The global golf equipment market is expected to grow at a CAGR of 5.78% during the forecast period (2019-2024).
- The global golf equipment market is highly impacted by product innovations carried out by the key players, along with huge investment in marketing and promotional activities, to reach higher customer bases.
- With the substantial growth of the golf tourism industry, the golf equipment market is anticipated to have a positive outlook in the coming years. European countries will invest heavily in infrastructural enhancements pertaining to the game and host many international golf events and competitions.
- Furthermore, the participation rates, especially among millennials, in pro-golf tournaments are also increasing, which will directly boost the sales of golf equipment during the forecast period.
Scope of the Report
The global golf equipment market offers a range of products including golf clubs, golf balls, golf bags & accessories, apparel, and footwear through offline and online retail stores. The study also covers the global level analysis of the major regions North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Key Market Trends
Surge in Number of Golf Courses
There has been an upsurge in the number of golf courses across the globe, especially among the top golfing nations over the past few years. The United States, the United Kingdom, Japan, Germany, Canada, South Korea, Sweden, France, Italy are some of the key leading countries in the golf industry, where most (more than 50%) of the golf courses are located. Most of these courses belong to private clubs, golf-centric real estate places, and golf resorts. There are more than 30,000 golf facilities across the world, and more than 70% of them are open to the public, hence, it is largely accessible. At present, more than 200 golf courses are under construction and 350 plus golf courses are in the planning stage, across the world, which indicates a significant rise in demand for golf equipment during the forecast period.
Rise in Demand for Golf Equipment from Asia-Pacific
The Asia-Pacific golf equipment market is dominated by Japan followed by China, South Korea, and Thailand among the other European countries. As of 2017, Asia-Pacific has approximately 4,570 golf facilities, accounting for 14% of the total global market. In the past few years, there has been a phenomenal growth in Asian golf, dominated by China, followed by India, Australia, and Thailand in course supply. China is one of the fastest growing countries in the Asia-Pacific region in terms of the number of golf courses owing to the rise in awareness about the golf sport and an increase in golfer’s population in the country. Moreover, increasing media exposure to international golf events has aided the popularity of sports among the masses. This encourages the youth population to play such sports which have further impelled the sales of golf equipment in the region.
The global golf equipment market is highly competitive. The market is dominated by players like Acushnet Holdings, Callaway Golf Company, and Sumitomo Rubber Industries. Companies are adopting competitive strategies by investing more to develop new generation technologies for the production of golf equipment. These players are differentiating their products in terms of design (size and weight) and quality, in order to gain a competitive advantage. Furthermore, key leading companies have adopted strategic expansion as their key strategy to broaden their geographical presence and customer base. For instance, in 2017, Samsung and TaylorMade collaborated to develop a specific myRoundPro experience that utilizes the features of the compatible Samsung Gear devices to provide consumers with a unique experience.
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