The Golf Equipment Market is segmented by Product Type (Golf Clubs, Golf Balls, Golf Bags and Accessories, Apparel, and Footwear), Distribution Channel (Offline Stores and Online Stores), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).
How competitive is the golf equipment market?
The golf equipment market is highly competitive. The market is dominated by players like Acushnet Holdings Corp., Callaway Golf Company, Nike Inc., Bridgestone Corporation, and Sumitomo Rubber Industries. The companies are adopting competitive strategies, by investing more to develop new technologies for the production of golf equipment.
Why is the Asia-Pacific golf equipment market on the rise?
The Asia-Pacific golf equipment market is expected to grow at a rapid pace. The adoption of golf as a sport is increasing steadily in China. In 2016, at the Rio Olympics, golfer Feng Shanshan represented the country and won a bronze medal, thus enforcing the government to support this sport.
What are the competitive strategies used in the golf industry?
The companies are adopting competitive strategies, by investing more to develop new technologies for the production of golf equipment. These players differentiate their products in terms of design (size and weight) and quality to gain a competitive advantage.
What is the forecast period of the golf equipment market research report?
The golf equipment market is expected to register a CAGR of 2. 73% during the forecast period (2021 - 2026). The COVID-19 has negatively impacted the golf equipment market because of the nationwide lockdown and social distancing norms.
Is there a shortage of golf equipment?
But here's the twist: golf is not immune to the material shortages mucking up the market for manufacturers around the world. Indefinite shipping delays have plagued the equipment sector, leaving both consumers and retailers in the dark as to when back-ordered products will re-emerge.
What is the target market for golfing and its equipment?
The target market for golf equipment is skill based dedicated golfers, as these golfers are the most consistent purchasers of golf equipment. Among golf equipment, the golf ball is the most important, as it is used by every player in every shot.
Is the golf market growing?
In 2020, the National Golf Foundation (NGF) estimated 24.8 million golfers in the United States, up over 2% or 500,000 from 2019, the highest net gain in 17 years. The spike in the number of golf courses is accompanied by an increase in the number of interested people in golf.
Who has the biggest market share in golf?
North AmericaNorth America dominated the market for golf clubs with a share of 45.3% in 2019....Some of the prominent players in the golf club market include:Callaway Golf Company.Acushnet Holdings Corp.PING.Sumitomo Rubber Industries, Ltd.TAYLORMADE GOLF COMPANY, INC.MIZUNO Corporation.Amer Sports.Bridgestone Corporation.More items...
How big is the golf equipment market?
The global golf equipment market size was estimated at USD 6.65 billion in 2019 and is expected to reach USD 6.85 billion in 2020.
How much money is spent on golf equipment each year?
When asked how much they spend on golf equipment annually, the majority (43.8%) said between $500-$1,000. That barely beat out a group of 40.1% that said it spends less than $500 a year. Only 13.4% said between $1,000-$2,000, and just 2.7% said more than $2,000.
Is golf in a boom?
There were more rounds of golf played at courses across the U.S. than at any time in history. Ever. This after a record-setting, Covid-driven boom during the second half of 2020. What's interesting is that as golf engagement remains strong, the rationale for why golfers have increased their play has seen a shift.
Is golf declining in popularity?
“We've continued to see consistent growth in the golf business,” Dick's Sporting Goods CFO Lee Belitsky said on the company's 2022 second-quarter earnings call with analysts on August 25. “The golf business has remained very strong for us.”
Why is the demand for golf decreasing?
The golden age of golf appears to have come and gone and the demographics population in general is getting older. The decline in golf is surely in part due to those who love the game getting too old to play it and dying off, leaving the numbers of golfers continuing to dwindle.
Which golf Company makes the most money?
the Callaway Golf CompanyWhile net sales of both the Callaway Golf Company and the Acushnet Company were extremely close one year earlier, at more than 3.1 billion U.S. dollars, Callaway was the clear front-runner in 2021.
What race plays golf the most?
WhiteThe most common ethnicity among Golf Professionals is White, which makes up 67.0% of all Golf Professionals....Golf Professional Race.Golf Professional RacePercentagesWhite67.0%Hispanic or Latino14.0%Black or African American9.5%Asian6.0%2 more rows•Apr 18, 2022
How big is the golf ball market?
Industry Insights The global golf ball market size was valued at USD 1.11 billion in 2017 and is projected to register a CAGR of 2.7% from 2018 to 2025. Promotion of golf tourism, construction of new golf courses, and rising consumer disposable income are some of the key market drivers.
What is the total market value of Golf equipment market report?
The global golf equipment market size was valued at $7,041.3 million in 2020, and is projected to reach $10,150.3 million by 2030, registering a CA...
What would be forecast period in the market report?
The forecast period in the golf equipment market report is from 2021 to 2030. Read More
What is the market value of Golf equipment market in 2020?
