The Golf Equipment Market will grow at highest pace owing to rising popularity of golf as recreational sport
The golf equipment market comprises of golf clubs, golf balls, golf bags, golf shoes, and other golf accessories that are used to play golf. Golf clubs are used to hit the golf ball and guide it into the hole on the course. Golf balls are spherical objects that are hit with golf clubs during the game. Golf bags are designed to carry and transport golf equipment like clubs and balls. Golf equipment provide accuracy, control, and distance to improve the golf playing experience and skills.
The global golf equipment market is estimated to be valued at US$ 32.22 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 To 2031.
Key Takeaways
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)
Golf Equipment Market Growth participation of women and youth in golf is driving the demand for golf equipment. Technological advancements like lightweight materials, aerodynamic designs, and adjustable lofts are improving performance of golf equipment.
Market Trends
Customizable and smart golf equipment- Manufacturers are focusing on developing customizable golf equipment with adjustable features to suit player requirements. Smart golf equipment incorporated with sensors and Swing analyzers are gaining popularity.
Rising popularity of online shopping- Easy availability of wide range of Golf Equipment Market Size and Trends and attractive offers online has boosted the sales through e-commerce channels. Major brands are heavily promoting through their own online stores and online retail marketplaces.
Market Opportunities
Development of eco-friendly golf equipment- With rising environment awareness, there is scope for golf equipment made from recycled, bio-based or biodegradable materials.
Emerging markets in Asia Pacific and Middle East- Countries like China, India, and UAE are witnessing increased participation in golf. These regions present lucrative opportunities for golf equipment manufacturers.
Impact of COVID-19 on Golf Equipment Market
The COVID-19 pandemic had a significant impact on the golf equipment market. In the initial period of the pandemic, the market witnessed a decline in growth due to lockdowns and restrictions imposed globally. The closure of golf courses led to a sharp decline in equipment sales. However, as lockdowns eased in many countries, more people started taking up golf as it allowed for outdoor activity and social distancing. This resulted in increased demand for golf equipment.
Many golfers who could not visit courses started practicing at home which further boosted equipment sales. There was a surge in demand for driving range nets, putting mats, and other practice accessories. Online sales of golf equipment also increased significantly as people preferred shopping from home. Leading brands started offering attractive deals and discounts to attract new customers.
It is expected that the increased popularity of golf during the pandemic will have a long-lasting positive impact on the market. More juniors and families took up the sport which is likely to expand the consumer base going forward. While tournaments and professional events faced disruptions, recreational golf thrived. The market is forecast to grow steadily in the coming years supported by ongoing adoption of golf among beginners and occasional players.
Europe remains the largest regional market for golf equipment in terms of value owing to strong participation and tournaments in countries like the UK, Italy, Germany. However, the Asia Pacific region is expected to be the fastest growing market in the forecast period. Countries like China, Japan, South Korea and India are witnessing rising interest in golf. Golf tourism is also contributing to the growth of the sport in several Asian countries. With more courses being developed and lower equipment prices, the Asia Pacific golf equipment market will likely witness impressive expansion through 2031.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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