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The golf equipment market size is estimated to grow by USD 1.58 billion at a CAGR of 3% between 2023 and 2028. Market drivers include a growing emphasis on healthy living, innovation leading to product premiumization, and collaborations and sponsorship agreements within the industry. The trend towards healthier lifestyles and the expansion of product portfolios in golf apparel, accessories, and equipment to include premium offerings are key growth factors. Partnerships and sponsorships also play a crucial role in promoting products and brands, driving market expansion.
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The golf clubs segment is expected to witness significant growth in the 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 5.22 billion in 2018. They are made of steel, titanium alloys, and carbon fibres and are considered standard and long-lasting, but their production costs are high, and this expense is usually passed on to consumers. Larger companies can manage the cost due to their effective production programs, whereas smaller companies are forced to increase prices, which may reduce their market presence compared to established players. companies in the United States sell golf clubs and golf bags through speciality stores, sporting goods retailers, and mass merchants. They also conduct international sales through wholly-owned subsidiaries and distributors. Replacement demand 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. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
The golf equipment market is diverse, covering recreational options such as golf clubs, golf clothes, and golf accessories, including golf carts. The retail golf equipment market offers a wide price range, from entry-level clubs and basic gear to high-end equipment for seasoned players. Consumer choices are influenced by initiatives like youth programs and various skill levels, catering to different age groups and preferences. Online shopping platforms and traditional retail channels offer convenience, while media exposure through television broadcasts, live streaming, and social media content enhances the allure of the sport. Equipment manufacturers leverage endorsements from popular personalities and professional players to attract the consumer base, and social connections and competitive pursuits further drive market growth.
The market is influenced by a range of factors, including the preferences of professional golfers and the needs of beginners and casual players. Advanced technology, such as sensors and GPS, is integrated into golf equipment to enhance performance and provide data analytics for players. Apparel and accessories are tailored for safety, comfort, and performance, reflecting the sport's increasing popularity as a leisure activity. Zoning regulations and land use policies also play a role in the development of golf events and tournaments. As disposable incomes rise, there is a growing demand for personalized golf equipment, driving innovation in club design and golf ball construction. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The escalating emphasis on healthy lifestyles is a key driver of the market growth. Sedentary living and a lack of physical activity can lead to various health issues, including anxiety, obesity, osteoporosis, and type 2 diabetes. Inadequate exercise has also led to a surge in chronic back pain among young adults. To combat this, people are prioritizing the maintenance of a healthy lifestyle, and exercising daily to avoid such health concerns. The increasing incidence of health problems like high cholesterol, obesity, and diabetes worldwide further reinforces the need for exercise.
The rising awareness about the importance of maintaining a healthy lifestyle has led to a surge in the popularity of various sports, including golf. Golf, in particular, offers numerous health benefits such as improved coordination, enhanced muscle flexibility, and strengthened abdominal muscles. According to the Norwegian Golf Federation (NGF), during an 18-hole round, players experience an average heart rate of 100 beats per minute for two to five hours. Moreover, male golfers burn around 2,500 kCal, and female players burn roughly 1,500 kCal during an 18-hole round.
The primary trend in the market is the surging popularity of FootGolf, which drives the market. 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 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 companies to adjust their inventory and delay product launches, ultimately hindering market growth during the forecast period.
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APAC is estimated to contribute 42% 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. Another significant region contributing to the market growth is North America. The US and Canada have been traditional markets, owing to the popularity of the sport in both countries. In 2022, the US accounted for the largest share of the 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 market in the US. The rising demand for customized equipment drives the growth of the market in North America. Hence, such factors are driving the market in North America 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 20 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 Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is influenced by a variety of factors, including the popularity of leisure activities and Recreational activity options like video games. Safety protocols and personalization are key considerations in the retail market, which is increasingly dominated by e-commerce and online shopping. Consumers seek a balance between price, quality, and affordability, with a focus on materials used. The market caters to a wide range of players, from seasoned professionals to beginners, offering a variety of golf clubs, clothes, accessories, and carts designed for accuracy, distance, and player performance. Urbanization and a focus on fitness and well-being contribute to the sport's allure, with media channels providing extensive coverage of major tournaments, player profiles, and instructional content, attracting audiences and influencing purchase intent for both existing and potential players.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3% |
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Market growth 2024-2028 |
USD 1.58 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.8 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, Japan, South Korea, UK, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 Manufacturing Inc., Under Armour Inc., and Worldwide Golf Brands Ltd. |
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Market dynamics |
Parent market analysis, market trends and analysis, market growth analysis, market research and growth, market growth and forecasting, Market forecasting, market report, 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. |
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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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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