Golf Bags Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

The golf bags market share is expected to increase by USD 122.44 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3%.

This golf bags market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers golf bags market segmentations by distribution channel (offline and online), application (men and women), and geography (North America, Europe, APAC, MEA, and South America). The golf bags market report also offers information on several market vendors, including Acushnet Holdings Corp., Amer Sports Corp., Bridgestone Golf, Inc., Callaway Golf Co., Dongguan Hongxiang Handbag Products Co. Ltd., Mizuno Corp., PUMA SE, Ralph Lauren Corp., Roger Cleveland Golf Co. Inc., and Under Armour Inc. among others.

What will the Golf Bags Market Size be During the Forecast Period?

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Golf Bags Market: Key Drivers, Trends, and Challenges

The rising number of new product launches is notably driving the golf bags market growth, although factors such as threat of counterfeit golf products may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the golf bags industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Golf Bags Market Driver

One of the key factors driving the golf bags market growth is the rising number of new product launches. Vendors are focusing on developing technologically advanced golf bags to expand their product portfolios and increasing their sales. They are launching new products with innovative styles to enhance the comfort of users. For instance, in August 2019, Mizuno Corp. launched the BR-D2 stand bag. The new golf bag is lightweight and features a two-way, full-length divider and seven-inch top with padded cuff. A mini stand combines with a waterproof underbelly and matching rain hood to keep clubs dry. It also boasts a double shoulder strap and a carabiner accessories clip. New product launches and the expansion of current product lines are some of the most preferred marketing strategies of vendors in the market to gain new market share and to preserve existing market share. With the increasing number of product launches and the rising adoption of these products, the market is expected to grow considerably during the forecast period.

Key Golf Bags Market Trend

Another key factor driving the golf bags market growth is the increasing number of women participants. One of the biggest achievements on this front is the shrinking of the gender gap between the number of men and women players in the Olympic Games. At present, a large number of women are participating in sports professionally as well as for recreational purposes. Several promotional programs, such as the Long Term Player Development (LTPD) program in Canada, are being conducted by various organizations to encourage the participation of more women in sports. The participation of women in outdoor sports, such as golf, has increased over the last few years. In 2020,thr number of female golfers in the US was more than 6 million, i.e., it increased by 450,000 from 2019. Moreover, the Ladies Professional Golf Association is one of the oldest women's professional sports associations working toward the awareness of the sport among women. The Professional Golfers' Association (PGA of America) recently launched an industry-wide initiative to help bring more women into the game. Other factors such as the growth of ladies bag market in India will also drive the growth of the market in focus.

Key Golf Bags Market Challenge

Threat of counterfeit golf products is one of the key challenges hindering the golf bags market growth. The increasing demand for golf equipment has simultaneously led to a rise in the influx of counterfeit products into the market. Counterfeiting refers to the branding and sales of unauthorized products, and it acts as a major challenge for the genuine vendors. Counterfeit golf products affect consumers as well as genuine manufacturers of golf equipment. Consumers buying counterfeit goods, either knowingly or unknowingly, often get low-quality goods. Most consumers are unable to distinguish between original products and counterfeit products, and buy the latter due to their low cost, which affects the brand and sales of genuine companies. Hence, vendors are taking active measures to stop counterfeiting. In 2004, the Golf Anti-Counterfeiting Group was formed to support the efforts of international law enforcement and government agencies to conduct raids and investigations of counterfeit operations. For instance, in August 2019, the US Golf Manufacturers Anti-Counterfeiting Working Group (The Golf Group) announced its raid in China, which found nearly 1,000 counterfeit golf products. During the raid, 782 pieces of counterfeit golf clubs and other equipment were seized from offices/warehouses in Shenzhen City and Dongguan City, China.

This golf bags market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global golf bags market as a part of the global leisure products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the golf bags market during the forecast period.

Who are the Major Golf Bags Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Acushnet Holdings Corp.
• Amer Sports Corp.
• Bridgestone Golf, Inc.
• Callaway Golf Co.
• Dongguan Hongxiang Handbag Products Co. Ltd.
• Mizuno Corp.
• PUMA SE
• Ralph Lauren Corp.
• Roger Cleveland Golf Co. Inc.
• Under Armour Inc.

This statistical study of the golf bags market encompasses successful business strategies deployed by the key vendors. The golf bags market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Acushnet Holdings Corp. - This company offers various brands such as Fitleist, FootJoy, Vokey design, Scotty Cameron, and Pinnacle.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The golf bags market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Golf Bags Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the golf bags market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Golf Bags Market?

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43% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for golf bags in North America. Market growth in this region will be slower than the growth of the market in other regions.

The presence of key vendors, new product launches, rising number of golf course projects, and increasing leisure expenditure, owing to strong consumer spending will facilitate the golf bags market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 in the region impacted the golf industry and the sales of golf bags. This outbreak led the governments of various countries in the region to impose lockdowns to combat COVID-19. This resulted in the isolation of people in their homes, which restricted their participation in different sports such as golf and disrupted the market with the decline in the purchase of sports products such as golf bags. Moreover, the supply disruptions that occurred due to the imposition of lockdowns impacted the production of new products. However, reorganized supply chains and reduction in lockdown measures in Q4 of 2020 are expected to boost market growth in North America during the forecast period.

What are the Revenue-generating Distribution Channel Segments in the Golf Bags Market?

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The golf bags market share growth by the offline will be significant during the forecast period. The offline distribution channel includes different retail formats such as specialty and sports stores, hypermarkets, supermarkets, and department stores. The offline distribution channel is expected to grow during the forecast period, owing to the increasing number of retail sales.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the golf bags market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Golf Bags Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive golf bags market growth during the next five years
• Precise estimation of the golf bags market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the golf bags industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of golf bags market vendors

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