Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Golf Equipment Market Size, Share & Trends Analysis Report by Product, Distribution Channel and Region, 2023 to 2030" report has been added to ResearchAndMarkets.com's offering.
Teed Up for Success: The Trajectory of the Global Golf Equipment Market
Anticipated to achieve a striking value of USD 11.01 billion by 2030, the global golf equipment market is poised for a remarkable journey, boasting a commendable Compound Annual Growth Rate (CAGR) of 5% during the forecast period. This growth is propelled by the worldwide development of golf courses, a surge in golf tourism, the sport's escalating popularity, and the rise in disposable income among consumers.
Foreseen Catalysts: Golf Tourism and Government Support
The burgeoning golf equipment market is driven by the dual forces of expanding golf tourism and governmental backing. Governments are strategically promoting golf resorts to both local and international tourists, aiming to bolster foreign exchange inflow through the growth of golf tourism, thereby advancing their economies. The resultant boost in golf tourism naturally triggers increased sales and demand for golf equipment. A case in point is Scotland, which unveiled a comprehensive golf tourism and tourist plan in June 2021, centered around destination enhancement, community engagement, education, and wellness. Hence, the upward trajectory of the market is fortified by the dual pillars of golf tourism and government initiatives.
Shaping the Future: Technological Innovations
The landscape of the golf equipment market is being molded by technological breakthroughs. In response to the demand for high-quality golf equipment, manufacturers are churning out products armed with advanced technologies. An illustrative example is Taylor Made Golf, a pioneering US-based tech leader, which introduced the second generation of its high-visibility range of pix golf balls in January 2020. These TP5 and TP5x models boast pixTM, a groundbreaking visual technology developed in collaboration with golf luminary Rickie Fowler.
Swinging Opportunities: Hospitality Sector's Role
The hospitality sector is making strategic moves to enhance facilities, drawing a wider audience. Western hotels are increasingly spotlighting diverse sports activities, with golf taking center stage. A striking instance is the Prukljan project in Europe, encompassing a hospitality tourism zone, an entertainment hub, and a golf course, alongside accommodation capacities. Notably, the sprawling golf area covering around 160 hectares embraces a golf course enveloping over 60% of the total expanse.
Precision and Profit: The Player's Perspective
Golf's personalized nature demands meticulous attention to manufacturing, especially for key gear like clubs, balls, and gloves. Endorsement opportunities for golf equipment are highly lucrative, driven by the potential for product sales. This dynamic has birthed a fresh consumer profile for professional golfers. Case in point, Nike devised strategies to resonate with enthusiastic middle-aged male golfers aged 21 to 30, epitomized through endorsements featuring Tiger Woods.
Highlights from the Green: Key Insights
- The golf club segment has taken the lead during the forecast period, with its dominance attributed to the array of club types used for diverse shots. The segment's prominence is accentuated by the higher cost of clubs and the preference for accuracy offered by hybrid clubs.
- North America leads the charge, with burgeoning golf courses and a growing golfer population propelling demand for golf equipment. The region's robust economic growth and increasing consumer spending power further propel market expansion.
- Sporting goods retailers stand as a prominent distribution channel, capturing around 48.5% of the market share in 2022. The convenience of comparing prices and specifications under one roof serves as a driving factor for consumers opting for such stores.
- North America commands the global market, contributing a share of about 53.4% in 2022. The region's unwavering supply chain bolsters the sales of golf equipment.
As the global golf equipment market gears up for an impressive trajectory, it encapsulates the passion, innovation, and strategic prowess that drive this beloved sport forward.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $7.48 Billion |
| Forecasted Market Value (USD) by 2030 | $11.01 Billion |
| Compound Annual Growth Rate | 5% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Golf Equipment Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Golf Equipment Market: Product Estimates & Trend Analysis
Chapter 6. Golf Equipment Market: Distribution Channel Estimates & Trend Analysis
Chapter 7. Golf Equipment Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Analysis
Companies Mentioned
- Callaway
- Sri Sports Limited
- Acushnet Holding Corp.
- Taylormade
- Titleist
- Clevaland
- Mizuno
- Wilson
- Odyssey
- Ping
For more information about this report visit https://www.researchandmarkets.com/r/wcqw5s
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