Global Golf Equipment Market - 2023-2030

Global Golf Equipment Market - 2023-2030

The Global Golf Equipment Market size reached US$ 8.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 11.9 billion by 2030. The market is growing at a CAGR of 4.2% during the forecast period 2023-2030.

The growth of the middle class, an increase in the number of professional and amateur female players, and an increase in golf tourism are the main drivers of the global golf equipment sector. Due to people's busy lifestyles, however, the adoption of other games, such as indoor sports like chess, badminton, table tennis, and others, hinders the adoption of golf equipment.

Additionally, it appears that expensive golf memberships have reduced registrations, obstructing the expansion of the global market for golf equipment. Competitors in the team sport of golf attempt to finish a set of holes with the fewest number of strokes.

Since wood clubs allow for longer swings, golfers favor them more. Additionally, the rapid growth of online shopping offers a significant opportunity for the global market to expand.

Market Dynamics

A Rise in Golf Tourism is Anticipated to Grow the Golf Equipment Market Growth

The rise in golf tourism is a significant factor in driving the growth of the golf equipment market, as it increases the demand for golf equipment among tourists who may not have brought their equipment or are looking to upgrade their existing equipment.

According to the World Golf Foundation, there were over 60 million golf tourists worldwide and this number is expected to continue to grow in the coming years. These tourists not only play golf but also spend money on accommodations, food and local activities, which further boosts the local economy and the demand for golf equipment.

Technological Advancements in the Golf Equipment Market are Expected to Fuel the Golf Equipment Market

Technological advancements in golf equipment have created opportunities for the golf equipment market by providing golfers with better equipment that can improve their performance and enjoyment of the game. According to a study by Golf Digest, newer golf balls have less spin, which results in straighter shots and longer distances. This has led to an increase in demand for newer, technologically advanced golf balls. Furthermore, technological advancements in golf equipment have also led to the development of virtual golf simulators, which enable golfers to play golf indoors with realistic graphics and feedback on their swings.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global golf equipment market is segmented based on type, distribution channel and region.

By Distribution Channel, the On-Course Segment Leads the Golf Equipment Market

The golf equipment market is primarily segmented by distribution channel, and the largest segment holding the market share is the on-course shop segment. The on-course shop segment includes golf equipment sales through retailers such as sporting goods stores, online retail channels and golf specialty stores.

According to the National Golf Foundation, in 2019, on-course sales of golf equipment amounted to 56% of all golf equipment sales in the United States. This is driven by the convenience of online shopping and the widespread availability of golf specialty stores and sporting goods retailers.

Geographical Analysis

Asia Pacific is the Fastest-Growing Market in the Golf Equipment Industry

Asia Pacific is the fastest growing market in the golf equipment market due to the rising popularity of golf and increasing disposable incomes in the region. According to the Asia Pacific Golf Summit, in 2019, Asia Pacific accounted for approximately 25% of the global golf market, with China and Japan being the two largest golf markets in the region.

According to the Asia Pacific Golf Group, there were over 6,000 golf courses in Asia Pacific in 2019 and this number is expected to continue to grow. The increasing number of golf courses provides opportunities for golfers to experience different courses, which, in turn, drives the demand for golf equipment.

Competitive Landscape

The major global players include the Golf Equipment market are Firetech Global, Elide Fire Ball Pro Co., Ltd., L. R. INDUSTRIES, Auto Fireball, Universal Fire Protection, Fireball RSA, DANSA Group Germany, Fire and Safety Systems LTD., Acushnet Holding Corp., and HelloMedicals.

Why Purchase the Report?
• To visualize the global golf equipment market segmentation based on type and distribution channel and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of golf equipment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Golf Equipment Market Report Would Provide Approximately 53 Tables, 50 Figures and 200 Pages.

Target Audience 2023
• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies