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.
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.
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.
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.
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.
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 - Scope of the Report
Persistence Market Research (PMR) recently published a new report on the golf equipment market for the assessment period of 2019-2029. The report offers a close look at the evolving aspects of the golf equipment market, and insights into the dynamics impacting market growth. It also focuses on key developments in the golf equipment market. The report includes various macro- and microeconomic factors responsible for significant impact on the golf equipment market.
The report on the golf equipment market extensively focuses on the key trends shaping its growth. Additionally, the included opportunity analysis on golf equipment underlines untapped corners for aspiring players. The report on the golf equipment market also offers a holistic view of the incremental opportunity, which can further help readers make effective decisions for the growth of their businesses.
All the stakeholders in the golf equipment market can rely on the data offered in this report to make critical decisions. Moreover, the information offered in this report also can help new market entrants expand their bases in the golf equipment market.
The report elaborates on both, the historical and current trends shaping the market. The performance journey of the golf equipment market been drawn and analyzed to make lucrative opportunities in the market evident to readers. The competitive landscape presented in the golf equipment report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.
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
The golf equipment 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, Sumitomo Rubber Industries, Ltd., MIZUNO Corporation, Bridgestone Sports Co Ltd, Amer Sports Corporation, TaylorMade Golf Company, Inc., Louisville Golf, Miura Golf Inc., Yamaha Golf, and others.
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.
Golf Equipment Market: Research Methodology
A unique and promising research methodology forms the base of the golf equipment market report for the forecast period. This report has been prepared after comprehensive analysis of market events, and riveting insights have been compiled meticulously. The research methodology for the golf equipment market is a two-step process, comprising primary and secondary research. Key stakeholders, including suppliers, service providers, and experts of several designations, including executive vice presidents, directors, technical advisor, GM marketing professionals, and sales professionals have been interviewed. Secondary sources referred to, to obtain information include investor presentations of manufacturers, World Bank, IMF, and other credible sources.