GOLF EQUIPMENT MARKET ANALYSIS

The global golf equipment market is projected to reach around US$ 16.11 Billion by 2030, exhibiting a CAGR of 4.7% during the forecast period (2023-2030).

Global Golf Equipment Market: Drivers

• Rising number of golf courses over the world: Growing number of golf courses around the globe is driving growth of the golf equipment market. According to the Coherent Market Insights analysis, there are more than 30,000 golf facilities across the world, and more than 70% of them are open to the public. A significant share of these golf courses also belongs to private clubs, golf- centric real estate locations, and golf resorts. In U.S, For example the number of golf courses increased by 200 in 2021 according to the national Golf foundation. This was first time over the decade that the number of courses had increases in the country.

• Rapid increase in golf tourism: Rising golf tourism is another key factor propelling growth of the market. For instance, The International Association of Golf Tour Operators (IAGTO) and the Golf Environment Organization (GEO) are some of the international non-profit organizations that support and promote sustainability in golf tourism across the world. IAGTO has been commissioned to formulate golf tourism development and promotional strategies for more than 25 countries, including Brazil, Mexico, Peru, Mauritius, Jakarta, Kenya, Tunisia, Morocco, Egypt, Gran Canaria, Malaysia, Marbella, Galicia, Murcia, and Valencia.                   

Global Golf Equipment Market: Restraints

• Limited accessibility: Golf is not a sport that is accessible to everyone. It requires access to a golf course, which may not be available in all areas. Additionally, golf can be a difficult sport to learn, which may discourage some potential players. The global golf equipment market has faced several restraints in recent years. One major restraint has been the COVID-19 pandemic, which has had a significant impact on the golf industry. In 2020, many golf courses were closed or had limited operations due to lockdowns and social distancing measures. This led to a decrease in demand for golf equipment, as fewer people were playing the sport.

• Competition from other sports: Golf faces competition from other sports, such as tennis and soccer, which may limit its growth potential. These sports are often more accessible and less expensive than golf, which may make them more appealing to some consumers.

Global Golf Equipment Market: Opportunity

• Rising participation of women in golf: Growing participation of women in golf courses is projected to offer significant growth opportunities over the forecast period. Various initiatives are being taken to increase the participation of women in golf. Various key players in the market are focusing on innovating golf equipment. This is expected to provide lucrative growth opportunities for the players over the forecast period TaylorMade Golf's announcement of the Stealth Irons in January 2022 was a significant development in the world of golf equipment. The Stealth Irons feature a next-generation cab back design and innovative toe wrap construction, which are designed to improve performance and enhance the overall golfing experience. The cab back design of the Stealth Irons is intended to provide golfers with a higher launch angle and greater forgiveness on off-center hits. This is achieved by redistributing weight to the perimeter of the clubhead, which increases the moment of inertia (MOI) and reduces the amount of twisting that occurs on mishits.

Global Golf Equipment Market: Trends

• Rising trend for footwear among young adults: Increasing popularity of footwear among young adults, as these offer greater comfort and flexibility to the player than conventional shoes, is a growing trend in the market. For instance, in June 2021, Adidas launched a golf shoe called the Solarthon, which  is lightweight and comfortable. Further, the brand aims to introduce Solarthon in limited-edition grey, blue, and white-colored variants. The shoe features Adidas’ Primeblue textile upper and recycled yarn containing at least 50% parley ocean plastic to help the company’s “End Plastic Waste” initiative.
• Growth of the retail sector: Expansion of retail sector such as supermarkets and hypermarkets, coupled with the increasing focus on the manufacturer to showcase their products in these retailers will further favor the market growth. According to the Coherent Market Insights analysis, the offline stores segment of the global golf equipment market was valued at US$ 8,466.39 million in 2021, and it is projected to reach US$10,229.53 million by 2027, registering a CAGR of 3.32% during the period (2022-2030)              

Global Golf Equipment Market: Key Developments

• In January 2022, Callaway Golf is The Official source for Callaway golf clubs, golf balls and gear. Discover a wide range of premium golf clubs, equipment and more which has launched its new Rogue family, and the latest drivers come in four different editions: the Rogue ST MAX, the Rogue ST MAX D, the Rogue ST MAX LS, and the Rogue ST Triple Diamond LS.
• In January 2022, Callaway Golf company introduced the next generation of Chrome Soft and Chrome Soft X that is  designed to elevate tour ball performance to the next level; Dual SoftFast core, with a 34% larger volume inner core and a thinner, graphene-infused outer core, promotes fast ball speed and increased wedge spin.
• In 2022, Adidas Golf launched its Rebelcrossrange of footwear for the golfers in February and its spiked golf shoes in January 2022 with the TOUR360 2022.
• In March 2021, Topgolf International Inc. (“Topgolf”) and Callaway Golf Company ("Callaway") announced merger. The companies aim to create a tech-driven powerhouse in golf equipment, apparel, and entertainment by integrating their strengths.       

Global Golf Equipment Market: Regional Analysis

Global North America is expected to dominate the golf equipment market due to increasing popularity of golf equipment in the region. The North America golf equipment market is driven by increasing preference of consumers for a more luxurious lifestyle in the region.

Figure 1. Global Golf Equipment Market Share (%), By Region, 2022

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Regionally, North America dominated the global golf equipment market in terms of revenue, in 2022, followed by Europe and Asia Pacific, respectively.

Global Golf Equipment Market: Segmentation

Global golf equipment market is segmented on the basis of product type, distribution channel, and region. Based on product type, the market is divided into Golf Clubs, Golf Balls, Golf Bags and Accessories, Apparel, Footwear. On the basis of distribution channel, the market is segmented into Offline Stores, and Online Stores. On the basis of region, market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa.

Figure 2. Global Golf Equipment Market Share (%), By Distribution Channel, 2022

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On the basis of distribution channel, in 2022, the offline stores segment accounted for the largest market share of 60% in terms of value, followed by the online stores segment.                                                                                                                                    

Global Golf Equipment Market: Impact of Coronavirus (COVID-19) Pandemic

The golf equipment market has experienced a decrease in growth due to the prevalence of social distancing and national lockdown during the time of coronavirus pandemic. Golf is primarily played as a sport, which was significantly affected by the pandemic, resulting in a decrease in golf equipment sales. After mid-year, the condition began to improve, resulting in improved sales and increased market growth.

Global Golf Equipment Market: Key Companies

The key companies operating in the global 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)

*Definition: Golf equipment includes clubs, bags, balls, tees, and shoes. Golf equipment can be used in games that range from competitions to social interactions. Many of these items are used for nine or 18-hole competitions.