Analysis of the Golf Equipment Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Golf Equipment Market by Products (Golf Clubs, Golf Balls, Apparel, Footwear, and Others), by Distribution Channel (Specialty Stores, On Course Shops, Online, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Consumer Goods & Services
Report Code - OMR-CGS-107
Format: PDF, PPT, and Excel
Golf Equipment Market Overview
Everything from golf clubs to balls to umbrellas is considered part of the golf equipment. The golf ball, golf clubs, and other gadgets are all examples of equipment. Increasing disposable income, the proliferation of golf courses (particularly in high-income nations), and international golf tourism are the primary factors fueling the expansion of the worldwide industry. In addition, if more women played golf, the sport would have significant growth potential in the future. The leading companies in this sector also invest heavily in researching and developing cutting-edge golf equipment, which could help the market grow. Demand for golfing gear is predicted to increase steadily over the next several years as the global economy expands. Increased capital and investment in the golf business are also anticipated to contribute positively to market expansion in the years ahead. Because of their beneficial effects on health and fitness, high-intensity sports like cricket, volleyball, football, and basketball have grown in popularity. Other important factors likely to restrain market expansion are unfavorable weather conditions and the high equipment cost. One issue that may slow the expansion of the market is the rising popularity of playing video games indoors and online due to people's busy lifestyles worldwide. The golf equipment industry suffered due to the global spread of the COVID-19 virus. People could not play golf because of the pandemic's widespread lockdowns and social distancing efforts.
Golf Equipment Market Growth Factors
Rising Popularity of Golf Among Women to Encourage Distinctive Growth Pattern
Golf was a common pastime for those in their middle and later years. Young American players like Nelly Korda, Collin Morikawa, Viktor Hovland, Lexi Thompson, and others are challenging golf's image as an activity reserved for older people. The increasing number of female golfers is also a significant shift in the sport's demography. The number of golf rounds played in the United States grew by roughly 5% in 2021 compared to 2020 and by nearly 20% compared to the years before the epidemic, according to research conducted by the Koozie organization. Of the new golfers, 33% were women, and 27% were members of Generation Z or the youngest millennials. Golf is just one of several sports altered by technological advancements that have opened up new avenues for improvement. The use of global positioning system devices to determine the distance to the hole and swing analysis to fix flaws or inaccuracies in the swing are only two examples of how technology has influenced the sport of golf. More millennials and females are getting into golf since courses are becoming more casual and offering fewer holes (6 or 9 instead of 18). The demand for golf equipment is growing because of this trend.
Miniature Golf Courses and Rising Emergence of Golf as a Lifestyle to Contribute Heavily to Market Distribution
Golf was a serious sport, but now it's more of a recreational activity. As more and more golf courses have opened and governments have taken steps to promote golf tourism, there has been a corresponding increase in demand for basic golfing gear. Golfing facilities are being added to many luxury hotels and resorts. Golf equipment sales have increased thanks partly to the proliferation of miniature golf courses designed to entice new players and promote golf's positive health benefits. Golf tourism significantly contributes to the industry's bottom line and employment picture. Revenue in the golf industry and golf travel & tourism is highest in the United States, the largest golf equipment market. Expenditures in the United States range from visa fees, and hotel stays to those for travel, recreation, and sustenance. More than 100 million golfers worldwide, and between 5 and 10 percent of those players will travel to play the sport. The number of countries that rely heavily on golf tourism as a source of foreign currency has been growing over time. Emerging economies' interest in golf tourism is responsible for this growth. Golfers often go to Portugal, the United States, and Spain.
Golf Equipment Industry Segmentation
Products
• Golf Clubs
• Golf Balls
• Golf Gear
o Apparel
o Footwear
• Others
Distribution Channel
• Specialty Stores
• On Course Shops
• Online
• Others
Golf Equipment Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Product Insights
Mobile Gamers to Reign Supremacy Due to Heavy Adoption of Mobile Devices and Increasing Popularity of Mobile Tablets
The global market can be processed into golf clubs, golf balls, apparel, golf gear, footwear, and others based on product.
In 2022, the golf club category was the most lucrative for the golf equipment industry. Demand for golf clubs is expected to rise during the projected period as customers increasingly want customizable and varied golf club options. For example, hybrid clubs composed of higher-lofted wood and iron are gaining customer favor and contributing to rising demand for clubs. The prolonged life of iron clubs can significantly impact the product repurchase cycle, which slows the category's expansion.
