The Golf Equipment 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 Equipment Global Market Report 2024, The golf equipment market size has grown strongly in recent years. It will grow from $37.21 billion in 2023 to $39.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to popularity of golf as a sport, golf course development, demographic trends, celebrity endorsements and events, tourism and golf travel.
The golf equipment market size is expected to see strong growth in the next few years. It will grow to $50.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing innovations in design and materials, growing interest among younger demographics, customization and personalization trends, digital platforms and e-commerce, sustainable and eco-friendly products. Major trends in the forecast period include expansion of direct-to-consumer sales channels, customization and aesthetic trends in golf apparel and accessories, rise in hybrid and multi-functional golf equipment, focus on lightweight and portable golf gear, incorporation of augmented reality (ar) in golf training.
The increase in golf tourism and government support is expected to drive the growth of the golf equipment market. Governments are promoting golf resorts to local and international tourists to generate additional foreign exchange through the development of golf tourism and thereby contributing to economic progress. Golf tourism will enhance the sales and demand for golf equipment. For instance, in June 2021, Scotland established a new Golf Tourism and Visitor Strategy, with an emphasis on destination development, community participation, education, and health. Therefore, the increase in golf tourism and government support drives the growth of the market.
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The golf equipment market covered in this report is segmented –
1) By Product Type: Golf Clubs, Golf Balls, Golf Bags And Accessories, Apparel, Footwear
2) By Distribution Channel: Specialty Stores, Sporting Goods Chain, On-Course Shops, Online Stores, Other Distribution Channels
3) By End-User: Amateurs, Professionals
Major companies operating in the golf equipment market are developing new products such as carbon fiber drivers to gain a competitive edge in the market. Carbon fiber is a lightweight and exceptionally strong material composed of thin fibers primarily made of carbon atoms. For instance, in January 2023, Topgolf Callaway Brands, a US-based sports equipment company, launched the Paradym range, featuring groundbreaking technology designed to revolutionize performance. The Paradym Drivers showcase an industry-first 360 Carbon Chassis that eliminates titanium from the body, allowing engineers to optimize weight distribution for maximum distance and increased forgiveness. With a Triaxial Carbon crown and Forged Carbon sole, these drivers are 44% lighter than titanium chassis, enhancing both ball speed and forgiveness. The AI -designed Jailbreak system ensures stability and faster ball speeds, while the face cup technology, a first for Callaway drivers, maximizes energy transfer to the ball. The Paradym Drivers come in three models—Paradym, Paradym X, and Paradym Triple Diamond—each catering to specific player preferences and performance requirements.
The golf equipment market report table of contents includes:
1. Executive Summary
2. Golf Equipment Market Characteristics
3. Golf Equipment Market Trends And Strategies
4. Golf Equipment Market – Macro Economic Scenario
5. Global Golf Equipment Market Size and Growth
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26. South America Golf Equipment Market
27. Brazil Golf Equipment Market
28. Middle East Golf Equipment Market
29. Africa Golf Equipment Market
30. Golf Equipment Market Competitive Landscape And Company Profiles
Top Major Players:
- Nike Inc
- Bridgestone Corporation
- Adidas AG
- Dick’s Sporting Goods Inc
- Sumitomo Rubber Industries Ltd
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