NEW YORK, July 23, 2024 /PRNewswire/ — The global golf equipment market size is estimated to grow by USD 1.58 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3% during the forecast period. Increasing focus on healthy lifestyles is driving market growth, with a trend towards growing popularity of footgolf. However, seasonality of sport poses a challenge. Key market players include Acushnet Holdings Corp., ANTA Sports Products Ltd., Bridgestone Golf Inc., Callaway Golf Co., Dynamic Brands, ECCO Sko AS, Honma Golf Co. Ltd., Jones Sports Co., Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., PUMA SE, Ralph Lauren Corp., Snell Golf, Sumitomo Rubber Industries Ltd., Taylor Made Golf Co. Inc., Tour Edge Golf Manufacturing Inc., Under Armour Inc., and Worldwide Golf Brands Ltd..
Technavio has announced its latest market research report titled Global golf equipment market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Golf clubs, Golf balls, Golf shoes, and Golf bags), Distribution Channel (Offline and Online), and Geography (North America, APAC, Europe, Middle East and Africa, and South America) |
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Region Covered |
North America, APAC, Europe, Middle East and Africa, and South America |
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Key companies profiled |
Acushnet Holdings Corp., ANTA Sports Products Ltd., Bridgestone Golf Inc., Callaway Golf Co., Dynamic Brands, ECCO Sko AS, Honma Golf Co. Ltd., Jones Sports Co., Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., PUMA SE, Ralph Lauren Corp., Snell Golf, Sumitomo Rubber Industries Ltd., Taylor Made Golf Co. Inc., Tour Edge Golf Manufacturing Inc., Under Armour Inc., and Worldwide Golf Brands Ltd. |
Key Market Trends Fueling Growth
FootGolf, a hybrid sport combining elements of golf and soccer, is experiencing significant growth in popularity in the US and Western European countries. The Federation for International FootGolf (FIFG) oversees the game, with 25 member countries, including the UK. In the US, over 70 AFGL-accredited FootGolf courses are located across 35 states, with California hosting more than 25. Notable courses include Monarch Bay Golf Club in San Leandro, Vista Valencia Golf Course in Valencia, and Lake Forest Golf and Practice Center in Orange County. The first Pro-Am FootGolf Tour took place in 2014, attracting players from Norway, Hungary, and Argentina. FootGolf has revitalized traditional golf courses by increasing the hole diameter to 21 inches, allowing for increased revenue generation. The PGA of America and World Golf Foundation acknowledge FootGolf’s role in saving golf courses. With over five million people having quit golf in the last decade, particularly younger demographics, FootGolf’s time-efficient and inclusive nature is attracting new players. The sport’s accessibility to all ages and genders, as well as its potential appeal to retired footballers, further boosts its popularity. The growing interest in FootGolf is expected to positively impact the global golf equipment market during the forecast period.
The Golf Equipment Market is thriving, with various trends shaping its growth. Age groups, particularly millennials and baby boomers, are driving demand for golf equipment, including clubs, balls, apparel, and accessories. Traditional barriers to entry, such as cost and time commitment, are being addressed through social connections and outdoor activities offering health benefits. Media channels, from television broadcasts to live streaming and social media content, increase the allure of the sport and player profiles. Major tournaments and instructional content attract audiences, boosting purchase intent among existing and potential players. Equipment manufacturers secure endorsements from professional players and popular personalities to expand consumer preferences and media exposure. Sensors, GPS, and data analytics enhance the golfing experience, while zoning regulations and land use policies create opportunities for leisure activities, such as golf courses, video games, and recreational options.
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Market Challenges
• Golf equipment market experiences fluctuations due to the seasonal nature of the sport. In many regions of the US and other countries, golf is played only from April to October, making up roughly half of the year. This climate dependency poses challenges for golf turf management, particularly during summer when increased irrigation demand can strain water resources. Additionally, unpredictable weather conditions, such as rain or fog, can impact the precision of golfers and require adjustments in inventory and product launches for vendors. These factors significantly influence the production and distribution of golf equipment.