The golf gear market is expected to grow at a high rate during the projected period. Professionalism in the game has led to a shift in how often golfers upgrade their equipment. One of the most notable elements contributing to the sector's expansion is the prevalence of online discounts across various websites. The category is expected to develop due to rising consumer demand for personalized products. Thanks to technological improvements, manufacturers may now build highly efficient and various bespoke goods with much shorter lead times.
Regional Insights
European Golf Equipment Market to Stand at the Forefront due to Widening Demand and Stylish Golf Footwear
Based on the geographical split, the global market can be fragmented across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
A combination of factors, including a growing interest in sports and the availability of a wide range of golf clubs and balls in the region, has led to a dramatic increase in demand for golf equipment across Europe. Wedge clubs, putters, hardwoods, irons, and hybrids are examples of the various club types and materials. Lightweight, stylish footwear is in high demand, especially for wet, rough, and soft surfaces. Golf's reputation as a challenging workout and the growing popularity of the sport is likely driving the demand for fitness-oriented golf gear and apparel. The European market is expected to benefit from this throughout the projection period. The "International Golf Federation" hosts several events and programs around Europe to expose the game to new audiences of all ages. Other reasons contributing to the growth in demand include the growing purchasing power of the middle class and the recent emergence of female golfers throughout Europe.
Countries like Japan, China, South Korea, and Thailand dominate the golf equipment market in the Asia-Pacific region. The golf market in Asia and the Pacific has exploded in recent years. It is anticipated that key nations in the Asia-Pacific region, including China, India, Australia, and Japan, will contribute to expanding the golf apparel and equipment market during the next few years. As the popularity of golf continues to grow in Japan, the country has emerged as a significant player in the Asia-Pacific area in terms of the number of golfers. There will be over 10.3 million Japanese golfers by 2021, up from an estimated 8.93 million in 2018, according to Japan's Ministry of Economy, Trade, and Industry (METI) data.
There was a sizable, functional market in North America. The region's golf equipment sales are booming because of a streamlined distribution network. The majority of sales are made through non-digital means. Department stores and specialty sports shops make up 80.0% of total sales. These shops boost revenue because they are located within the golf facility. One of the main drivers of market expansion is the expanding internet sector.
Golf Equipment Industry Analysis
There are several long-standing companies in the market and some newer ones. As the market for golf equipment continues to expand, several major companies are focusing more resources on the sector. Market participants are expanding their product lines to compete for customers.
Companies at the forefront of the golf equipment market use various strategies, including releasing innovative new goods like golf shoes and golf balls manufactured from recyclable materials. Other competitors in the golf equipment market are developing joint ventures and cooperating to increase the industry's revenue generation potential in the next years.
Golf Equipment Market Recent Developments
• In April 2022, Nike debuted new golf shoes, including the TW' 14, Lunar Control, and Lunar Clayton, in advance of The Masters. All three variations have premium white uppers with contrasting outsoles, lacing eyelets, and the Nike Swoosh in various colors.
• In March 2022, the merger between Topgolf International, Inc. ("Topgolf") and Callaway Golf Company, Inc. ("Callaway") was finalized as planned. By combining their resources, the firms want to become a technologically dominant force in the golf equipment, clothing, and entertainment industries.
• In February 2022, the Rebelcross line of golf shoes from Adidas Golf was just released. This set includes the spiked golf Tour360 22 shoes, which have a high-quality leather top and are water-resistant.
Global Golf Equipment Market Prominent Players
• Acushnet Holdings Corp. (United States)
• Nike, Inc. (U.S.)
• Topgolf Callaway Brands Corp (U.S.)
• Puma SE (Germany)
• Bridgestone Corporation (Japan)
• Adidas AG (Germany)
• Karsten Manufacturing Corporation (Ping Inc.) (U.S.)
• Taylormade Golf Company Inc. (U.S.)
• Mizuno Corporation (Japan)
• Sumitomo Rubber Industries Ltd (Japan)
Frequently Asked Questions (FAQs)
At what rate will the Golf Equipment Market Expand?
Objective Market Research announced that the golf equipment market will grow at a CAGR of 4.0% during the forecast period.
What are the factors driving the global Golf Equipment Market?
The global golf equipment market is expected to grow during the forecast period due to incredible product innovation, improving golf tourism, integrating golf as a lifestyle, and building miniature golf courses.
Which segment accounted for the largest Golf Equipment Market share by Distribution Channel?
During the forecast period, sales at specialty retailers are expected to increase swiftly due to the sport's growing popularity. It is anticipated that the demand for specialty stores in the golf industry will increase due to factors including the rising demand for variety in golf items, brands, and product trials.