The global golf equipment market size was valued at $7,041.3 million in 2020. Read More
Which is base year calculated in the Golf equipment market report?
The base year calculated in the golf equipment market report is 2020. Read More
Which are the top companies hold the market share in Golf equipment market?
The top companies that hold the market share in golf equipment market are Acushnet Holdings Corp., Roger Cleveland Golf Company, Inc., Golfsmith In...
Which is the most influencing segment growing in the Golf equipment market report?
The golf clubs segment is the most influencing segment growing in the golf equipment market report. Read More
What are the key trends in the Golf equipment market report?
Golf is a high revenue sport that is prompting a surge in the construction of golf courses and clubs. In addition, technical developments in golf c...
What are the market values / growth % of emerging countries?
. U.S. was the highest revenue contributor with $2,953.3 million in 2020, and is estimated to reach $3,813.6 Million by 2030, registering a CAGR of...
What is the study period of this market?
The Golf Equipment Market market is studied from 2016 - 2027. Read More
What is the growth rate of Golf Equipment Market?
The Golf Equipment Market is growing at a CAGR of 4.21% over the next 5 years. Read More
Which region has highest growth rate in Golf Equipment Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026. Read More
Which region has largest share in Golf Equipment Market?
North America holds highest share in 2021. Read More
Who are the key players in Golf Equipment Market?
Callaway Golf Company, Nike Inc., Acushnet Holdings Corp., Bridgestong Group, Sumitomo Rubber Industries Ltd are the major companies operating in G...
What is the market size of golf equipment?
The global golf equipment market size was valued at $8,156 million in 2016, and is expected to reach $9,666 million by 2023, registering a CAGR of 2.2% from 2017 to 2023.
Which country dominated the golf equipment market in 2016?
North America dominated the global market in 2016 and is expected to maintain this trend throughout the forecast period. U.S. dominated the North America golf equipment industry, as golf is one of the biggest recreation sports for the people in the country, thereby contributing to the country's golf equipment market.
What is golf equipment?
Golf is a prime recreational sport popular among businessmen and amateur players. The equipment used in this sport are known as golf equipment, which include a variety of products, such as golf clubs, golf balls, golf shoes, golf tees, caps, and gloves.
What is the global golf equipment industry?
The global golf equipment industry is driven by increase in golf tourism, owing to considerable setup of golf courses worldwide, growth of the middle-class population, and rise in number of professional and amateur female golfers. However, adoption of other games, including indoor sports, such as chess, badminton, table tennis, and others, ...
How many women golf in 2012?
As of 2012, according to the National Golf Foundation, more than 19% of golfers in the world are women, and 25% of women golf tourists constitute the golf sector only in New Zealand. Golf as a sport is witnessing growth in Asia-Pacific. For instance, the women in China are opting to play golf as a leisure activity.
Why are golf shoes so popular?
Golf shoes are expected to grow at the fastest rate in the golf equipment market, because consumers, particularly golf players, are demanding comfortable and lightweight, yet fashionable shoes for usage on wet, rough, and soft ground. In addition, few manufacturers have developed advanced featured shoes.
What are the major distribution channels for golf equipment?
Moreover, online stores are gaining traction as the major distribution channel for golf equipment. This trend is attributable to the high penetration rate of mobile phones, increase in e-commerce sales, significant awareness of online stores, and availability of easy payment options and attractive discounts and offers offered by the these stores. On-course stores are located inside the golf courses; this segment is expected to show considerable progress, as they provide an easy purchase option and quick availability of golf equipment. The revolution in women's golf, owing to rising interest among women towards the sport since over a decade has led to considerable growth of the global golf market. As of 2012, according to the National Golf Foundation, more than 19% of golfers in the world are women, and 25% of women golf tourists constitute the golf sector only in New Zealand. Golf as a sport is witnessing growth in Asia-Pacific. For instance, the women in China are opting to play golf as a leisure activity. Shanshan Feng from China had won bronze in women's golf at the 2016 Olympic Games in Rio de Janeiro. She is the first Chinese golfer who plays on the U.S.-based Ladies Professional Golf Association (LPGA) Tour and a member of this tour. Other Eastern superstars, namely, Yani Tseng and Na Yeon Choi are contributing to growth of the golf industry.
What are the major players in the golf equipment market?
The market is dominated by players like Acushnet Holdings Corp., Callaway Golf Company, Nike Inc., Bridgestone Corporation, and Sumitomo Rubber Industries. The companies are adopting competitive strategies, by investing more to develop new technologies for the production of golf equipment. These players differentiate their products in terms of design (size and weight) and quality to gain a competitive advantage. Furthermore, the leading companies have adopted strategic expansion as their key strategy in order to broaden their geographical presence and customer base. For instance, in 2017, Samsung and TaylorMade collaborated to develop a specific myRoundPro experience that utilizes the features of the compatible Samsung Gear devices to provide consumers with a unique experience.
