Portland, OR, April 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global golf equipment market generated $7.04 billion in 2020, and is estimated to generate $10.15 billion by 2030, witnessing a CAGR of 3.9% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Rise in number of professional and amateur female golfers, rise in trend of golf tourism, and growth of the middle-class population drive the growth of the global golf equipment market. However, busy work schedules, expensive golf courses and memberships, and adoption of alternative leisure activities impede the market growth. On the contrary, rise in popularity of online shopping offers new opportunities in the upcoming years.
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Covid-19 Scenario:
- The Covid-19 pandemic hampered the expansion of the golf equipment market. The demand for golf equipment decreased and travel restrictions severely harmed the market's distribution channel system globally.
- The lockdown has affected manpower and resource availability, affecting the scale of production in the golf equipment market. In addition, due to transportation constraints, the golf equipment supply chain system has been impacted.
The report offers detailed segmentation of the global golf equipment market based on type, distribution channel, and region.
Based on type, the golf clubs segment held the highest market share in 2020, accounting for nearly half of the total share, and is projected to maintain its leadership status during the forecast period. However, the golf shoes segment is estimated to grow at the fastest CAGR of 5.9% from 2021 to 2030.
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Based on distribution channel, the specialty stores segment accounted for the largest share in 2020, contributing to nearly half of the global golf equipment market, and is expected to maintain its lead position during the forecast period. However, the online stores segment is projected to portray the highest CAGR of 7.1% from 2021 to 2030.
Based on region, North America contributed the highest share in 2020, accounting for around half of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 6.0% during the forecast period.
Leading players of the global golf equipment market discussed in the research include Roger Cleveland Golf Company, Inc., TaylorMade Golf Company, Inc., Acushnet Holdings Corp., Golfsmith International Holdings, Inc., Amer Sports Corporation, Nike, Inc., Bridgestone Sports Ltd., Callaway Golf Company, Sumitomo Rubber Industries Ltd., and PING.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