What region holds the major share in the global market scape?
Various factors, including an increasing interest in athletics and the availability of a vast selection of golf clubs and balls in the region, have dramatically increased demand for golf equipment throughout Europe.
Which are the dominating players in the market during the forecast period?
Some prominent global golf equipment market leaders are Topgolf Callaway Brands Corp (U.S.), Puma SE (Germany), Bridgestone Corporation (Japan), Adidas AG (Germany), and Karsten Manufacturing Corporation (Ping Inc.) (U.S.), among others.
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com
Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Rising Awareness Regarding Benefits on Health
4.1.1.2. Increasing Interest of Women
4.1.2. Restrain
4.1.2.1. High Equipment Cost
4.1.3. Opportunities
4.1.3.1. Increasing Integration of Golf Courses in Resorts and Hotels
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Golf Equipment Market Analysis & Forecast, by Product from 2019-2030 (in USD million) (Units)
5.1. Golf Clubs
5.2. Golf Balls
5.3. Golf Gear
5.4.1. Apparel
5.4.2. Footwear
5.5. Others
6. Global Golf Equipment Market Analysis & Forecast, by Distribution Channel from 2019-2030 (in USD million) (Units)
6.1. Specialty Stores
6.2. On Course Shops
6.3. Online
6.4. Others
7. Global Golf Equipment Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (Units)
7.1. North America
7.1.1. North America Golf Equipment Market Analysis & Forecast, By Country
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Mexico
7.1.2. North America Golf Equipment Market Analysis & Forecast, By Product
7.1.3. North America Golf Equipment Market Analysis & Forecast, By Distribution Channel
7.2. Europe
7.2.1. Europe Golf Equipment Market Analysis & Forecast, By Country
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Spain
7.2.1.5. Italy
7.2.1.6. Rest of Europe (RoE)
7.2.2. Europe Golf Equipment Market Analysis & Forecast, By Product
7.2.3. Europe Golf Equipment Market Analysis & Forecast, By Distribution Channel
7.3. Asia-Pacific (APAC)
7.3.1. Asia-Pacific Golf Equipment Market Analysis & Forecast, By Country
7.3.1.1. Japan
7.3.1.2. China
7.3.1.3. India
7.3.1.4. South Korea
7.3.1.5. Rest of the APAC
7.3.2. Asia-Pacific Golf Equipment Market Analysis & Forecast, By Product
7.3.3. Asia-Pacific Golf Equipment Market Analysis & Forecast, By Distribution Channel
7.4. Latin America
7.4.1. Latin America Golf Equipment Market Analysis & Forecast, By Country/Region
7.4.1.1. Argentina
7.4.1.2. Brazil
7.4.1.3. Rest of Latin America
7.4.2. Latin America Golf Equipment Market Analysis & Forecast, By Product
7.4.3. Latin America Golf Equipment Market Analysis & Forecast, By Distribution Channel
7.5. Middle East & Africa
7.5.1. Middle East & Africa Golf Equipment Market Analysis & Forecast, By Country/Region
7.5.1.1. South Africa
7.5.1.2. UAE
7.5.1.3. Saudi Arabia
7.5.1.4. Rest of Middle East & Africa
7.5.2. Middle East & Africa Golf Equipment Market Analysis & Forecast, By Product
7.5.3. Middle East & Africa Golf Equipment Market Analysis & Forecast, By Distribution Channel
8. Competitive Landscape
8.1. Market Share Analysis (2022)
8.2. Market Positioning of Top Players (2022)
8.3. Key Developments & Growth Strategies (2020-2022)
8.3.1. Product Launches
8.3.2. Merges, Collaborations & Agreements
8.3.3. Expansion
8.4. SWOT Analysis
9. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
9.1. Acushnet Holdings Corp. (United States)
9.1.1. Company Snapshot
9.1.2. Business Overview
9.1.3. Financial Data
9.1.4. Key Products Offered
9.1.5. Recent Developments
9.2. Nike, Inc. (U.S.)
9.3. Topgolf Callaway Brands Corp (U.S.)
9.4. Puma SE (Germany)
9.5. Bridgestone Corporation (Japan)
9.6. Adidas AG (Germany)
9.7. Karsten Manufacturing Corporation (Ping Inc.) (U.S.)
9.8. Taylormade Golf Company Inc. (U.S.)
9.9. Mizuno Corporation (Japan)
9.10. Sumitomo Rubber Industries Ltd (Japan)
9.11. Others
10. Appendix
10.1. Currency Exchange Rate to USD
10.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain