The rising popularity of golf tourism and the increasing number of female professional and amateur golfers are expected to drive the global golf equipment market during the forecast period.
According to TechSci Research report, “Golf Equipment Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The global golf equipment market is anticipated to project robust growth during the forecast period because of increasing government investment, new golf courses, changing lifestyles, and an increasing number of young golfers.
Golf equipment includes various items that are essential to playing golf. Golf equipment comprises golf clubs, balls, shoes, gear and luggage. The key factors driving the golf equipment market are increasing per capita income, rising golf tourism, and the increasing number of professional and amateur female golfers due to the creation of golf courses around the world.
The U.S. is the highest contributor to the golf equipment market because of its popularity and availability in the country. There are an estimated 108 million people in the United States that play, watch, or read about golf, which translates to one in every three Americans over six. In 2021, 37.5 million Americans aged six and above played golf on and off the course. This comprises 25.1 million people who played on a golf course and another 12.4 million who only participated in off-course golf activities such as driving ranges, indoor golf simulators, or golf entertainment venues such as Topgolf and Drive Shack.
The expanding number of golf courses reflects the sport’s growing popularity and the growing number of participants worldwide. Golfers continued to flock in large numbers in 2021. A committed core of participants primarily drove this. Still, it was aided by continued work schedule flexibility, generally favorable golf weather, the ability to retain the new and returning golfers who joined the game in 2020, and a renewed appreciation for the physical and mental escape that golf provides for men and women, young and old. Golfers went on vacations, took lessons, and bought everything from golf clubs and balls to shoes, apparel, and accessories. The PGA Tour Superstore, the golf industry’s largest retailer, has seen a 70% increase in commerce over the last two years.
Technological advancement in golf equipment is a prominent trend anticipated to affect new product launches throughout the projected period. For example, the Seamless Cover Technology (SCT) can be used to create a non-uniform joint around the ball Accuracy and aerodynamics have been enhanced with the help of this. Golfers can hit the balls farther with fewer motions and spin because they have lesser aerodynamic drag. Golf has been marketed as a luxury lifestyle activity.
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The golf equipment market is segmented based on product type and distribution channel. Based on product type, the market is segmented into clubs, balls, shoes, and others (apparel, bags, etc.). Based on distribution channels, the market is fragmented into sports goods retailers, exclusive stores, specialty stores, online, and others (direct sales, distributors, etc.). On the basis of region, the market is divided into Asia-Pacific, North America, Europe, Middle East & Africa, and South America.
Key market players in the golf equipment market include:
- Callaway Golf Co.
- Acushnet Holdings Corp.
- TaylorMade Golf Co.
- Mizuno USA, Inc.
- Wilson Sporting Goods Co.
- PING, Inc.
- Bettinardi Golf
- Sumitomo Rubber Industries, Ltd.
- Mizuno Corporation
- Amer Sports Corporation
Many advancements have been made in the golf equipment market. For example, TaylorMade Golf, a leader in innovation and technology in the United States, released the second generation of their pix golf ball range in January 2020. PixTM, a new visual technology developed in partnership with Rickie Fowler, will be offered in the TP5 and TP5x models for the first time. The TP5/TP5x stamp is utilized to produce the company’s innovative ClearPath AlignmentTM, which is the focal point of the logo. ClearPath not only aids in alignment but also provides immediate feedback on the quality of the roll. The golfer can see a clearing in the middle of the ball on a well-struck putt where the ball is rolling end-over-end, which provides two essential pieces of information: the golf ball launching down the correct path and a good putt.
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” Technological advancement in golf equipment is a significant trend expected to impact growth over the forecasted period. The rising popularity of golf among youngsters, increasing standard of living, increasing government investment, and changing lifestyle are the leading factors that will positively impact the golf equipment market. Due to the wide range of products available to meet the specific needs of customers and the growing popularity of the internet channel, the market is growing.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Golf Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Clubs, Balls, Shoes, Others (Apparels, Bags etc.)), By Distribution Channel (Sports Goods Retailers, Exclusive Stores, Specialty Stores, Online and Others (Direct Sales, Distributors etc.)), By Region, Competition, has evaluated the future growth potential of golf equipment products and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in golf equipment products globally.
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