Market Challenges And Opportunities
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.
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