Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Golf equipment market was estimated at around USD 7.9 billion in 2021, growing at a CAGR of nearly 5.3% during 2022-2030. The market is projected to reach approximately USD 12.56 billion by 2030.
Golf equipment includes golf bags and accessories, golf balls, golf clubs, golf gear and footwear, and other gadgets that are utilized to play the game. During the game, these tools are also used for player safety. . One of the main drivers of the growth of the golf equipment industry has been TopGolf's increasing popularity, which has led to the company's establishment of 70 facilities in six different countries. Young golfers and others are bulking up on new equipment. Golf is a time- and money-consuming pastime. The golf industry has historically been predominantly driven by the age group of 30 and older, who primarily have the leisure and money to partake in the activity. Golf courses all over the world have transformed into havens for fun and safety, and the number of rounds played and new golfers has greatly increased. Golf clubs are now produced by a wide variety of companies for the market. The market is significantly impacted by the product innovations of major companies and the considerable sums spent on marketing and promotional initiatives to reach a wide clientele. Given the quick growth of the golf tourism industry, the market is anticipated to have a bright future.
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Growth Factors
The masses of people in their middle and advanced years enjoyed playing golf. Although young golfers like Nelly Korda, Collin Morikawa, Viktor Hovland, Lexi Thompson, and others are challenging the perception that golf is an old people's sport, it is growing in popularity among millennials in the United States. The demographics of golf have also changed significantly, with women showing more interest in the game. The market for golf equipment is expanding for several key reasons, chief among them being the increase in amateur and skilled female golfers. The market growth rate is being accelerated by female golfers' growing desire for golf equipment. Golfers can now enhance their game in a variety of ways thanks to the impact of technology on numerous sports, including this one. Golf has been impacted by technology in many ways, from the materials used to create the clubs to the usage of GPS devices to gauge how far you are from the hole to swing analysis to repair swing flaws. Less holes per course, such as 6 or 9, and shortened holes are also factors in the participation rate of women and millennials in golf. This trend is causing the golf equipment market to grow.
Since a few years ago, there have been more golf courses built, notably in the major golfing nations. More than half of all golf courses in the globe may be found in the United States, the United Kingdom, Germany, Canada, Japan, South Korea, Sweden, France, and Italy. These are only a few of the major golf industry powerhouse nations. Private clubs, golf resorts, and real estate developments with a golf theme are the main owners of the majority of these courses. There are more than 30,000 golf courses in the world, and more than 70% of them are accessible to the general public. Currently, there are more than 200 golf courses being built across the world, and over 350 more are planned. This means that throughout the upcoming golf season, demand for golf equipment will dramatically grow.
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Segmental Overview
The market for golf equipment market is segmented into the product, and distribution channel. According to the product, the golf balls segment is expected to increase at the quickest rate. The industry that produces golf equipment is primarily supported by golf balls. Two types of golf balls are produced by manufacturers, one for everyday play and the other for professional golfers, using different manufacturing techniques. 70% of all golf balls are two-piece balls, and they feature a rubber inner and a plastic exterior. The three-piece balls, on the other hand, are made of plastic and rubber with a liquid or gel core.
During the forecast period, the golf equipment market by distribution channel is expected to be dominated by the online stores sector. This is due to the level of consumer convenience that online retailing provides. Additionally, online retailing allows customers the convenience of browsing and buying for goods from the comfort of their homes around the clock.
Regional Overview
In the golf equipment market, North America represented the largest market share of the whole market. This is as a result of the increased demand for golf equipment in this area. Due to the increasing customer preference for a lavish lifestyle in this region, the North American region dominates the global market for golf equipment. There are currently 23.8 million golfers in the US, and they bring in roughly $70 billion annually. Longer production cycles and a focus on bespoke fitting for golf have become priorities for manufacturers, who have altered their production processes accordingly.
Japan dominates the market for golf equipment in the Asia-Pacific area, followed by China, South Korea, and Thailand. As of 2017, Asia-Pacific was home to 4,570 golf facilities, or 14% of all golf facilities worldwide. The Asia-Pacific golf market has had tremendous expansion in recent years, with China leading the way in terms of supply, followed by India, Australia, and Thailand. Due to the country's expanding population of golfers and increased awareness of the sport, China has one of the fastest growing golf course populations in the Asia-Pacific region. The popularity of golf among the general public has also increased as a result of increased media coverage of international golf competitions. This promotes youth participation in these sports, which has increased demand for golf equipment in the area.
Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Golf equipment Market CAGR | 5.3% |
| Segments Covered | By Product By Distribution Channel |
List of the prominent players in the Global Golf equipment market:
• Acushnet Holding Corp.
• Dixon Golf, Inc.
• Roger Cleveland Golf Company, Inc.
• Wilson
• Miura Golf Inc
• Nike, Inc
• Cobragolf.com
• True Temper
• Mizuno USA
• Yamaha Golf
The global Golf equipment market is segmented as follows:
By Product
• Golf Clubs
• Golf Balls
• Golf Bags and Accessories
• Apparel
• Footwear
By Distribution Channel
• Offline Stores
• Online Stores
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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