by The Golf Equipment Market is estimated to be valued at US$ 11.6 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Golf equipment includes products and accessories that aid golf playing such as golf balls, golf clubs, golf shoes, and golf gear. Golf balls help golfers achieve longer drives while clubs help strike the ball with power and precision. Golf shoes provide traction and stability on grass surfaces during swings. Other golf gear includes golf bags, gloves, apparel, and accessories that enhances the golf experience. With rising popularity of golf as a recreational sport and professional tournaments, the demand for advanced equipment is increasing.
Market Dynamics:
One of the major drivers for the golf equipment market is the emergence of e-commerce platforms for golf products sales. E-commerce has made golf equipment and accessories more accessible to customers by offering a wide variety of products from different brands on a single platform. This has boosted the sales of golf equipment significantly. Secondly, technological advancements in golf equipment has improved product performance. Manufacturers are focusing on developing equipment with aerodynamic designs, lightweight materials, and advanced engineering to maximize ball speed, distance, and accuracy. This is attracting more amateur and professional golfers, thereby propelling market growth.
Segment Analysis
The global golf equipment market is dominated by golf balls sub-segment. Golf balls constitute over 30% of the total market revenue owing to its regular requirement of replacement due to wear-and-tear during play. Other major segments include golf clubs, golf shoes and golf gear & equipment. Among these, golf clubs generate the second largest revenue as they require occasional upgrades by professional and amateur golfers.
PEST Analysis
Political: The market is positively impacted by government initiatives for promotion of golf tourism. However, certain environmental regulations regarding usage of potentially toxic materials in golf ball & club manufacturing act as a restraint.
Economic: Growth in disposable incomes and interest in golf as a leisure sport drives the demand especially in developing countries. However, inflationary pressures affect the pricing of premium equipment.
Social: Golf is a popular social recreational activity that reduced stress and provides health benefits. This drives its uptake across gender and age-groups.
Technological: Advanced materials and analytics-based innovations in golf balls, clubs and shoes have improved performance metrics. Use of IoT sensors to enhance gameplay experience is gaining traction.
Key Takeaways
The Global Golf Equipment Market Size was valued at USD 11.6 billion in 2023 and is expected to reach USD 16.1 billion by 2030, expanding at a CAGR of 4.1% during the forecast period. The growth is attributed to rising popularity of golf as a professional and leisure sport worldwide. The Asia Pacific region dominates the global market with over 35% share owing to increasing participation from China, Japan and South Korea. Key players operating in the golf equipment market are 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).
Regional analysis
The Asia Pacific golf equipment market is projected to grow the fastest during the forecast period. Countries like China, Japan, and South Korea are increasingly taking up golf, thus driving new equipment sales in the region. Vietnam, Thailand and India also offer immense potential for future growth.
Key playersÂ
Key players operating in the golf equipment market are focusing on product innovation and partnerships with professional golfers to strengthen their brands. For instance, Callaway Golf Company launched new Epic Speed and Epic Max drivers featuring AI technology in 2021. Similarly, PING launched i59 irons with vibration dampening technology. Taylormade redesigned their Stealth drivers and irons to deliver higher ball speeds.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
