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| Global Golf Equipment Market Size |
The global Golf Equipment Market is estimated to be valued at US$ 11.6 Mn in 2023 and is expected to
exhibit a CAGR of 4.1% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Golf equipment refers to items that are used to participate in the sport of
golf. This includes golf clubs, golf balls, golf shoes, and golf apparel.
Advancements in material science and manufacturing technologies have led to the
development of high-performance products that provide enhanced playing
characteristics.
Market key trends:
One of the major trend being observed in the golf equipment market is growing
popularity of fitness equipment segment. Golf being a sports activity requires
significant physical strength and flexibility. In order to maintain physical
fitness needed for golf, players are incorporating exercise equipment
specifically designed for golf fitness into their training regimens. These
include products like weighted golf clubs, strength training equipment targeted
at muscles used for golf swing, balance boards, and resistance bands. This
growing focus on physical conditioning is expected to drive demand for fitness
equipment segment in the coming years.
Segment Analysis
The global golf equipment market is dominated by golf clubs segment, which
accounts for more than one-third of the total market share. Rising number of
professional and amateur golf players across the globe is the primary factor
driving demand for various types of golf clubs such as drivers, fairway woods,
hybrids, irons, and wedges. Within clubs segment, irons sub-segment holds the
major share as irons shots are an integral part of a golfer's game and
considered the most fundamental club in a player's bag.
Key Takeaways
The Global
Golf Equipment Market Size is expected to witness high growth,
exhibiting CAGR of 4.1% over the
forecast period, due to increasing number of golf courses and rising popularity
of golf as a recreational sport among middle-aged individuals.
Regional analysis
Regionally, North America dominates the global golf equipment market and is
expected to continue its dominance throughout the forecast period. The US
accounts for the major share of the North American golf equipment market due to
the presence of a large number of avid golfers and high participation in golf
championships. Asia Pacific is projected to be the fastest growing regional
market stimulated by growing interest in golf as a sport in countries like
China, Japan and India.
Key players
Key players operating in the golf equipment market are Callaway Golf Company,
Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation,
Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE,
PING, and Anta Sports Products Limited (Amer Sports). Callaway Golf Company
leads the market with their wide range of high-quality golf clubs, balls and
accessories.
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