Increasing number of golfers around the world, growing interest and participation of female golfers, development of golf infrastructure, and rising trend of golf tourism are contributing to the growth of the golf equipment market. Golf is played in more than 100 countries across the world, and the total number of golfers were more than 100 million in 2018. Growing popularity of golf is primarily driven by increased participation by golfers, especially female golfers, and increasing investments toward golf infrastructure in developing countries such as China and India.
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On the back of these factors, the golf equipment market reached US$ 13.8 Bn in 2018, and is projected to progress at a steady CAGR over the forecast period.
Key Takeaways of Global Golf Equipment Market Study
- According to the report, the global golf equipment market represents a fairly consolidated landscape, where a majority of key players are maintaining their strategic focus on product development, new product launches, and mergers & acquisitions. The global golf equipment market is dominated by a few major players such as Acushnet Holdings Corp., Callaway Golf Company, and TaylorMade Golf Company, Inc.
- PMR identifies North America as the largest market for golf equipment in 2019, followed by East Asia. The golf equipment market in the region is also driven by the number of courses and high number of golfers, which are higher in North America as compared to other regions.
- Based on product, golf clubs hold the highest value share in the golf equipment market. Irons, drivers, and putters are the most preferred golf clubs, which hold around 80% of the golf clubs segment.
- Online stores are projected to be the highest growth contributors to the golf equipment market during the forecast period, on account of easy product availability, lower prices as compared to physical channels, ability to compare products, and doorstep delivery. At present, specialty stores/ sports chain outlets under the offline segment holds most of the market.
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“Advancements in golf equipment technology such as smart sensors, smart grips, club customization, and smart golf balls help manufacturers introduce consumer-driven products. Increasing consumer spending on golf equipment and accessories creates new opportunities for manufacturers to target a larger consumer base,” says a PMR analyst.
Surge in Female Participation Gaining Traction
Increasing number of female participation in sports have been noticed in the recent past, and the same is true for golf. Significant participation has been observed in countries such as the U.S., the U.K., Japan, and Korea. This factor is expected to further drive the golf equipment market during the forecast.
PMR’s report underlines groundbreaking insights into the competitive scenario of the golf equipment market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain of the global golf equipment market include Acushnet Holdings Corp., Callaway Golf Company, Sumitomo Rubber Industries, Ltd., MIZUNO Corporation, Bridgestone Sports Co Ltd, Amer Sports Corporation, TaylorMade Golf Company, Inc., Louisville Golf, Miura Golf Inc., Yamaha Golf, and others.
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Know More about Golf Equipment Market Report Inclusions
Persistence Market Research published a new market report on the golf equipment market, covering global industry analysis of 2014-2018 and forecasts for 2019–2029. This report on the golf equipment market provides compelling insights on the basis of product (golf clubs, golf balls, golf apparel, footwear, and accessories), end user (amateurs and professionals), and sales channel (direct and indirect [modern trade, exclusive stores, specialty stores/ sports chain outlets, on course outlets, and online retailers), across seven regions.
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