by The Golf Equipment Market is estimated to be valued at US$ 11.14 Bn in 2022 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Golf Equipment Market offers a wide range of products including golf clubs, golf balls, golf bags, and golf accessories. With the increasing participation in golf across the globe and rising disposable income, the demand for golf equipment is expected to grow significantly. Golf clubs and golf balls are the most popularly used equipment in the market, followed by golf bags and accessories. The market offers a variety of golf equipment options catering to different skill levels, age groups, and preferences.
Market Dynamics:
The increasing participation in golf, both as a recreational activity and as a professional sport, is one of the major driving factors for the growth of the golf equipment market. Additionally, the rising disposable income of individuals, particularly in emerging economies, is also fueling the demand for golf equipment. The market is witnessing a trend of technological advancements, with manufacturers introducing innovative products that offer enhanced performance and improved accuracy. Furthermore, the popularity of golf tourism and the growing number of golf courses worldwide are providing opportunities for market growth. Overall, the golf equipment market is expected to witness high growth in the coming years.
Segment Analysis:
The golf equipment market can be segmented into various categories based on product type, distribution channel, and geography. In terms of product type, the dominating segment is golf clubs. Golf clubs are the most essential equipment for playing the sport and have a wide range of options available in the market, including drivers, irons, woods, and putters. The dominance of golf clubs can be attributed to the fact that they are used in every game and require regular replacement or upgrading. Other segments in the market include golf balls, golf bags, and golf shoes.
PEST Analysis:
Political: The political landscape plays a significant role in the golf equipment market. Government regulations and policies regarding environmental conservation can affect the production and sale of golf equipment, particularly golf balls made from materials that are not environmentally friendly.
Economic: The economic factors influencing the market include disposable income, consumer spending patterns, and economic stability. As the global economy continues to recover from the impact of the COVID-19 pandemic, there has been a resurgence in consumer spending on sports and recreational activities, which is expected to drive the demand for golf equipment.
Social: The social factor influencing the market is the increasing interest in golf as a recreational activity. The sport has gained popularity among people of all age groups, especially young professionals. Additionally, the rise of golf tourism and the growing number of golf courses worldwide have contributed to the demand for golf equipment.
Technological: Technological advancements have revolutionized the golf equipment market. From the development of high-performance golf clubs and balls using advanced materials to the incorporation of smart technology in golf wearables, such as smartwatches and swing analyzers, technology has played a significant role in enhancing the overall golfing experience.
Key Takeaways:
The global Golf Equipment Market Share is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period. The increasing popularity of golf as a recreational activity, coupled with the recovering global economy and technological advancements in golf equipment, are the key drivers for the market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the golf equipment market. The region has a large number of golf courses and a well-established golfing culture. Moreover, the presence of key players like Callaway Golf Company and Acushnet Holdings further strengthens the market in North America.
Key players operating in the golf equipment market include Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports). These key players have a strong market presence and offer a wide range of golf equipment, catering to the diverse needs of golf enthusiasts.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
