NEW YORK, July 23, 2024 /PRNewswire/ -- The
global golf equipment market size is estimated to grow by
USD 1.58 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of almost 3% during the forecast period.
Increasing focus on healthy lifestyles is driving market
growth, with a trend towards growing popularity of
footgolf. However, seasonality of sport poses a challenge. Key
market players include Acushnet Holdings Corp., ANTA Sports
Products Ltd., Bridgestone Golf Inc., Callaway Golf Co., Dynamic
Brands, ECCO Sko AS, Honma Golf Co. Ltd., Jones Sports Co., Mizuno
Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., PUMA SE,
Ralph Lauren Corp., Snell Golf, Sumitomo Rubber Industries Ltd.,
Taylor Made Golf Co. Inc., Tour Edge Golf Manufacturing Inc., Under
Armour Inc., and Worldwide Golf Brands Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Golf clubs,
Golf balls, Golf shoes, and Golf bags), Distribution Channel
(Offline and Online), and Geography (North America, APAC, Europe,
Middle East and Africa, and South America)
|
Region
Covered
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Acushnet Holdings
Corp., ANTA Sports Products Ltd., Bridgestone Golf Inc., Callaway
Golf Co., Dynamic Brands, ECCO Sko AS, Honma Golf Co. Ltd., Jones
Sports Co., Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING
Inc., PUMA SE, Ralph Lauren Corp., Snell Golf, Sumitomo Rubber
Industries Ltd., Taylor Made Golf Co. Inc., Tour Edge Golf
Manufacturing Inc., Under Armour Inc., and Worldwide Golf Brands
Ltd.
|
Key Market Trends Fueling Growth
FootGolf, a hybrid sport combining elements of golf and soccer,
is experiencing significant growth in popularity in the US and
Western European countries. The Federation for International
FootGolf (FIFG) oversees the game, with 25 member countries,
including the UK. In the US, over 70 AFGL-accredited FootGolf
courses are located across 35 states, with California hosting more than 25. Notable
courses include Monarch Bay Golf Club in San Leandro, Vista Valencia Golf Course in
Valencia, and Lake Forest Golf and
Practice Center in Orange County.
The first Pro-Am FootGolf Tour took place in 2014, attracting
players from Norway, Hungary, and Argentina. FootGolf has revitalized
traditional golf courses by increasing the hole diameter to 21
inches, allowing for increased revenue generation. The PGA of
America and World Golf Foundation acknowledge FootGolf's role in
saving golf courses. With over five million people having quit golf
in the last decade, particularly younger demographics, FootGolf's
time-efficient and inclusive nature is attracting new players. The
sport's accessibility to all ages and genders, as well as its
potential appeal to retired footballers, further boosts its
popularity. The growing interest in FootGolf is expected to
positively impact the global golf equipment market during the
forecast period.
The Golf Equipment Market is thriving, with various trends
shaping its growth. Age groups, particularly millennials and baby
boomers, are driving demand for golf equipment, including clubs,
balls, apparel, and accessories. Traditional barriers to entry,
such as cost and time commitment, are being addressed through
social connections and outdoor activities offering health benefits.
Media channels, from television broadcasts to live streaming and
social media content, increase the allure of the sport and player
profiles. Major tournaments and instructional content attract
audiences, boosting purchase intent among existing and potential
players. Equipment manufacturers secure endorsements from
professional players and popular personalities to expand consumer
preferences and media exposure. Sensors, GPS, and data analytics
enhance the golfing experience, while zoning regulations and land
use policies create opportunities for leisure activities, such as
golf courses, video games, and recreational options.
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Market Challenges
• Golf equipment market experiences fluctuations due to the
seasonal nature of the sport. In many regions of the US and other
countries, golf is played only from April to October, making up
roughly half of the year. This climate dependency poses challenges
for golf turf management, particularly during summer when increased
irrigation demand can strain water resources. Additionally,
unpredictable weather conditions, such as rain or fog, can impact
the precision of golfers and require adjustments in inventory and
product launches for vendors. These factors significantly influence
the production and distribution of golf equipment.
• The golf equipment market faces various challenges in catering
to the diverse needs of golfers, from beginners to seasoned
professionals. Golf events and tournaments require top-notch
equipment for optimal performance, accuracy, and distance. Safety
protocols and advanced technology are essential to ensure player
safety and enhance gameplay. Urbanization and increasing
disposable incomes expand the consumer base, driving demand for
golf equipment. E-commerce and online shopping platforms offer
affordability and convenience, but ensuring quality and price range
remain key concerns. Personalization, from club design to golf ball
construction, is crucial for enhancing player performance.
