Golf Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global golf equipment market continues to flourish, having generated a substantial revenue of US$ 15.1 billion in 2024, according to Fairfield Market Research. With the top market players leading the way, the demand for golf equipment, including golf balls, clubs, and other essentials, is set to accelerate. Projections indicate that the market will reach an impressive US$ 18.2 billion by 2031.
Golf Equipment: The Game's Essentials
Golf equipment encompasses a wide array of items crucial for playing the sport, including golf balls, clubs, fairway clubs, ball markers, ball retrievers, and various other tools. Golf clubs, designed for iron, hybrid, and wood, are instrumental in the game, with wood clubs being favored for their ability to achieve longer strokes.
Growth Fueled by Golf Tourism
Golf tourism plays a pivotal role in the golf industry, generating substantial revenue and employment opportunities. The United States, the largest market for golf equipment, leads the way in contributing to the golf business and golf travel & tourism. With over 100 million golfers worldwide, a significant percentage travel specifically for golf-related activities. Emerging nations, including Malaysia, Egypt, Mexico, China, and India, are making substantial investments in golf tourism, expanding its global footprint.
Innovation Drives Sales in Golf Equipment
Technological innovation has been a driving force in the development of golf equipment. Innovations encompass design, style, materials, and production speed, making golf more accessible and offering competitive pricing options. Notable innovations include:
• Customized golf clubs using advanced technology to analyze individual player profiles.
• Smart golf balls providing real-time data on distance, backspin, and ball speed.
• Sensors tracking player performance, swing metrics, and fairway accuracy, integrated with smartphone apps.
• Smart Grips powered by artificial intelligence for automatic shot recording and analysis.
Country-wise Analysis: South Korea, China, and India
• South Korea: The South Korean market for screen golf has seen growth, driven by technological advancements. Golf simulators have become popular indoor activities, making golf accessible to a wider audience. Golfzon, a key player, facilitated 56 million rounds in 46 countries in 2018, contributing to the golf industry's anticipated CAGR of ~4.6%.
• China: China boasts one of the fastest-growing golf course populations in the Asia-Pacific region, driven by increased interest in golf, greater media coverage, and a rising number of players. China contributes significantly to the global golf equipment market, holding a revenue share of ~14% in 2022.
• India: The golf equipment market in India is on the rise, with a projected CAGR of ~4.3%. The COVID-19 pandemic has spurred interest in the sport, making it more accessible. Increased golf courses and growing participation contribute to the market's expansion.
Competitive Landscape
Leading companies in the golf equipment industry employ various strategies, including the introduction of cutting-edge products and forming joint ventures, to meet evolving consumer demands. Notable players in the market include:
• Acushnet Holdings Corp.
• Callaway Golf Company
• Sumitomo Rubber Industries, Ltd
• MIZUNO Corporation
• Bridgestone Sports Co Ltd
• Amer Sports Corporation
• TaylorMade Golf Company, Inc
• Louisville Golf
• Adidas AG
• Puma SE
• Nike, Inc
• Bettinardi Golf
• Cure Putters
• Miura Golf Inc
• Yamaha Golf
• Others (on request)
Key Segments Covered in Golf Equipment Industry Research
By Product Type
• Golf Club
Driver
Irons
Putters
Wedges
Hybrids
• Golf Ball
• Accessories
Bag
Hat
Gloves
Others
• Golf Apparel
• Golf Footwear
By End Use
• Amateur
• Professionals
By Distribution Channel
• Direct
• Indirect
Modern Trade
Exclusive Stores
Specialty Stores
Sports Chain Outlets
Online Retailers
By Region
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East Africa
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