Golf Equipment Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Consumer Goods & Services
Report Code - OMR-CGS-107
Format: PDF, PPT, and Excel
Golf Equipment Market to Accommodate a Market CAGR of 4.0% CAGR; Factors such as the Rising Popularity of Golf, Increasing Interest in Miniature Golf Courses, and Integration of Golf Courses Within High-End Resorts to Push Growth
As part of the golf paraphernalia, everything from golf clubs to golf balls to umbrellas is included. The golf ball, clubs for golf, and other devices constitute equipment. Increasing disposable income, the proliferation of golf courses (especially in high-income nations), and foreign golf tourism are the primary factors propelling the global industry's expansion. In addition, if more women participated in golf, the discipline would have significant future development potential.
During the first couple of years of the epidemic, when lockdowns were in effect, this decline was dramatic. Sales data revealed a precipitous decline in demand for golfing accessories. According to Golf Datatech, golf equipment sales in the United States decreased by 13% in 2020. The decline was due to a decline in demand for new and used machinery.
Key Takeaways of the Golf Equipment Market
By Type
In 2022, golf clubs were the most profitable segment of the golf equipment industry. During the projected period, demand for golf clubs is anticipated to increase as consumers seek more customizable and diverse club options.
By Region
Several factors, including an increasing interest in athletics and the availability of an extensive selection of clubs and balls in the area, have led to an enormous rise in the demand for golf equipment throughout Europe.
Increasing Number of Female Golfers Drives a Distinctive Developmental Trend
Golf was a popular activity among individuals in their mid and later years. Young American golfers such as Nelly Korda, Collin Morikawa, Viktor Hovland, and Lexi Thompson are challenging the sport's reputation as an activity for senior citizens. The growing percentage of female golfers represents a significant demographic transition within the sport. According to research conducted by the Koozie organization, the number of golf holes played in the United States increased by approximately 5% in 2021 compared to 2020 and by almost twenty percent compared to the years preceding the epidemic.
Sales in the Miniature Golf Industry are Driven by the Growing Popularity of Golf as a Leisure Activity.
Once a serious discipline, golf is now more of a leisure activity. As governments have taken measures to promote golf tourism and more golf courses have opened, there has been an increase in demand for basic golfing equipment. Numerous luxury hotels and resorts are incorporating golfing facilities. Due in part to the growth of miniature golf courses designed to attract new players and promote golf's health benefits, golf equipment sales have increased.
Global Golf Equipment Market Prominent Players
• Acushnet Holdings Corp. (United States)
• Nike, Inc. (U.S.)
• Topgolf Callaway Brands Corp (U.S.)
• Puma SE (Germany)
• Bridgestone Corporation (Japan)
• Adidas AG (Germany)
• Karsten Manufacturing Corporation (Ping Inc.) (U.S.)
• Taylormade Golf Company Inc. (U.S.)
• Mizuno Corporation (Japan)
• Sumitomo Rubber Industries Ltd (Japan)
Report Scope for Golf Equipment Market
Products
• Golf Clubs
• Golf Balls
• Golf Gear
o Apparel
o Footwear
• Others
Distribution Channel
• Specialty Stores
• On Course Shops
• Online
• Others
Golf Equipment Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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