The Golf Club Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Golf Club Global Market Report 2024, The golf club market size has grown steadily in recent years. It will grow from $6.82 billion in 2023 to $7.12 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increased number of golf courses and facilities in emerging markets, rising popularity of golf as a fitness activity, growing interest in golf as a networking tool, increased number of golf tournaments and events, rising interest in golf as a leisure activity.
The golf club market size is expected to see steady growth in the next few years. It will grow to $8.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to increasing demand for customized golf clubs, expansion of golf courses and facilities, rising disposable income. Major trends in the forecast period include partnerships and collaborations, innovative solutions, technological advancements in golf club design, market expansion in key regions.
Increasing government initiatives to promote golf tourism are expected to propel the growth of the golf club market going forward. Golf tourism refers to tourist activities whose primary purpose is to play golf as a secondary activity while on vacation or a business trip. Golf clubs are used in golf tourism as essential playing equipment and the primary infrastructure for golfing experiences. Government initiatives support the golf industry’s growth by creating a positive environment and collaborating with national and international golf organizations. For instance, in August 2022, the RBC Canadian Open and CP Women’s Open, Canada-based professional golf tournaments, received a $4.4 million investment from the federal government of Canada to create critical economic benefits and attract tourists across the region. Therefore, the increasing government initiatives to promote golf tourism are driving the growth of the golf club market.
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The golf club market covered in this report is segmented –
1) By Product Type: Woods, Hybrids, Irons, Wedges, Putters
2) By Hand Orientation: Left-Hand Clubs, Right-Hand Clubs
3) By Price Range: Premium Or High, Economy Or Mid-Range
4) By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Online Retail, Other Distribution Channels
5) By Application: Leisure, Professional
Top Major Players:
Adams Golf Inc.
Nike Inc
Bridgestone Corporation
Sumitomo Rubber Industries Ltd
Callaway Golf Inc
North America was the largest region in the golf club market in 2023.
Product innovation is a key trend gaining popularity in the golf club market. Major companies operating in the golf club market are developing innovative products to sustain their position in the market. For instance, in January 2023, Titleist, a US-based golf equipment manufacturing company, introduced the TSR 2 and TSR 3 hybrids with advanced face designs. The TSR2 hybrid’s blade length has been slightly increased, and it has a conventional design, providing forgiving speed and performance. The TSR3 hybrid is designed to provide next-level precision and workability and has an iron-like hybrid profile inspired by well-liked predecessors.
The golf club market report table of contents includes:
1. Executive Summary
2. Golf Club Market Characteristics
3. Golf Club Market Trends And Strategies
4. Golf Club Market – Macro Economic Scenario
5. Global Golf Club Market Size and Growth
…
32. Global Golf Club Market Competitive Benchmarking
33. Global Golf Club Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Golf Club Market
35.Golf Club Market Future Outlook and Potential Analysis
36. Appendix
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