and partnerships to reinforce their position.
For instance, in October 2021, Goway, a UK-based golf tourism provider, partnered with Signature Travel Network to expand its reach in the US and strengthen its ability to provide vacations for travelers around the globe. Signature Travel Network is a US-based travel network company. Moreover, in May 2021, golfscape group, a provider of the online marketplace which offers booking capabilities to golfers and golf tourists partnered with Golfmanager, a leading European golf technology provider.
As part of this agreement, Golfmanager's client courses will be featured Golfscape's marketplace, which reaches over half a million users and books over 1 million rounds each year. In addition, the partners will collaborate to enhance the efficiency of the golf course management industry by providing a full solution for golf courses and an injection of sales through a next-generation booking process.
In March 2021, Callaway Golf, a US-based equipment manufacturing company that designs, manufactures, markets, and sells golf equipment, acquired Topgolf for $2.6 billion. Through this acquisition, Callaway aimed to accelerate its growth, create competitive advantages and establish leadership in the global golf equipment market by combining Topgolf's revolutionary technology platform and access to golfers of all abilities to its business. Topgolf is a UK-based sport entertainment firm.
North America was the largest region in the golf tourism market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in golf tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Scope
Markets Covered:
1) By Type: Domestic; International
2) By Service Type: Personal Tours; Professional Tours
3) By Sales Channel: Direct Channel; Distribution Channel
4) By End-User Sex: Male; Female
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $4.76 billion |
| Forecasted Market Value (USD) by 2027 | $6.07 billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Golf Tourism Market Characteristics
3. Golf Tourism Market Trends And Strategies
4. Golf Tourism Market - Macro Economic Scenario
5. Golf Tourism Market Size And Growth
6. Golf Tourism Market Segmentation
7. Golf Tourism Market Regional And Country Analysis
7.1. Global Golf Tourism Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Golf Tourism Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Golf Tours International
- GHW Golf Tours
- Golfasian Co. Ltd
- Golfbreaks Ltd
- Perry Travel Inc
- Premier Golf Tours
- Scottish Golf Holidays Inc
- The Haversham and Baker Co
- GolfHolidays.com
- Direct Golf Holidays
- Celtic Golf
- Kalos Golf
- Sophisticated Golfer
- Carr Golf
- SouthAmerica.travel
- Ascot Golf Tours
- Caribbean Golf & Tours
- Classic Golf Tours
- Golf Plaisir
- EasyGolf Worldwide Australia
- Asian Tour
- Chaka Travel
- Goway Travel
For more information about this report visit https://www.researchandmarkets.com/r/j63hma
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