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Golf Equipment Market Segmented By Golf Clubs, Golf Balls, Golf Apparel, Golf Footwear, Golf Accessories Product for Amateurs, Professionals
According to Persistence Market Research, the golf equipment market generated a revenue of US$ 14,751.2 million in 2022. The demand for sleeve labels will accelerate, with the top market players holding a prominent share of the market in 2022. The global market for golf equipment is expected to reach US$ 18,854.1 million by 2033, growing at a ~2.3% CAGR from 2023 to 2033.
Global Golf Equipment Market Size (2022A)
US$ 14,751.2 million
Global Golf Equipment Market Size (2023E)
US$ 15,019.3 million
Projected Sales of Golf Equipment Market (2033F)
US$ 18,854.1 million
Value CAGR (2023 to 2033)
Collective Value Share: Top 3 Countries (2022)
Golf equipment refers to the different items required to play the sport of golf. Examples of golf equipment include golf balls, clubs, fairing clubs, ball markers, ball retrievers, and other tools used in the game.
A golf club consists of a club head and a shaft with a handle. It is constructed of iron, hybrid, and wood. Golf is a team sport in which competitors try to complete a course of holes with the fewest strokes possible. Golfers prefer wood clubs more because they can hit longer strokes with them.
Specialty shops, sporting goods chains, online shops, internet shops, and other distribution methods are used to distribute products. Key companies are anticipated to seize possible possibilities by adhering to the current global trends in the golf equipment market. In 2023, it is estimated that the golf equipment market will generate US$ 15,019.3 million.
The size of the global market for golf equipment was USD 14,751.2 million in 2022, and it is anticipated to grow at a CAGR of 2.3% from 2023 to 2033. Rising disposable income, particularly in high-income nations, an expansion in golf courses and worldwide golf tourism all contribute to the growth of the global market. In addition, there would be significant development opportunities in the years to come with more women playing golf. The leading players in the market are also focusing on creating cutting-edge golf equipment, which is anticipated to assist market expansion further.
Recently, golf has evolved into a pastime, making it a lifestyle sport. Golf has gained popularity as a result of the influx and expansion of new courses, as well as increasing initiatives by the government to encourage golf tourism, which has raised need for the essential equipment. High-end resorts and hotels are expanding their list of recreational activities to include golf. The construction of miniature golf courses to attract more players and advertise the sport as a healthy form of recreation has resulted in an increase in sales of golf equipment.
Golf tourism is a crucial and substantial component of the golf industry, and it creates a sizable amount of income and employment. The United States, which is known as the biggest market for golf equipment, generates the most income for the golf business and golf travel & tourism. The United States has a thriving market that covers everything from entry fees and lodging to transport, entertainment, and food and beverage expenditures.
More than 100 million golfers play the sport worldwide at the moment, and 5 to 10% of them travel for the sole purpose of playing golf. As more nations use golf tourism as a major source of foreign cash, this number has been steadily rising over time.
This increase has been linked to emerging nations' growing investments in golf tourism. Portugal, North America, and Spain are all popular places for golf tourists to travel. But new golfing hotspots like Malaysia, Egypt, Mexico, China, and India are steadily growing in popularity.
Development of golf equipment has always been driven by technological innovation over the past years. Development of golf equipment includes factors such as design, style, product material, and fast production. Moreover, developments in golf clubs, balls, and related golf products make the game more accessible, as it offers various options at competitive prices. Few of the technological innovations are listed below, which are expected to change the landscape of golf.
Making customized golf clubs requires a combination of technology that analyses thousands of combinations to identify what is right for each person. It analyses players swing speed to angle of impact.
How is the Golf Equipment Market Striving in South Korea?
South Korea has grown to be a key market for screen golf because there is currently a need for players to improve their golf technique by playing on simulators. Additionally, golf is a sport that is perceived as being played by wealthier people, and manufacturers are capitalising on this notion. Golf simulators, which are becoming more and more popular as an indoor activity in many nations like South Korea, are made feasible by technological advancements and innovation in the golf business.
Golf simulators are now available in cities all over the world due to players like Golfzon, who are capitalising on the need for a quicker and more practical alternative to golf. In 2018, the business facilitated 56 million rounds in 46 different countries, and it even provides professional golf tours with purses that exceed $1 million for the entire season. The golf business is predicted to grow at a CAGR of about ~4.6% annual pace in South Korea, and the rising use of golf simulators is likely to contribute to this expansion.
