South Korea has become a significant market for screen golf, as people currently are interested in playing golf on simulators to correct their golf practice. Moreover, golf is a sport associated with rich people, and manufacturers in the golf equipment market are taking advantage of this aspect. Advancements in technologies and innovation in the golf industry are other factors that make it possible for manufacturers to offer golf simulators, which are gaining popularity as an indoor game in many countries.
Companies such as Golfzon are taking advantage of the demand for a quicker and more convenient alternative to golf by providing golf simulators in cities around the world. The company has facilitated 56 million rounds in 46 countries in 2018, and even offers professional golf tours with season-long purses of over US$1 million (Adler, 2019).
In South Korea alone, there are more rounds of 'screen golf' played annually than 'field golf'.
The increasing popularity of golf simulators is expected to boost the growth of the golf industry, which is anticipated to register a growth rate of 10% in Asian countries.
Find Out More about the Report Coverage
- Acushnet Holdings Corp.
- Callaway Golf Company
- Sumitomo Rubber Industries, Ltd
- MIZUNO Corporation
- Bridgestone Sports Co Ltd
- Amer Sports Corporation
- TaylorMade Golf Company, Inc
- Adidas AG
- Puma SE
- Nike, Inc
- Bettinardi Golf
- Cure Putters
- Miura Golf Inc
- Yamaha Golf
Increasing Golf Equipment Demand in Asia Pacific to Propel Market Growth
The golf equipment market, which has just passed through a slowdown in many countries, is now witnessing of a continuous recovery, owing to rise in the participation in golf as a sport or activity. This increased participation is seen in both, developed as well as developing. In 2019, Asia Pacific had approximately 3,000 golf facilities, accounting for a significant share in the global market.
In the past few years, there has been a phenomenal growth in Asian golf, which is dominated by China, followed by India, in course supply. China is one of the fastest-growing countries in the Asia Pacific region in terms of number of golf courses, owing to rise in the awareness about golf and increase in the number of participants in the country.
Moreover, increasing media exposure to international golf events has boosted its popularity among the masses. This encourages the younger population to participate in sports such as golf, which is boosting the golf equipment market in the region.
Customize this Report
Explore Intelligence Tailored to Your Business Goals.
Rise in Number of Golf Courses to Accelerate Golf Equipment Market
Increasing number of golf courses indicates the growing popularity of the sport and rising number of participates across the globe. New golf courses that opened in between 2014 to 2018 were the highest in terms of number in North America (131), followed by Asia (126).
In 2018, North America had 32% of the total golf courses of the world, while Asia had 30%, followed by Europe (24%). However, in the courses under development category, Europe and Asia hold the same share (28%), followed by North America (25%).
The growing popularity of golf and increased participants have led to the opening of new courses around the world, which, in turn, is supporting the growth of the golf equipment market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Consumer Demographics – Driver of Golf Equipment Market
The golf industry has been principally driven by the age group of 30 and above; currently 'Gen?X' (age 39 to 54) and 'Baby Boomers' (age 55 to 73), as these customers possess sufficient time and money to engage in the sport. Millennial golfers are making their mark at both, professional and amateur levels.
In 2018, millennials accounted for 26% of golfers overall in the U.S. The golf industry is dominated by men; however, significant participation is being seeing of female golfer off late. Among the 127 million golfers, worldwide, almost 30 million are registered as women, accounting for a share of 37.5% in 2017.
Explore Persistence Market Research’s expertise in promulgation of the business !
Golf Equipment Market: Competition and Regional Overview
The global golf equipment market represents a fairly consolidated landscape, where a majority of key golf equipment players maintain strategic focus on product development, frequent product launches, and mergers & acquisitions.
- 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.
- In Jan. 2019, Titleist launched T400 irons, designed for long distance shots.
Global sales of the golf equipment market reached US$ 13.8 Bn in 2018. According to PMR’s report, the golf equipment market is estimated to register a CAGR of around 2% during the forecast period of 2019-2029. North America held the largest market share for golf equipment in 2018, followed by East Asia. These two countries support golfers by providing adequate infrastructure such as golf courses, facilities, etc.
South Asia, which contributes a low market share in the global golf equipment market, is expected to expand at the highest CAGR during the forecast period, owing to increasing golfers and growing golf infrastructure in India and Thailand. The Middle East & Africa market is also expected to grow to a substantial rate during the forecast period, due to the high availability of golf courses and facilities in South Africa.
Key manufacturers in the golf equipment market such as Acushnet Holdings Corp., Callaway Golf Company, and TaylorMade Golf Company, Inc. are prioritizing innovation and new product developments to gain a competitive edge in the market. Most companies are currently focusing on golf putters, drivers, and irons golf clubs. However, companies can also focus on new dimensions such as recyclable material product manufacturing (golf balls, golf footwear, etc.), which will be a competitively new thing in the market, and will help them gain traction over the coming years.
Golf Equipment Market: Segmentation
PMR’s research study on the global golf equipment market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The golf equipment market is segmented on the basis of product, end use, 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
Golf Equipment Market: Key Questions Answered in the Report
The research study on the golf equipment market offers inclusive insights about the growth of the market in the most comprehensive manner. Key insights offered in the golf equipment market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.
- How is the rapidly changing business environment impacting the growth of the golf equipment market?
- What are the key trends that are constantly shaping the growth of the golf equipment market?
- Which are the prominent regions that offer plentiful opportunities for players in the golf equipment market?
- What are the differential strategies adopted by key players to hold a significant share in the global golf equipment market?