by The Golf Equipment Market is estimated to be valued at US$ 10,655.75 million in 2021 and is expected to exhibit a CAGR of 4.21% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Golf Equipment Market is driven by the increasing participation in the sport of golf across the globe. With the growing popularity of professional golf tournaments, more individuals are taking an interest in the sport, leading to an increased demand for golf equipment. Moreover, the rise in disposable income among consumers has further contributed to the growth of the market. Golf equipment such as golf clubs, balls, bags, and apparel are witnessing high demand from both professional and amateur players globally.
Market Dynamics:
The golf equipment market is propelled by two main drivers. Firstly, the increasing participation in golf is driving the demand for golf equipment. As more individuals take up the sport, the demand for golf clubs, balls, and other equipment is expected to rise significantly. Secondly, the rise in disposable income among consumers is enabling them to spend more on leisure activities such as golf. This increased spending capacity is contributing to the growth of the market. Overall, the golf equipment market is expected to witness high growth due to the combination of increasing participation in golf and the rise in disposable income among consumers.
Segment Analysis:
The golf equipment market can be segmented based on product type, end user, and distribution channel. In terms of product type, the dominating segment is golf clubs, which includes drivers, woods, irons, wedges, and putters. Golf clubs are considered essential equipment for any golfer and contribute significantly to their performance. The advancements in club technology, such as improved materials and designs, have made them more desirable among golfers, leading to the dominance of this segment.
PEST Analysis:
Political: The political factors influencing the golf equipment market primarily include government regulations and policies related to sports and recreational activities. These policies can affect the availability of golf courses and influence the demand for golf equipment.
Economic: The economic factors impacting the market include disposable income levels, economic stability, and consumer spending patterns. Increase in disposable income and a rise in the number of people participating in golf as a recreational activity contribute to the growth of the market.
Social: The social factors influencing the market include changing lifestyles, growing interest in recreational activities, and the perception of golf as a status symbol. The social acceptance of golf as a leisure activity and its popularity among various age groups drive the demand for golf equipment.
Technological: Technological advancements in golf equipment, such as the use of advanced materials in club manufacturing and the development of golf tracking and analysis devices, have revolutionized the game. The adoption of technology-driven solutions and innovative products in the golf equipment market drives market growth.
Key Takeaways:
The global Golf Equipment Market Segmentation is expected to witness high growth, exhibiting a CAGR of 4.21% over the forecast period (2022-2030). This growth can be attributed to increasing disposable income levels, a rise in the number of people participating in golf, and technological advancements in the industry.
In terms of regional analysis, North America is the fastest-growing and dominating region in the golf equipment market. The presence of a large number of golf courses, the popularity of golf as a sport, and high disposable incomes in North America contribute to the region’s dominance in the market.
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 play a significant role in driving market growth through their product innovation, marketing strategies, and distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
