Social Distancing and Lockdowns Impeding Golf Club Market Growth in 2020; Global Revenue to Surpass US$ 11 Bn by 2029, Says a PMR Report
Published On : Apr 07, 2020
Over the recent past, the game of golf has seen a significant surge in popularity, owing to the high number of golfers and improving golf infrastructure. On the back of these factors, the global golf club market is projected to cross the US$ 11 Bn mark in 2029.
In 2018, the total number of golfers accounted for more than 100 million, with popularity of the sport having spread across 100 countries. This growing popularity of golf, especially female golfers, is the primary driver for the growth of the golf club market. As per the National Golf Foundation, the number of female golfers in the U.S. was 5.8 million in 2018.
Key Takeaways of Global Golf Club Market Study
- According to the report, the global golf club market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on product innovation, technology implementation, new product launches, and much more. The golf club market is dominated by a few major players such as Acushnet Holdings Corp., Callaway Golf Company, and TaylorMade Golf Company, Inc.
- PMR identifies North America as the largest market for golf clubs, followed by East Asia, attributable to better golf infrastructure and growing participation in golf by different age groups. The necessity or demand for golf clubs is directly in relation with the number of courses and players, which are higher in North America as compared to other regions.
- South Asia is expected to see high growth as compared to other regions, due to rising golf popularity in the region, and increasing number of courses. India and Thailand are the main countries that will maintain high growth in terms of number of new golf courses, which is resulting in a surge in the sales of golf clubs.
- Based on product, irons hold the highest value share in the global golf club market. After irons, drivers and putters are the preferred golf clubs, which cumulatively held 40% of the golf club market value in 2018.
- Online stores are projected to be the highest growth contributor to the golf club market during the forecast period, on account of easy product availability, lower prices as compared to physical channels, ability to compare products, and doorstep delivery. At present, specialty stores/ sports chain outlets under the offline segment hold most of the market share.
“Customer-driven innovative product manufacturing has become the top priority for golf club manufacturers. Integration of technology such smart sensors, smart grips, and club customization is another aspect that manufacturing companies are focusing on to increase future sales. Moreover, the implementation of artificial technology in golf clubs with an affordable price tag could provide manufacturers an edge over their rivals,” says a PMR analyst.
PMR’s report underlines groundbreaking insights into the competitive scenario of the golf club market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain of the global golf club market include Acushnet Holdings Corp., Callaway Golf Company, Sumitomo Rubber Industries, Ltd., MIZUNO Corporation, Bridgestone Sports Co Ltd, TaylorMade Golf Company, Inc., Louisville Golf, Miura Golf Inc., Yamaha Golf, Bettinardi Golf, and others.
Impact of COVID-19 on Golf Club Market
With the global pandemic putting restrictions on all non-essential businesses, a financial impact on the golf club market is inevitable. Furthermore, the outbreak occurring during the spring season, which is the peak season for golf, is expected to negatively affect the business for the next quarter at least. However, the market has been prominently boosted by the affluent section of society, and this is expected to mitigate the damage to a certain extent. End users, who primarily hail from wealthy backgrounds, have always perceived golf as an escapism exercise.
In these socially and financially stressful times, market players are expressing hope that regular players will find golf clubs as safe havens, which abide by the prevailing social distancing norms. Despite evidential shortcomings, the golf club market is expected to mitigate a huge amount of damage.
Know More about Golf Club Market Report Inclusions
Persistence Market Research published a new market report on the golf club market, covering global industry analysis of 2014-2018 and forecasts for 2019–2029. This report on the golf club market provides compelling insights on the basis of product (drivers, fairways, hybrids, irons, wedges, and putters), hand orientation (left-handed clubs and right-handed clubs), price (premium/high and economy/mid-range), demographics (men, women, and kids), and sales channel (direct, indirect - modern trade, exclusive stores, specialty stores/ sports chain outlets, on-course outlets, and online retailers), across all major regions. The report on the global golf club market also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global golf club market. The report also addresses restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how the golf club market will shape up in the near future, write to the team of expert research analysts at email@example.com
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