Enjoy complimentary customisation on priority with our Enterprise License!
The Global Golf Clubs Market size is estimated to grow by USD 795.2 million, at a CAGR of 2.91% between 2023 and 2028. The market's expansion hinges on several crucial factors. Technological advancements in golf gear are pivotal, enhancing performance and attracting consumer interest. Social media platforms amplify brand visibility and foster community engagement among enthusiasts, bolstering the demand for golf equipment. Moreover, rising disposable incomes enable consumers to invest in high-quality golf equipment, driving further growth. These factors collectively contribute to the dynamic evolution and expansion of the golf equipment industry. As innovations continue to shape product offerings and consumer experiences, the industry is poised to capitalize on technological developments and changing consumer preferences. Embracing these trends not only enhances competitive advantage but also cultivates a vibrant community for golf tourism, reinforcing its appeal and sustainability in the global market.
To learn more about this report, Request Free Sample
The market share of the leisure segment will be significant during the forecast period. In terms of revenue, leisure golf clubs dominate the market with the highest share in 2022. The availability of golf courses in most cities and towns around the world is credited with this sport's rising popularity. Golf tourism and golf apparel is becoming increasingly popular among fans, and many individuals visit locations just to play golf.
Get a glance at the market contribution of various segments Request a PDF Sample
The leisure segment was valued at USD 3.99 billion in 2018. The growth and expansion of golf courses, as well as growing government attempts to promote golf tourism, have made this sport more well-known, which has increased demand for golf equipment such as golf bags. According to our golf industry insights, the market is expected to witness high growth during the forecast period, owing to the increasing popularity of golf.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 34% 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. North America is home to more than 50% of the golf courses, with most of them located in the US. The US and Canada are the key countries that accounted for the highest share of the market in North America. The stable increase in the participation rate and golfer activity is an encouraging sign for the golf industry and, in turn, for the market. The growing interest among millennials to play golf and the increased number of rounds played by baby boomers indicate growing participation in golf playing, which will positively impact sales of golf apparel, footwear, and accessories in North America.
The market witnesses innovation with the integration of smart sensors optimizing players' performance metrics like swing speed and impact angle. Catering to professional golfers, manufacturers offer technology-driven clubs, leveraging materials like carbon fibre for lightweight and customizable designs. From hybrid iron clubs to luxury resorts equipped with golf simulators, the market caters to diverse preferences. With golf's growing acceptance among younger consumers, sporting goods retailers capitalize on the demand for customized and hybrid clubs, extending the market's reach from Scotland to private facilities and high-end resorts and hotels. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The advances in golf technology are notably driving market growth. Companies are making continuous efforts to develop technologically advanced, customized golf equipment to attract sports enthusiasts and motivate consumers to replace their equipment with upgraded versions. Moreover, players prefer using equipment with the latest technologies, which helps them gain a better understanding of their movements while striking the ball and monitor the interaction between the golf club and the ball. Further, golf enthusiasts are increasingly drawn to lightweight and technology-driven golf clubs, with customization options allowing players to tailor their equipment to their individual preferences and playing styles.
Furthermore, many leading manufacturers are developing and modifying product designs using advanced technologies, such as computer-aided design (CAD) and computer-aided manufacturing (CAM). Additionally, golf enthusiasts are embracing golf customised clubs for lightweight golf clubs, enhancing their golf training experiences and performance on professional golf tours through tailored equipment that aligns with their individual needs and playing styles. They are also developing high-end equipment, such as golf robots and launch monitors. These customizations and technological advancements will attract sports enthusiasts and will drive market growth during the forecast period.
The growth of golf tourism is the primary market trend. Golf tourism is evolving as a billion-dollar industry. Many experienced and amateur golfers travel to popular golf tourism destinations. The GCC countries have become popular for the golf tourism and entertainment markets, driven by the availability of state-of-the-art facilities. The GCC countries have invested significantly in the promotion of golf to attract international golfers. Dubai and Abu Dhabi in the UAE rank among the top 10 destinations for golf tourism.
Further, these cities host many international golf events and competitions, including the Dubai Desert Classic, the Abu Dhabi Golf Championship, and the Qatar Masters. Central Europe and Eastern Europe are also focusing on promoting the golf tourism market. The promotions and initiatives will help develop golf facilities in the region and increase the popularity of the sport which in turn will boost the golf equipment market growth.
The rise of alternative sports and leisure activities is the major challenge impeding market growth. The increasing need to de-stress from the current fast-paced lifestyle among the global population is contributing to the demand for leisure activities and outdoor sports. More and more consumers are turning to nature-based outdoor adventures to take a break from overcrowded cities, fast-paced lifestyles, and polluted environments. The increase in recreational expenditure, expected over the forecast period, will also add to the popularity of leisure activities and outdoor sports.
Thus, the rise in adventure activities among youth can pose a risk to the market. As golf is considered to be time-consuming and expensive, the youth population hesitates to play golf exclusively. This has led to reduced golf trips and lower expenditure on golf equipment. These factors will hinder the golf equipment market.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
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.
Hippo Golf - The company offers golf clubs that feature a lightweight, stiff-flex graphite shaft and a rounded sole that glides across the turf without digging. The company offers sports goods and services, specializing in golf clubs and golf bags
The 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is dynamic and vibrant, driven by a wide range of factors. From sleeve labels to carbon fiber technology, manufacturers continually innovate to enhance golf equipment sales. Miniature golf courses and entertainment hubs like Topgolf attract diverse demographics to the game, making it a healthy pastime and leisure pursuit. With advancements in handle design and club head technology, golf clubs offer improved performance and playability for all skill levels. Hospitality offerings at golf resorts transform them into sought-after vacation spots, catering to both seasoned buyers and millennial enthusiasts. This elite sport continues to evolve, blending tradition with fashionable equipment and entertaining experiences.
Further, the market thrives on innovation and customization, catering to diverse player needs. With a focus on millennial-friendly improvements and manufacturer innovation, clubs offer enhanced features like adjustable loft and specialized fairway wood designs. Golf remains a healthy pastime and traditional activity enjoyed by players of all ages as a leisure pursuit and athletic sport. As customers seek clubs tailored to their game, manufacturers experiment with materials like tungsten to optimize centre of gravity and improve performance. From product lifespan to repurchase cycles, the market evolves to provide a well-liked and superior pastime, complemented by top-notch accommodations and resources like golf adviser.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.91% |
Market growth 2024-2028 |
USD 795.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.72 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, UK, France, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acushnet Holdings Corp., Amer Sports Corp., Bob Burns Golf Co., Bridgestone Golf Inc., Callaway Golf Co., Cobra Golf, Evergreen Golf, Hippo Golf, Honma Golf Co. Ltd., Infiniti Golf Inc., Kasco Corp, Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., Power Bilt, Roger Cleveland Golf Co. Inc., Taylor Made Golf Co. Inc., Thomas Golf Inc., and Yonex Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.