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Golf Clubs Market

Golf Clubs Market: Information by Application (Leisure, Professional), Distribution Channel (Sporting Goods Retailers, Online, Department & Discount Stores), and Region — Forecast till 2030

Published At : 09 Aug, 2022
Updated At : 29 Aug, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
2.8 %
Fastest Growing Market:
Europe
Largest Market:
North America

The global golf clubs market size was worth USD 3,762 million in 2021. It is expected to reach USD 4,692 million by 2030, growing at a CAGR of 2.8% during the forecast period (2022–2030). Golf is a solo sport in which the player uses a club to strike a ball from a tee into a hole. To hit the ball in golf, you use a long, thin metal stick called a golf club, which has a piece of wood or metal at one end. The goal is to use the fewest possible swings or club strokes to get the ball into the hole. Although golf is frequently played in a competitive setting, it can also be played for leisure and outdoor use.

As technology and time have advanced, golf clubs have significantly changed. The development of technologically advanced, lightweight golf clubs is currently the focus of club manufacturers. Smart sensor technology helps with swings and accuracy and enables the golf club to be connected to a smartphone app. Another technological tool that analyzes tens of thousands of possible combinations is golf customization. From swing speed to impact angle, it explores player movement.

Golf's increasing acceptance as an athletic sport and popularity are the main factors driving the market importance. The growth and construction of new golf courses and growing government measures to promote golf tourism have made this sport more well-known, increasing demand for the related gear. Golf is one of the sports that upscale resorts and hotels include in their hospitality offerings. The development of miniature golf courses to draw in more players and promote it as a fun, healthy pastime are factors in the increased popularity of golf clubs.

Golf Clubs Market Share

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Market Dynamics

Global Golf Clubs Market Drivers

Increased Number of Golfers and Trend of Building Golf Courses by Hotels to Favor Market Growth

According to the Golf Industry Report from the National Golf Foundation, the number of new golf players surged in 2017 for the fourth consecutive year. The report suggests that nearly 23.8 million golfers played on golf courses in 2017. The number of golfers is gradually increasing, with about 35% of new players being women and 26% being non-Caucasian. In recent years, this situation has helped the market for golf clubs to expand. The demand for clubs is increasing as golf becomes increasingly popular because it is such essential equipment for players. According to recent statistics, 24.2 million persons who were six years old or older played golf in 2018.

The number of individuals playing off-course golf climbed by about 10% in the same year, with an expected 23 million people playing at golf courses, other golf entertainment locations like Topgolf and Drive Shack, and independent golf ranges. Although many golf entertainment venues are becoming increasingly well-liked, most off-course golfers, or roughly 12 million, play at fields. According to these figures, there are more golf enthusiasts than ever, which is predicted to enhance the demand for golf clubs in the coming years.

The hospitality industry is constantly working to improve and extend its amenities to draw in more visitors. Hotels in western nations are putting more of an emphasis on marketing different sports, golf included. Mexico has been a well-liked tourist destination in North America, leading to many new hotel developments in past years. The upcoming hotel development plans are anticipated to incorporate golf grounds for its guests, given the popularity of golf as a leisure activity. For instance, Atelier & Estudio Playa Mujeres intends to construct an 18-hole golf range on its site in addition to several lodging options. Similarly, an 18-hole golf course is also being built at the Four Seasons Resort Los Cabos at Costa Palmas. These developments are further projected to expand the golf club market.

Global Golf Clubs Market Restraints

Hectic Schedules of People to Restrict Market Growth

Indoor games are becoming more popular due to young adults' hectic schedules. Innovative and engaging online games suitable for PCs, smart TVs, and other smart devices like phones and tablets were created due to numerous board games and developments in digital media. In addition, free virtual golf games have started taking the place of traditional outdoor golf. For instance, a gradual transition from conventional sports is anticipated as the idea of golf simulators grows. Some of the golf simulators on the market, such TruGolf, and Full Swing Golf are predicted to impede the development of outdoor golf activities. Thus, creating restraints for the golf clubs market.

Global Golf Clubs Market Opportunities

Improved Enthusiasm for Golf to Boost Market Opportunities

Golf is experiencing some encouraging dynamics as well as its unique set of difficulties, much like every other activity. Golf as a sport, however, has a broad audience across the globe, and a variety of young people—particularly women—are helping it to expand. Consumer preferences for numerous golf goods are influenced by the use of comprehensive marketing techniques and multiple endorsement activities and campaigns by businesses. These occasions also help increase customer awareness of different brand products across the golf equipment market, including clubs as one of the requirements. Potential opportunities for the global industry are also anticipated to come from a combination of government-supported public sports marketing and golf associations.

 

Segmental Analysis

The global golf clubs market is segmented into application, distribution channel, and region.

