by The golf equipment market is estimated to be valued at US$ 11.6 Mn 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:-
The golf equipment market comprises products used for playing golf such as golf balls, golf clubs, golf shoes, and golf apparel & accessories. Golf balls are designed to perform well in different terrains and conditions. Golf shoes are designed to provide comfort, stability, and traction to players. Golf apparel includes golf shirts, pants, shorts, gloves, hats, and others. Golf equipment are used by amateur and professional golf players across the globe.
Market Dynamics:-
The golf equipment market is primarily driven by the increasing participation in golf worldwide. According to data published by National Golf Foundation, around 26.1 million Americans played golf in 2019, which is an increase of around 1 million players from 2018 levels. Additionally, factors such as rising number of golf courses and growing popularity of golf as a recreational and professional sport are also expected to support the market growth over the forecast period. However, high costs associated with golf equipment and membership fees of golf courses limit the market growth. Meanwhile, technological advancements in golf equipment such as golf balls and clubs that enhance performance are expected to provide lucrative opportunities for market players over the forecast period.
SWOT Analysis:-
- Strength: Golf Equipment Market has strong growth potential as Golf is a popular sport worldwide. The market leaders have strong R&D capabilities and invest heavily in new product development to attract customers. Availability of wide range of products at different price points cater to customers with varied budget and preferences.
- Weakness: Seasonal nature of golf leads to fluctuations in demand for equipment. Changing consumer preference and rising discounts/offers from online retailers pose challenge. Lower participation of women and kids in some regions.
- Opportunity: Potential in developing countries with improving economy and lifestyle. Rising popularity of online shopping and custom fitting services to further drive the market. Golf simulators and virtual reality based training provides new opportunities.
- Threats: Threat from other leisure activities that are less expensive and require less time commitment. Strict environmental laws for golf course construction in some regions. Trade tariffs and regulations affect profit margins.
Key Takeaways:-
The Global Golf Equipment Market Demand is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing popularity of golf as leisure and lifestyle sport worldwide. The total market size reached US$ 11.6 Mn in 2023.
Regional analysis
The North America region dominates the global golf equipment market with over 30% share in 2023 led by U.S. presence of large number of golf courses and avid golfers. Asia Pacific is the fastest growing region projected to exhibit CAGR of 5.3% during forecast period driven by rapid economic growth, rising disposable incomes and government initiatives to promote golf tourism in countries like China, India and Japan.
Key players
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). The companies are focusing on product innovation, endorsement deals and expanding distribution channels to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