Initiatives like youth programs and fitness-focused equipment
promote golf as a recreational and competitive pursuit. The market
must address these challenges while catering to various skill
levels with entry-level clubs and basic gear for beginners and
advanced equipment for seasoned players. Golf clothes, accessories,
carts, and fitness gear further expand the market.
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Segment Overview
This golf equipment market report extensively covers market
segmentation by
- Product
- 1.1 Golf clubs
- 1.2 Golf balls
- 1.3 Golf shoes
- 1.4 Golf bags
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Golf clubs- Golf equipment market primarily
consists of golf clubs, which are essential tools for playing the
sport. A golf club comprises a slender shaft, a grip, and a club
head made of metal or wood. The market offers various types of golf
clubs, including woods for long-distance shots, irons for versatile
shots, putters for rolling the ball into the hole, and wedges for
short-distance, accurate, and high-altitude shots. These clubs
differ mainly in their loft angles. Manufacturers produce golf
clubs using standard and durable materials like steel, titanium
alloys, and carbon fibers. The cost of production is passed onto
consumers, with large vendors benefiting from their production
efficiency programs, while smaller vendors face challenges in
pricing competitively. In the US and parts of Western Europe, where golf is popular,
replacement demand is high. New demand is emerging in regions like
China, India, and parts of the Middle East and Central Europe, where golf participation is
increasing. Women, representing nearly 25% of the golfing
population, are a significant market segment. Manufacturers cater
to their needs by designing golf clubs specifically for them, such
as Callaway Golf Co.'s Women Stroke Lab Women Putters, which come
with insert technology, high contrast alignment, and optimized
components to enhance their performance. This growing demand from
female golfers is expected to fuel the market's growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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reports
The global Air Sports Equipment Market is experiencing rapid
growth, driven by increased interest in activities like skydiving,
paragliding, and hang gliding. Innovations in equipment and rising
disposable incomes are key growth factors. Meanwhile, the global
In-the-Water Sports Equipment Market is expanding due to the rising
popularity of water sports such as surfing, kayaking, and scuba
diving. Advancements in water sports gear and a growing emphasis on
fitness contribute to market growth. Both sectors are seeing
significant investments as consumer demand for adventure sports
escalates.
Research Analysis
The Golf Equipment Market caters to the growing demand for Golf,
a popular recreational activity enjoyed by millions worldwide. The
market comprises various segments including Golf Clubs, Balls,
Apparel, Accessories, Sensors, GPS, and Data analytics. Golfers of
all levels, from beginners to professional, utilize this equipment
to enhance their performance and experience. Advanced technology
plays a significant role in the market, with sensors and GPS
systems providing valuable data for improvement. Leisure activities
and tournaments drive market growth, with zoning regulations and
land use policies influencing market trends. Safety protocols are
essential considerations for the industry. Disposable incomes and
personalization are key factors influencing consumer behavior. Golf
clothes, accessories, and carts are essential components of the
market, with an emphasis on performance and style. Club design and
golf ball construction continue to evolve, offering golfers
innovative solutions for improved gameplay.
Market Research Overview
The Golf Equipment Market encompasses a wide range of products
for the popular sport of Golf. These include Golf Clubs, Balls,
Apparel, Accessories, Sensors, and GPS technology. Golf is a
recreational activity enjoyed by millions worldwide, with a diverse
consumer base ranging from beginners to seasoned professionals.
Advanced technology plays a significant role in Golf Equipment,
with sensors and data analytics providing valuable insights into
player performance, accuracy, and distance. Golf Equipment caters
to various age groups and skill levels, with entry-level clubs and
basic gear for beginners and high-performance equipment for
advanced players. Urbanization and disposable incomes have expanded
the consumer base, making Golf an increasingly popular recreational
pursuit and competitive pursuit. Golf Equipment Market trends
include personalization, e-commerce, and online shopping. Consumers
prioritize quality, affordability, and technology when making
purchases. Materials used in Golf Clubs and Golf Ball construction
are of great importance, with a focus on lightweight and durable
materials. Golf Equipment Market is influenced by various factors
such as zoning regulations, land use policies, golf events, and
tournaments. Safety protocols are essential in the industry, with a
focus on player safety and environmental sustainability. Golf
Equipment Market also includes Golf Carts, Golf Bags, and other
accessories. Fitness and well-being are becoming increasingly
important in Golf, with initiatives such as youth programs and
instructional content promoting the health benefits of the sport.
The Golf Equipment Market is allured by the media channels, with
television broadcasts, live streaming, and social media content
providing extensive coverage of major tournaments and player
profiles. Endorsements by popular personalities further add to the
market's appeal.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Golf Clubs
- Golf Balls
- Golf Shoes
- Golf Bags
- Distribution Channel
-
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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