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- Golf Club Market is segmented by Products that is Golf Clubs Drivers, Golf Clubs Fairways, Golf Clubs Hybrids, Golf Clubs Irons, Golf Clubs Wedges, Golf Clubs Putters also by hand orientations that is Left-handed Clubs, Right-handed Clubs and by its price that is Premium or High, Economy or Mid-range.
Golf is a leisure sport, and is thus often associated with the affluent consumer population. Leveraging this perception, manufacturers are offering golf simulators, which is further complemented by the advent of technology, and rapid innovations in the golf industry. Golf simulators are gaining immense popularity as an indoor game in many countries around the world.
Golfzon, a South Korea-based sports company, has developed golf simulators and is and providing them across the word. The company facilitated 56 million rounds in 46 countries in 2018, and even offers professional golf tours with season-long purses over US$ 1 million. As such, the increasing popularity of golf simulators is expected to catalyze the growth of the golf club market across the globe.
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- TaylorMade Golf Company, Inc.
- Callaway Golf Company
- The Acushnet Holdings Company
- Mizuno USA, Inc
- Rock Bottom Golf
- Cleveland Golf Company, Inc.
- Bridgestone Sports Ltd
- Cobra Golf
- Henry Griffitts
- Bettinardi Golf
Innovative Technology to Propel Market Growth
Golf clubs have evolved immensely with time and technology. At present, golf club manufacturers are focused on technology-based golf clubs that are also lightweight. The usage of smart sensors aids swings and accuracy, and allows the golf club to be connected with a smartphone app.
Golf customization is another technology that analyses thousands of combinations to figure out what is right for each player. It analyses players’ swing speed to angle of impact. Such innovative technologies are expected to push the growth of the golf club market over the coming years.
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Rise in Number of Golf Courses to Accelerate Growth of Golf Club Market
Increasing number golf courses indicates the rising popularity of golf as a sport, and increasing number of participates across the globe. New golf courses that opened from 2014 to 2018 were highest in terms of number in North America (131), followed by Asia (126).
In 2018, North America held 32% of the total golf courses of the world, while Asia held 30%, followed by Europe (24%). However, in the under development category, Europe and Asia hold the same share (28%), followed by North America (25%).
Growing popularity of golf and increased participants in the sport have led to the opening of new courses across the world, which, in turn, is supporting the growth of the golf club market.
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Different Consumer Demographics Creates Demand for Different Golf Clubs
Earlier, gold used to be played mostly by men, but now the scenario has changed across the world. Golf is gaining traction among all consumer demographics, especially females. Gen-x (age 39 to 54) and baby boomers (age 55 to 73), are considered as the primary driver for golf as a sport, and these groups prefer to play with lightweight golf clubs.
Growing interest and participation in golf among the aged population and increasing participation by females are expected to expand the sales of lightweight golf clubs, such as those made of carbon fiber or graphite, further boosting the growth of the golf club market.
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Golf Club Market: Competition and Regional Overview
The global golf club market represents a fairly consolidated competition landscape, where a majority of key golf club manufacturers maintain their strategic focus on product development, frequent product launches, and mergers and acquisitions.
- In Jan 2020, Callaway launched its Mavrik golf driver for low spin.
- In Jan 2020, Cobra Golf introduced its newest golf driver ‘Cobra Speedzone’ for the North American and European markets.
- In Dec 2019, Intelligentgolf, a leading web-based provider of golf clubs and competition management software, acquired the assets of Open Solutions International, a business solutions and club management software provider.
- In Nov 2019, NBC Sport Group acquired EZLinks Golf, the parent company of TeeOff.com, including its technology platforms and business solutions, to gain a strong foothold in the golf market.
- In July 2019, Callaway launched Epic Forged Irons and Epic Flash Hybrids, and a line of Epic Flash Star Clubs.
Global sales in the golf club market reached US$ 9.7 Bn in 2018. According to PMR’s report, the golf club market is estimated to register a CAGR of 1.3% during the forecast period of 2019-2029. North America holds the largest market share for golf clubs, followed by East Asia.
East Asia golf clubs sales are dominated by Japan, which has a large number of golf courses. Moreover, golf club manufacturing companies in Japan have high concentration as compared to other East Asian countries.
The market in South Asia is expected to expand at a high CAGR during the forecast, owing to the growing number of golfers in India. Improving infrastructure in India, Thailand, and other South Asian countries is playing a key role in boosting golf as a sport, and eventually the golf club market.
Potential Impact of COVID-19
Several states in North America present attractive opportunities to golf industry operators. The primary market for golf clubs, asserting the lockdown on non-essential business activities, the golf club market is managing to stay afloat in regions where stay-at-home guidelines are not very stringent.
However, a negative financial impact is inevitable, owing to factors such cancellation of the Professional Golfers' Association (PGA) tour and the spring season being the peak of the financial year.
Nevertheless, partial operations are moderately mitigating the financial impact of the pandemic on the golf club market, which is projected to witness a downtrend in the next three months, at the least.
On a global scale, cancellation of major events such as the women’s LPGA tour in Thailand and Singapore, European Tour, and Hong Kong Open are expected to directly hit the global golf market.
A brief overview of the changing landscape of the golf club market has led our analysts to conclude that, the market is gaining momentum. Key manufacturers in the golf club market such as Acushnet Holdings Corp., Callaway Golf Company, and TaylorMade Golf Company, Inc. are prioritizing innovation and new product development to gain a competitive edge in the market.
Manufacturer could focus on lightweight golf clubs, owing to increased participation of female golfers and amateurs across the world.
Golf Club Market: Segmentation
PMR’s research study on the global golf club market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The golf club market is segmented on the basis of product, hand orientation, price, demographics, sales channel, and region.
Every segment is analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
The golf club market research report includes a competitive landscape that provides a dashboard view of the key competitors operating in the market. Some of the market players included in this section are Acushnet Holdings Corp., Callaway Golf Company, MIZUNO Corporation, Bridgestone Sports Co Ltd, TaylorMade Golf Company, Inc., Louisville Golf, Miura Golf Inc., Yamaha Golf, and others.
Key Questions Answered in Report
- How much is the golf club market worth?
The global golf club market is expected to be worth US$ 11.2 Bn by the year 2031.
- What will be the demand outlook?
The global golf club market is expected to witness a CAGR of 1.8% between 2021 and 2031.
- What was the last 5 year market CAGR?
The global golf club market witnessed a CAGR of 0.8% between 2015 and 2020.
- What are the key trends of golf club market?
The current trend is that of miniature golf courses being established, so as to drive more people towards golf.
- What is driving the demand for golf clubs?
The fact that premium hotels and resorts are engulfing sports activities (including golf) into their hospitality facilities is driving the demand for golf clubs.
- What is the market share of top 5 players?
The top 5 players such as Callaway Golf Company, Acushnet Holdings Corp, PING, Sumitomo Rubber Industries, Ltd., and TAYLORMADE GOLF COMPANY, Inc. hold more than 55% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the UK< France, Germany, the US, and Italy.
- What is North America’s market Outlook?
North America holds more than 30% of the entire market.
- At what percentage golf club is going to register growth in Europe?
Europe is expected to register growth at the rate of 0.7% between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and South Korea would bear a scanty look in the golf club market between 2021 and 2031.