What is the State of Golf Equipment Market in China?
The market for golf equipment, which had recently seen a slump in several nations, is now experiencing a steady rebound as a result of the increase in golfers who are participating in the sport or activity. Both developed and developing regions, including China, Thailand, and other places, are experiencing greater engagement. A sizable portion of the world's golf facilities, or about 3,000, are located in Asia-Pacific as of 2019. The number of golf courses in Asia, which is dominated by China, has grown astronomically in recent years. China contributes a revenue share of ~14% in 2022.
Due to the country's growing interest in golf and its growing population of players, China has one of the fastest growing golf course populations in the Asia Pacific area. Additionally, more people are now interested in sports thanks to increased media coverage of international golf competitions. This encourages the younger people to play sports like golf, which increases the region's sales of golf equipment.
What is the Scope of Golf Equipment Market in India?
In the end, the Covid epidemic contributed to the growth of golf as a sport in India. Despite its long history—the Royal Calcutta Golf Club opened its doors to the public in 1829—golf was for many years kept behind the fortified walls of club memberships, with all the associated exclusivity, expensive equipment, and restricted access to driving ranges, golf equipment, etc. The golf equipment market is estimated to grow at a CAGR of ~4.3% throughout the projection period.
The Indian Golf Union only has 200,000 players registered in India as of 2019, thus things have changed since then. There is a lot more attention and effort being put into making the game more accessible now that there are around 230 active courses spread out across the length and breadth of the nation, and golf tourism is gradually becoming more and more prevalent among those who matter. The numbers have increased dramatically as a result of this drive and the increase in new players who have joined the game over the past several years.
Which Segment is anticipated to Hold Major Share on the Basis of Product Type?
In 2022, the golf club segment held a share of ~66.7% of the market for golf equipment items. Consumers are starting to favour customised and diverse golf clubs, which is expected to increase demand for golf clubs over the projected period. Consumer demand is increasing as a result innovation in clubs by of manufacturers, such as hybrid iron clubs and comprised of higher-lofted wood are becoming more and more popular. The extended longevity of iron clubs might have a significant impact on the product repurchase cycle, which is limiting the segment's growth.
Which End Use will majorly contribute to the Golf Equipment Market?
The professional golfers contribute to the golf equipment market on huge extent. The professional segment had a market share of ~94.0% in 2022, Moreover, the golf equipment are often comes in premium range, the amateur consider these equipment too expensive as they usually play the sport for leisure purpose. While they don't possess an extensive knowledge about "why" and "how" to use different golf equipment. As a result, they tend to purchase basic equipment that are fundamentally needed to play golf. Hence, the golf equipment market is majorly dominated by professional golfers and this trend is expected to continue throughout the forecast period.
Which Sales Channel will Gain Traction throughout the Forecast Period?
Indirect sales of golf equipment accounted for major share of about 90.0% in the market. People purchase golf equipment from these stores because they can easily compare prices and specifications owing to the availability of a variety of brands in one location. These merchants frequently have locations inside golf courses, which increases sales. These retailers encourage customers to make purchases by offering discounts in exchange for club membership.
During the projected period, the online distribution channel is expected to have the highest CAGR of 7.5%. Golf balls, helmets, gloves, and carts are among the products that are frequently bought online because they don't need to have their technical specifications checked.
Leading companies in the golf equipment industry employ a variety of techniques, including the introduction of cutting-edge products like golf shoes, golf balls, and other items made of recyclable materials. In order to provide prospects for the golf equipment market to generate income in the upcoming years, other players are forming joint ventures and working together.
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The global golf equipment market reached a valuation of US$ 14,751.2 Mn at the end of 2022.
Between 2018 and 2022, global sales of golf equipment increased at 1.9% CAGR.
North America leads the global market and accounted for highest share in 2022.
Some of the leading manufacturers of golf equipment 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, Adidas AG, Puma SE, Nike, Inc., Bettinardi Golf, Cure Putters, Miura Golf Inc., Yamaha Golf among others.
The global market for golf equipment is expected to expand at 2.3% CAGR through 2032.