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The golf equipment market size is estimated to grow by USD 1,418.41 million at a CAGR of 2.77% between 2023 and 2027. The growth of the market depends on several factors, including the increasing focus on healthy lifestyles, innovation and portfolio expansion leading to product premiumization, and association initiatives and sponsor deals.
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This golf equipment market report extensively covers market segmentation by Product (golf clubs, golf balls, golf shoes, and golf bags), Distribution Channel (offline and online), and Geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 - 2021.
The golf clubs segment is expected to witness significant growth in the golf equipment market share. A golf club is an essential component of golf equipment, consisting of a slender shaft with a grip and a club head made of wood or metal. Golfers use various types of clubs, including woods for long-distance shots, irons for a variety of shots, putters to roll the ball into the hole, and wedges, which are a category of irons used for short-distance, highly accurate, and high-altitude utility shots. These clubs primarily differ in their loft, which is the angle between the vertical plane of the club and the club face. Typically, a set of golf clubs includes different types of clubs to allow players to choose the appropriate club for the required shot. These factors are expected to drive the market growth of the golf clubs segment during the forecast period.
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The golf clubs segment was valued at USD 5,111.85 million in 2017 and continue to grow by 2021. Golf clubs made of steel, titanium alloys, and carbon fibres are considered standard and long-lasting, but their production costs are high, and this expense is usually passed on to consumers. Larger vendors can manage the cost due to their effective production programs, whereas smaller vendors are forced to increase prices, which may reduce their market presence compared to established players. Vendors in the United States sell golf clubs through speciality stores, sporting goods retailers, and mass merchants. They also conduct international sales through wholly-owned subsidiaries and distributors. Replacement demand for golf clubs will remain high in the US and parts of Western Europe, where golf is a popular sport. On the other hand, new golf clubs will experience greater demand from China, India, and some parts of the Middle East and Central Europe. Interest and awareness in golf in these areas are growing, especially among young players.
The primary trend in the market is the surging popularity of FootGolf, a new hybrid sport gaining traction in the US and various Western European nations. Unlike traditional golf, FootGolf utilizes a football instead of golf balls and heavy clubs. The Federation for International FootGolf (FIFG), which governs the sport, boasts 25 member countries, including the UK. The game is gaining the most momentum in the US, with over 70 FootGolf courses accredited by the American FootGolf Federation (AFGL) in 35 states, including more than 25 in California alone, such as the Monarch Bay Golf Club in San Leandro, Vista Valencia Golf Course in Valencia, and Lake Forest Golf and Practice Center in Orange County.
As per the US National Golf Foundation, more than five million people have given up playing golf in the last decade, with players under 35 years old slowly losing interest in the game due to its orthodox nature and time-consuming gameplay. These factors contribute to the increasing popularity of FootGolf. Moreover, the game appeals to players of all genders and ages, including those with an interest in football but without the proficiency to play the sport professionally or even recreationally for a full 90 minutes. FootGolf could become even more popular if retired footballers adopt the game. Consequently, the growing popularity of FootGolf is anticipated to benefit the market significantly during the forecast period.
The growth of the global golf equipment market faces a significant challenge in the form of operational inefficiency. In most parts of the US, golf is typically played only between April and October due to unfavorable weather conditions during other months. Similarly, in other regions worldwide, the sport is restricted to a particular period of the year. For instance, golfing in the UK starts in April and ends in September. The sport heavily relies on clear skies and is, therefore, susceptible to changes in weather and season, as rainfall or fog can decrease the visibility and precision of golfers.
Additionally, golf turf management is challenging due to seasonal fluctuations. The demand for water to irrigate the turf rises during summer, which can pose a problem in regions with limited water resources. These factors significantly impact the production and distribution of golf equipment. Furthermore, changing weather conditions force vendors to adjust their inventory and delay product launches, ultimately hindering market growth during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The US and Canada have been traditional markets for golf equipment, owing to the popularity of the sport in both countries. In 2022, the US accounted for the largest share of the golf equipment market in North America. The launch of innovative products; the wide use of online platforms to purchase golf equipment, such as golf clubs, golf balls, and golf bags; and rising awareness about the availability of such products drive the growth of the golf equipment market in the US. The rising demand for customized golf equipment drives the growth of the golf equipment market in North America.
The sales of celebrity-endorsed and designer golf equipment are increasing in North America. Such equipment costs more than normal equipment. Hence, the growth in the sales of such equipment is expected to increase the revenue generated by the market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acushnet Holdings Corp. - The company offers a wide range of golf equipment such as golf gear, golf bags, headwear, travel gear, accessories, and golf gloves.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Golf Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 2.77% |
Market growth 2023-2027 |
USD 1,418.41 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.71 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 40% |
Key countries |
US, Japan, South Korea, China, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acushnet Holdings Corp., ANTA Sports Products Ltd., Bridgestone Golf, Inc., Callaway Golf Co., Dynamic Brands, ECCO Sko AS, Honma Golf Co. Ltd., Jones Sports Co., Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., PUMA SE, Ralph Lauren Corp., Snell Golf, Sumitomo Rubber Industries Ltd., Taylor Made Golf Co. Inc., Tour Edge Golf, Under Armour Inc., and Worldwide Golf Brands Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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