The global golf equipment market encompasses a wide array of products designed to enhance the golfing experience. Ranging from irons, wedges, and putters to balls, bags, and accessories, the market caters to the diverse needs of golf enthusiasts worldwide. Established brands and innovative startups contribute to a competitive landscape, driving continuous product evolution. As golf continues to be a popular recreational activity globally, the golf equipment market is poised for sustained development and innovation.
Data Bridge Market Research analyses that the Global Golf Equipment Market which was USD 7.84 billion in 2022, is expected to reach USD 10.49 billion by 2030, growing at a CAGR of 3.71% during the forecast period of 2023 to 2030.
" Increase in the number of young participants drive the market growth"
The surge in young participants in golf has markedly elevated the acquisition of various golf kits in recent years. This trend is a pivotal factor anticipated to propel the demand for golf equipment in the market. The substantial uptick in demand is attributed to the burgeoning income of the middle-class population over the past few years. As more young individuals engage in golf, the market experiences heightened demand for diverse and advanced golf equipment, reflecting a positive trajectory for the industry.
What restraints the growth of the global golf equipment market?
"High cost hamper the market growth"
The golf equipment market faces a potential growth impediment due to the high prices associated with golf gear. The elevated cost of equipment, including clubs, balls, and accessories, is anticipated to act as a restraining factor for the market's growth. This pricing obstacle may deter potential enthusiasts and limit market expansion. The prohibitive nature of these costs could hinder widespread participation and accessibility, posing a challenge for the golf equipment industry.
Segmentation: Global Golf Equipment Market
The global golf equipment market is segmented on the basis of products and distribution channel.
- On the basis products, the global golf equipment market is segmented into golf balls, golf clubs, golf shoes, golf bags and accessories, apparel, footwear, and others
- On the basis of distribution channel, the global golf equipment market is segmented into offline retail stores, sports goods chain, specialty sports shops, on-course shops, online stores, and others
Regional Insights: North America dominates the Global Golf Equipment Market
North America dominates the global golf equipment market, driven by a rising demand for golf gear in the region. The leadership position can be attributed to a growing consumer preference for a luxurious lifestyle in North America. As the appeal of golf continues to rise, fueled by lifestyle choices and leisure activities, the region stands at the forefront of the market, showcasing a robust demand for premium golf equipment.
Asia-Pacific is expected to dominate the global golf equipment market during the forecast period from 2023 to 2030. The region's surge in golf's adoption as a sport is a key contributor to market growth. With an increasing number of enthusiasts, Asia-Pacific's expanding golf community propels the demand for equipment, fostering substantial market development during the projected timeframe.
Recent Developments
- In January 2022, Adidas Golf unveiled the Rebelcross range of footwear, set for a February launch. The collection includes spiked golf shoes featuring the TOUR360 2022, showcasing Adidas's commitment to innovative and performance-driven golf footwear
- In March 2021, Nike introduced the Air Max 95 Shoes, featuring the High Voltage apparel. The Volt Air Max 95 was exclusively released in the U.K., while the globally available Total Orange Air Max 95 and accompanying wear demonstrated Nike's global appeal and regional exclusivity strategies
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The Prominent Key Players Operating in the Global Golf Equipment Market Include:
- Acushnet Holdings Corp (U.S.)
- Roger Cleveland Golf Company, Inc. (U.S.)
- Golfsmith International Holdings, Inc. (U.S.)
- Amer Sports (Finland)
- Bridgestone Corporation (Japan)
- Callaway Golf (U.S.)
- TaylorMade Golf Co. (U.S.)
- PING (U.S.)
- Wilson Sporting Goods (U.S.)
- MIZUNO GOLF (U.S.)
- Dunlop Sports Co. Ltd. (Japan)
- Turner Sports Interactive Inc. (U.S.)
- Dixon Golf (U.S.)
- Ralph Lauren (U.S.)
- Under Armour, Inc. (U.S.)
- Dick's Sporting Goods (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global golf equipment market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Golf Equipment Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
