Golf Club and Sets Market By Type (Woods, Irons, Hybrids, Wedges, Putters), By Application (Lesuire, Professional, Others), By Distribution Channel (Specialty Stores, Sporting Goods Chain, On-course Shops, Online Stores, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global golf club and sets market was valued at $3,371.9 million in 2021, and is projected to reach $4,851.8 million by 2031, registering a CAGR of 3.9%. Golf is a sport activity popular among business individuals as it is used as a means to offer closure of business deals. Golf clubs & sets consists of various items that are essential to play the sport of golf, and are also crucial in providing an enriched experience to the player. Golf clubs & sets include golf balls, golf shoes, golf clubs, and other aids such as wedges and putters.
The emergence of golf tourism is fostering the market growth of gold clubs and sets. In addition, golf tourism refers to the trips undertaken by people with the purpose of playing golf. According to the International Association of Golfing Tour Operators (IAGTO), the global golf tourism market was valued at more than $17 billion in 2018, out of which the U.S. is reported to be the largest market in terms of golf as a sport. However, UK, Japan, and Australia, along with the U.S., have witnessed stagnation in terms of number of dedicated golfers, because the change in interest of youth towards other sports and the aging retired population is now taking up this sport as a recreational activity. Asia and Middle East are witnessing fastest rates in the global golf tourism market. Growth in middle-class population and increase in investments in infrastructure to support the game drive the growth of the golf sector.
Increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market. For instance, Sports Gift, Let’s Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment through online retail platform is anticipated to boost the market growth in near future.
However, the middle-class population does not opt for golf as a first game, owing to its expensive club memberships and highly priced courses, thus impeding the market growth. For instance, the average price for an 18-hole game is around $135–$150 per round, due to which most of the players cannot afford it. The high cost of golf course construction has also led to the high prices of newer golf courses. This leads to decreased registrations, thereby restricting the market growth. Furthermore, currently, many employees are made to work for 60 hours a week, which not only affects their work productivity, but also deprives them to provide time for sports courses, including golf. Thus, busy work schedules hamper the golf memberships, thus acting as a restraint for the global market.
E-commerce or online store is a huge platform growing at a tremendous rate worldwide. Consumers of every age, including generation X, millennial, or generation Z prefer to shop from e-stores. This is attributed to the fact that online shopping is more convenient as compared to shopping at physical stores, due to rise in number of retailers focusing on e-commerce, thus making it convenient for consumers. Furthermore, increase in penetration of internet and rise in percentage of population inclining toward online shopping are expected to provide potential opportunity for the golf clubs & sets manufacturers to sell their existing as well as novel products through online platform, thus making them easily available for consumers and increasing consumer awareness about their products.
In addition, various big brands are entering the untapped markets where lack of availability of sports facilities and products is witnessed. These key players are setting up sports facilities, sports centers, and play grounds, and correspondingly promoting their products. Likewise, various organizations and NGOs are donating the golf equipment and apparel, building sports facilities, conducting free of cost sports competitions, and training the potential players free of cost. Moreover, developing interest of the young population in sports is anticipated to offer potential opportunities to the market in the near future. These factors altogether significantly contribute toward the growth of the market in untapped regions.
The golf clubs & sets market is segmented on the basis of type, application, distribution channel and region. By type, the market is categorized into woods, irons, hybrids, wedges and putters. In terms of application, it is divided into leisure, professional and others. On the basis of distribution channel, the market is classified into specialty stores, sporting goods chain, on-course shops, online stores and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the market players, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the Distribution Channel were nearly shut down in the first quarter of the pandemic. However, online channels such as amazon and flipkart were delivering the products. They key players included in the racket sports equipment market analysis are Acushnet Holdings Corp., Adidas AG, Amer Sports, Bridgestone Corporation , Callaway Golf Company, DICK'S Sporting Goods, Inc. , Dixon Golf, Inc., Nike, Inc., Sumitomo Rubber Industries, Ltd, Robin golf, Ping, Inc , Bettinardi Golf, Cobra Golf , Pen fold Golf Limited, McGregor Golf , Hippo Golf, and Infiniti Golf.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the golf club and sets market analysis from 2021 to 2031 to identify the prevailing golf club and sets market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the golf club and sets market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global golf club and sets market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
Lesuire
Professional
Others
By Type
Woods
Irons
Hybrids
Wedges
Putters
By Distribution Channel
Specialty Stores
Sporting Goods Chain
On-course Shops
Online Stores
Others
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Singapore
Thailand
Malaysia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Acushnet Holdings Corp.
Adidas AG
Amer Sports
BRIDGESTONE CORPORATION
Callaway Golf Company
DICK'S Sporting Goods, Inc.
Dixon Golf, Inc.
Nike, Inc.
Sumitomo Rubber Industries, Ltd
Robin golf
Ping, Inc
bettinardi golf
Cobra Golf
Pen fold Golf Limited
McGregor Golf
Hippo Golf
Infiniti Golf
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