• The golf equipment market faces various challenges in catering to the diverse needs of golfers, from beginners to seasoned professionals. Golf events and tournaments require top-notch equipment for optimal performance, accuracy, and distance. Safety protocols and advanced technology are essential to ensure player safety and enhance gameplay. Urbanization and increasing disposable incomes expand the consumer base, driving demand for golf equipment. E-commerce and online shopping platforms offer affordability and convenience, but ensuring quality and price range remain key concerns. Personalization, from club design to golf ball construction, is crucial for enhancing player performance. Initiatives like youth programs and fitness-focused equipment promote golf as a recreational and competitive pursuit. The market must address these challenges while catering to various skill levels with entry-level clubs and basic gear for beginners and advanced equipment for seasoned players. Golf clothes, accessories, carts, and fitness gear further expand the market.
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Segment Overview
This golf equipment market report extensively covers market segmentation by
Product
1.1 Golf clubs
1.2 Golf balls
1.3 Golf shoes
1.4 Golf bags
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 North America
3.2 APAC
3.3 Europe
3.4 Middle East and Africa
3.5 South America
1.1 Golf clubs- Golf equipment market primarily consists of golf clubs, which are essential tools for playing the sport. A golf club comprises a slender shaft, a grip, and a club head made of metal or wood. The market offers various types of golf clubs, including woods for long-distance shots, irons for versatile shots, putters for rolling the ball into the hole, and wedges for short-distance, accurate, and high-altitude shots. These clubs differ mainly in their loft angles. Manufacturers produce golf clubs using standard and durable materials like steel, titanium alloys, and carbon fibers. The cost of production is passed onto consumers, with large vendors benefiting from their production efficiency programs, while smaller vendors face challenges in pricing competitively. In the US and parts of Western Europe, where golf is popular, replacement demand is high. New demand is emerging in regions like China, India, and parts of the Middle East and Central Europe, where golf participation is increasing. Women, representing nearly 25% of the golfing population, are a significant market segment. Manufacturers cater to their needs by designing golf clubs specifically for them, such as Callaway Golf Co.’s Women Stroke Lab Women Putters, which come with insert technology, high contrast alignment, and optimized components to enhance their performance. This growing demand from female golfers is expected to fuel the market’s growth.
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Research Analysis
The Golf Equipment Market caters to the growing demand for Golf, a popular recreational activity enjoyed by millions worldwide. The market comprises various segments including Golf Clubs, Balls, Apparel, Accessories, Sensors, GPS, and Data analytics. Golfers of all levels, from beginners to professional, utilize this equipment to enhance their performance and experience. Advanced technology plays a significant role in the market, with sensors and GPS systems providing valuable data for improvement. Leisure activities and tournaments drive market growth, with zoning regulations and land use policies influencing market trends. Safety protocols are essential considerations for the industry. Disposable incomes and personalization are key factors influencing consumer behavior. Golf clothes, accessories, and carts are essential components of the market, with an emphasis on performance and style. Club design and golf ball construction continue to evolve, offering golfers innovative solutions for improved gameplay.
Market Research Overview
The Golf Equipment Market encompasses a wide range of products for the popular sport of Golf. These include Golf Clubs, Balls, Apparel, Accessories, Sensors, and GPS technology. Golf is a recreational activity enjoyed by millions worldwide, with a diverse consumer base ranging from beginners to seasoned professionals. Advanced technology plays a significant role in Golf Equipment, with sensors and data analytics providing valuable insights into player performance, accuracy, and distance. Golf Equipment caters to various age groups and skill levels, with entry-level clubs and basic gear for beginners and high-performance equipment for advanced players. Urbanization and disposable incomes have expanded the consumer base, making Golf an increasingly popular recreational pursuit and competitive pursuit. Golf Equipment Market trends include personalization, e-commerce, and online shopping. Consumers prioritize quality, affordability, and technology when making purchases. Materials used in Golf Clubs and Golf Ball construction are of great importance, with a focus on lightweight and durable materials. Golf Equipment Market is influenced by various factors such as zoning regulations, land use policies, golf events, and tournaments. Safety protocols are essential in the industry, with a focus on player safety and environmental sustainability. Golf Equipment Market also includes Golf Carts, Golf Bags, and other accessories. Fitness and well-being are becoming increasingly important in Golf, with initiatives such as youth programs and instructional content promoting the health benefits of the sport. The Golf Equipment Market is allured by the media channels, with television broadcasts, live streaming, and social media content providing extensive coverage of major tournaments and player profiles. Endorsements by popular personalities further add to the market’s appeal.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Golf Clubs
Golf Balls
Golf Shoes
Golf Bags
Distribution Channel
Offline
Online
Geography
North America
APAC
Europe
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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SOURCE Technavio