The Golf Equipment market is estimated to be valued at US$ 11.6 Mn or 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 global golf equipment market comprises various products such as golf balls, golf clubs, golf shoes, golf gloves, golf gear and others. Golf balls are primarily made of polybutadiene rubber and ionomer resins. Golf clubs include woods, irons and putters. Golf shoes provide traction, flexibility and waterproof protection. Growing number of golf courses and driving ranges across the globe is increasing the demand for golf equipment.

Market Dynamics:
Growing number of golf courses is a major driver driving growth of the global golf equipment market. According to National Golf Foundation, there were around 25,000 golf facilities worldwide in 2018, up from around 17,000 in 2000. Increasing participation in golf, especially among female and young population is also boosting the market growth. For instance, the number of female golfers in the U.S. increased from around 2 million in 2010 to around 2.5 million in 2018. Developing innovative lightweight and comfortable golf equipment is another factor fueling the market growth. For example, golf clubs manufactured using composite materials have gathered increasing popularity due to their lightweight design enabling greater accuracy and power. Similarly, lightweight golf balls boost carrying distance. However, high costs associated with golf equipment and membership fees at golf courses are major challenges restraining the market growth.

SWOT Analysis
Strength: Golf equipment market has strong brand recognition with major companies dominating the market. The industry has experienced technicians and researchers developing high-quality products. Additionally, growing interest in golf as a sport and social activity has increased demand.
Weakness: Golf can be an expensive sport for consumers and equipment may not be affordable for some. Additionally, sport faces seasonal changes and depends on weather.
Opportunity: Emerging markets like Asia Pacific and Middle East are expected to drive future growth. Additionally, launch of innovative products catering to beginners and females can attract new customers.
Threats: Golf faces competition from other indoor and outdoor recreational activities. Changes in weather patterns can negatively impact demand. Additionally, economic slowdowns may reduce discretionary spending on the sport.

Key Takeaways

The Global Golf Equipment Market Size is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing interest in golf as a recreational sport and social activity. Golf participation has grown, especially among the youth in developing countries.

Regional analysis
The Asia Pacific golf equipment market is expected to grow the fastest, expanding at a CAGR of over 5% during the analysis period. China, Japan, and Korea are dominating the regional market due to rising interest from youth and middle-aged population taking golf as a hobby or profession. Countries like India are also emerging as new markets.

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). Key players are investing in R&D and new product launches catering to beginners as well as experienced golfers to strengthen their market position.

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