On the Basis of Application

Based on application, the global golf clubs market is classified into Leisure and Professional.

The Leisure section is projected to advance at a CAGR of 2.9% and hold the largest market share over the forecast period. Golf has transformed into a recreational sport in recent years. Golf courses are present in most cities and towns worldwide, contributing to the sport's rising popularity. A rising number of individuals travel to particular locations to play golf, and golf tourism is becoming increasingly popular among fans. The expansion of golf courses and improved government attempts to promote golf tourism has made this sport more widely known, increasing demand for the gear it requires, such as golf clubs. In addition, a rising number of upscale resorts and hotels have started including athletic activities, like golf, in their hospitality offerings. The market for golf clubs is expanding as a result of these causes.

The Professional section will hold the second-largest market share. A significant element propelling the global golf clubs market is the rise in the number of experienced players and the interest and efforts of amateur golfers to break into the pro ranks. In the United States, 2.6 million new players joined the sport in 2018, nearly the same as the year before. This figure is still at or very close to an all-time recorded high. A growing number of regional, national, and worldwide golf competitions inspire the next generation to make golf their profession. Prospective golfers have been inspired by professional players worldwide, which is anticipated to drive the segment during the forecast period.

On the Basis of Distribution Channel

Based on the distribution channel, the global golf clubs market is classified into Sporting Goods Retailers, Online, and Department & Discount Stores.

The Sporting Goods Retailers section is projected to advance at a CAGR of 3% and hold the largest market share over the forecast period. High-end golf clubs, often sold in retail sporting goods, are becoming more and more popular with consumers. These shops provide customers with a rich buying experience and make it simpler for them to comprehend the features and caliber of golf clubs. These retail establishments are typically found near golf courses, guaranteeing excellent visibility and maximizing earnings. Additionally, discounts are frequently provided upon joining a club, influencing consumers' purchasing choices even more. People buy golf clubs from sports goods retailers because so many different brands are available under one roof, making it simple to compare products based on price and specification.

The Department & Discount Stores section will hold the second-largest market share. A department store offers a variety of consumer goods at one location. Families typically choose to shop at department shops since they offer a variety of goods under one roof. Several department stores have recently been selling these items to broaden their target demographics due to the rising demand for sports equipment and accessories. As a result, many families can be seen shopping for household goods and other products while also buying athletic equipment, such as golf clubs. Department stores offer plenty of room to display golf equipment based on brands, which draws a lot of golfers.

 

Regional Analysis

North America Surpasses Other Regions

Region-wise, the global golf clubs market is analyzed across North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

Golf Clubs Market Regional Analysis

Regional Growth Insights Request Sample Pages

North America will command the leading market share, growing at a CAGR of 2.7% over the forecast period. This is attributed to increased golf facilities and the growing popularity of golf. Consumers are starting to favor customized and diverse golf clubs, which is expected to increase the demand for golf clubs. Innovative clubs, such as hybrid clubs made of higher-lofted wood and iron, are becoming increasingly popular with customers, increasing demand for them. It is believed that rising consumer interest in sports, particularly among women and children over the age of 10, is driving the demand for golf clubs. The regional market is also anticipated to be driven by the robust economic expansion and rising consumer spending power in North America.

Europe will expand at a CAGR of 2.3%, accounting for USD 1,105 million by 2030. Golf clubs are in higher demand due to the region's availability of public golf facilities, which contribute to the sport's popularity. According to a report on golf from the European Commission, there were 1,487 private facilities and 5,746 public ones throughout Europe in 2017. The popularity of golf among baby boomers is rising, according to a widely held belief about the activity in the region. Many people start playing golf after they retire. To ensure an accurate stroke and increase the likelihood of winning the game, it is essential to have a suitable kind of club. It is expected that there will be a rise in demand for golf clubs.

 

Key Market Players

  • Callaway Golf Company
  • Acushnet Holdings Corp
  • PING
  • Sumitomo Rubber Industries, Ltd.
  • TAYLORMADE GOLF COMPANY, INC.
  • MIZUNO Corporation
  • Amer Sports
  • Bridgestone Corporation
  • Studio B
  • Ben Hogan Golf Equipment Company

 

Recent Developments

  • 2022 - Taylormade Golf Company announced MyTaylorMade+, a mobile subscription app inspired by the Tour experience.
  • 2022 - Callaway Golf Company’s subsidiary Odyssey launched new putters in the market; Tri-Hot 5K, Eleven, and Toulon Putters.
  • 2022 - Callaway Golf Company released new golf balls; Chrome Soft, Chrome Soft X, and Chrome Soft X LS.

 

Global Golf Clubs Market: Segmentation

By Application

  • Leisure
  • Professional

By Distribution Channel

  • Sporting Goods Retailers
  • Online
  • Department & Discount Stores

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America
  • The Middle East and Africa
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