What countries are in the Asia Pacific golf market?
Rise in Demand for Golf Equipment from Asia-Pacific. The Asia-Pacific golf equipment market is led by Japan, followed by China, South Korea, and Thailand, among the other countries in the region. As of 2017, Asia-Pacific had approximately 4,570 golf facilities and accounted for 14% of the overall global market.
What is the titleist golf ball?
It is a multilayer, thermoplastic urethane-covered golf ball, providing exceptional distance in the long game and precise short game control.
How many golf courses are open to the public?
Most of these courses belong to private clubs, golf-centric real estate places, and golf resorts. More than 30,000 golf facilities, worldwide, and more than 70% of these are open to the public, and hence, are largely accessible.
What is the scope of golf?
Scope of the Report. Golf is a club-and-ball sport in which players use various clubs to hit balls into a series of holes on a course in as few strokes as possible. The study on the golf equipment market covers a range of product types, such as golf clubs, golf balls, golf bags and accessories, apparel, and footwear, and distribution channels, ...
Where is golf played?
Golf is mostly being played in the Americas, Europe, and Oceanian countries, which were highly impacted by the pandemic resulting in a decline in the equipment market. However, the situation started to improve after mid-year with improved sales and market growth. The market is highly impacted by product innovations carried out by ...
Is golf tourism growing?
With the substantial growth of the golf tourism industry, the market is anticipated to have a positive outlook in the coming years. European countries are expected to invest heavily in the infrastructural enhancements pertaining to the game and host many international golf events and competitions.
What is the growth of the golf equipment market?
The main factor driving the growth of Global Golf Equipment Market is rise in middle-class income people and increase in their disposable income which allow them to pursue golf with much more dedication. The improvement in golf tourism all over the globe with the opening of more golf clubs and different types of tournaments has also given a major boost to the growth of the golf equipment market. The development of golf courses all over the world with the help of government initiatives or private initiatives has really propelled the growth rate. Rise in the number of professional and amateur female golfers is also another factor that may positively impact the growth of the market. There are over 30,000 golf courses across the globe and almost 70% of those are easily accessible to the public. At present, globally, more than 200 golf courses are under construction and over 350 golf courses are in the planning stages. This is likely to surge demand in the global golf equipment business over the estimation period.
What is the market for golf equipment in 2021?
Golf Equipment Market was valued at USD 6.6 Billion in 2021 and is predicted to reach USD 7.8 Billion by 2026 with a CAGR of 2.3% during the forecast period 2021-2026.
What is golf equipment?
All products that are used to play golf are normally termed golf equipment. Golf clubs, golf balls, golf shoes, and others, are the most common types of equipment used in golf. The increase in golf courses all over the globe is a major positive factor for golf enthusiasts.
Why is golf a game of rich people?
The main factor hindering the growth of the Golf equipment market is that the devices used are very expensive and thus golf has become a game of rich people. This needs to be improved for deeper penetration of the market and getting more access to a large number of people. Adoption of other games, including indoor sports, such as chess, badminton, table tennis, and others, owing to the hectic lifestyle of individuals, restricts the adoption of golf equipment.
What are the factors that drive the growth of the golf equipment market?
Some of the major causes driving growth are rising consumer disposable income, an increase in golf tourism, the growing popularity of the sport, and the building of golf courses around the world. The Global Golf Equipment Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
What are the causes of golf's growth?
Some of the major causes driving growth are rising consumer disposable income, an increase in golf tourism, the growing popularity of the sport, and the building of golf courses around the world.
Why is golf so popular?
The growing popularity of golf among the wealthy and upper classes is expected to boost product demand in the coming years. An increase in the number of golf courses as a result of rising golf tourism could stimulate demand even more. Golf provides numerous opportunities to spend quality time and socialize.
How many people play golf?
More than 60 million individuals play golf in more than 130 countries across six continents. The International Golf Federation hosts a variety of programs and events around the world in order to bring millions of people of all ages into the game. The inclusion of golf in the Olympic Games has resulted in a surge in the number of golfers around the world. The number of young golfers has risen dramatically in recent years, resulting in the purchase of a variety of golf equipment. One of the main factors fueling the demand for golf equipment is this. The significant increase in demand over the previous few years is also attributed to rising middle-class affluence and an increase in the number of female golfers.
What is the market outlook?
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Is golf a demand?
However, busy schedules among young consumers contribute to an increase in the number of indoor games, reducing demand. Furthermore, exorbitant golf club membership fees are stifling product demand around the world. Furthermore, online discounts on goods may boost demand in the near future. The growing popularity of golf among the wealthy and upper classes is expected to boost product demand in the coming years. An increase in the number of golf courses as a result of rising golf tourism could stimulate demand even more. Golf provides numerous opportunities to spend quality time and socialize.
