Golf Equipment Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the golf equipment market was worth USD 7.78 billion in 2022, and a CAGR of 5.3% is expected during the forecast period. Golf is generally considered a game to be played by rich people. Increasing disposable income and an increasing inclination towards outdoor games are driving the growth of the market significantly. The increasing participation of women worldwide is expected to drive the growth of the market significantly. The industry's major players are focusing on developing more innovative equipment.

During the pandemic, this market was hit badly, as most of the sporting events were either cancelled or postponed. Increasing influence of professional players has inspired the young enthusiasts from worldwide to take participation in this game. Increasing tendency of people towards recreational sports, and leisure activities is driving the growth in the market.

Impact of Covid-19

COVID had a complete negative impact on the sporting events occurring all around the world. All the sporting events were cancelled or postponed. Lockdowns and restrictions caused a slowdown in sales of equipment during the pandemic. After the pandemic got over and restrictions were eased a little bit, the surge in demand for outdoor game equipment drove the market towards significant growth. Online sales also came into the trend during COVID-19. The overall pandemic brought a mix of challenges and opportunities for the market. Post Covid-19 people of all age group have started participating in golf events. Increasing inclination of people towards leisure activities is driving the growth of the market significantly.

Growth Drivers

·         Rising participation in Golf of all age people

·         Technological Advancements

·         Growing popularity of Golf Tourism

·         E-commerce Expansion

·         Influence of Professional Players

Golf has become widely popular all over the world. Earlier, it was played in North America and Europe. A brand like Tiger Woods has inspired people around the globe of all ages to play this game. The rising interest of people has driven the market towards growth. Technological advancements have inspired people in the Asia Pacific, Latin American, and Middle East regions to play outdoor games. E-commerce expansion worldwide has increased people's interest in golf. Many of the Olympic and Commonwealth Games medalists are also inspiring people to play this game. Recently, Aditi Ashok has inspired so many young Indians to play this game.

Apart from all these factors, golf tourism has played a pivotal role in increasing the golf market significantly. Increasing willingness of people to spend more money on high quality goods is driving the growth of the market. Growing urbanization, and changing lifestyle of people all around the world is making this game popular, and this factor is driving the growth of the market significantly.

Many of the Golf clubs have been established post pandemic in countries like China, and India is driving the growth of the market.

Segmentation

Type

·         Golf Balls

·         Golf Bags

·         Golf Clubs

·         Golf Shoes

·         Others

Distribution Channel

·         Specialty Stores

·         Sporting Goods Chains

·         On-Course Shops

·         Online stores

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe        

·         Middle East and Africa

Golf Equipment Market Type Segmentation

On the basis of type, the golf equipment market is segmented into Golf balls, Golf Bags, Golf Clubs, and Golf Shoes. Golf clubs are leading the market, as these are the leading product in the game. Wooden clubs are highly in demand due to their ability to produce long and effective shots. Hybrid clubs made of Iron, and wood are also very popular, and most of the players all around the world are using it. Golfers all over the world require light-weight shoes, So this product is also in demand during the forecast period. Additionally, few of the manufacturers have created shoes with innovative features.

Golf Equipment Market Distribution Channel Segmentation

On the basis of distribution channels, the golf equipment market is segmented into specialty stores, sporting goods chains, on-course shops, online stores, and others. Specialty stores are the leading segment because they have a wide range of products from various companies and are within reach of the normal customer as well. Online shopping is also one of the leading segments and is expected to grow at the fastest rate during the forecast period due to the rising adoption of mobile phones and e-commerce channels. The availability of simpler payment methods has made online purchasing a better option.

Regional Outlook

On the basis of regional outlook, the golf equipment market is segmented into 5 regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading region due to increasing disposable income and the rising interest of people in sports like golf and baseball. Golf is a popular sport in Europe. Western European countries like Germany, Austria, the Netherlands, Italy, France, Spain, and England are the big markets. In 2021, there were 4.5 million registered golfers in Europe, and an inclination of 4.5% was observed during the pandemic.

Europe is a continent of great sports culture. The aging retired population, who are taking this sport as a leisure activity, is driving the growth of the golf equipment market. The increase in the number of middle-class people is driving the growth of the golf equipment market. The revolution in women’s golf has also fueled the growth of the market significantly. The promotion of golf tourism, the development of new golf courses, and rising consumer disposable income are some of the key drivers. Golf is also popular in Asia. According to a sports marketing survey, 23.3 million people play golf in Asian countries. Asian countries are turning to leisure activities as they are getting wealthier with time. China, South Korea, Japan, and India are the big markets.

Key Players

·         Callaway

·         Bailey and Izlet INC.

·         Wittek Golf Supply

·         Thomas Golf

·         Matzie

·         Sri sports Limited

·         Taylor-made

·         Titleist

·         Mizuno

·         Wilson

·         Odyssey

·         Ping

·         Achushnet Holding Corp

·         Other Players