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Golf Equipment Market

Golf Equipment Market Size, Share & Trends Analysis Report By Product Type (Golf Clubs, Golf Balls, Golf Bags and Accessories, Apparel, Footwear), By Distribution Channel (Offline stores, Online stores) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRCP1720DR
Study Period 2020-2032 CAGR 4.21%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market North America Fastest Growing Market Europe
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Market Overview

The global golf equipment market size had a share of USD 10,656 million in 2021, which is expected to reach USD 15,445 million at a CAGR of 4.21% during the forecast period (2022–2030).

Golf is a cross-country sport in which a player knocks a tiny ball with various clubs from a series of teeing grounds into several holes on a course. The winner is decided as the golfer with a minimal number of putts. The objective is to get the ball into the hole with the fewest club swings or strokes. Golf is a tremendously popular sport that people of all ages enjoy. Golf is frequently played competitively, but it can also be played to unwind and enjoy the outdoors. A single series of golf requires hours to finish, making it an all-day activity. It is played at a leisurely tempo that lets participants take in the lovely landscape, bask in the sun, and enjoy one other's company.

Country clubs and golf courses make it simple to combine golf and recreation. In addition to its greenery, many golf courses have family-friendly entertainment such as restaurants, pools, and spas. Some are full-fledged resorts. Due to the significant growth of the golf tourism business, it is predicted that the global gold equipment market will have a favorable outlook throughout the forecast period. There has also been a global crescendo in infrastructure investments to accommodate and organize international golf contests and events.

In addition, the participation rates in professional golf tournaments, particularly among Millennials, have been rising, contributing to the increase in golf equipment sales over the study period. Significant investments in advertising and sales operations to reach a broad customer base significantly influence the market. The significant promotion of golf tournaments, contests, and sponsorships on social media is anticipated to be one of the primary marketing strategies utilized by vendors to increase their market share and attract customers' attention.

 

Market Dynamics

Global Golf Equipment Market Drivers

  • Increased Number of Golf Courses

In recent years, the number of golf courses has increased, particularly in the leading golfing nations, such as the United States, Germany, Canada, South Korea, Sweden, France, Japan, the United Kingdom, and Italy. More than 50% of the world's golf courses are located in these countries, among the most renowned golfing destinations worldwide. More than 30,000 golf courses worldwide, and more than 70% of them are open to the public.

In 2019, it was projected that more than 200 golf courses were under development, and around 350 were in the planning phases. During the projection period, the increasing prevalence of golf courses and golf facilities is anticipated to increase the demand for golf equipment, increasing the global golf equipment market. While golf is already well-established in the Northern and Western regions of Europe, it has been making steady development in the Central and South-eastern regions, which is anticipated to drive global golf equipment market expansion in the coming years. These factors indicate development expectations in the following years.

  • Growing Popularity of Golf Tourism

The International Association of Golf Tour Operators and the Golf Environment are international non-profit organizations that support and promote the sustainability of golf tourism worldwide. IAGTO has been tasked with developing and promoting golf tourism in over 25 nations, such as Brazil, Mexico, Peru, Mauritius, Malaysia, Jakarta, Kenya, Morocco, Tunisia, Egypt, Gran Canaria, Marbella, Murcia, Galicia, and Valencia.

Golf is a popular vacation activity for golfers around the globe. They frequently mix golf with other sports-related pursuits, such as sailing, swimming, cycling, walking, and culinary and cultural pursuits. The well-known golf tourism destinations, like Florida, California, Scotland, Ireland, France, Sweden, and Spain, face competition from rising golf destinations, such as Mexico, Egypt, Thailand, Malaysia, and China, where the number of players has increased by more than 20% annually. In addition, the tourism sector has promoted other nations, like Scotland and Ireland, as popular golfing locations. This is anticipated to promote golf tourism in the forthcoming years, driving global golf equipment market expansion.

Global Golf Equipment Market Restraints

  • Inclination Towards Outdoor Sport Activates

In all these years, golf's status as a significant sport or fitness practice has not yet been firmly established, despite the sport's steady rise in popularity around the globe. Basketball and American football in the United States, cricket and football in Asian nations such as India, Pakistan, and Sri Lanka, and football in European nations such as Spain, Italy, France, and the United Kingdom, as well as South American nations such as Brazil, Argentina, Colombia, and Uruguay, continue to be the most popularly followed sports worldwide. This factor is anticipated to hinder global golf equipment market expansion during the forecast period.

Owing to its ability to improve health and fitness, high-intensity sports like cricket, football, volleyball, and basketball have gained popularity. Golf is neither a high-intensity sport nor one that offers health benefits to its participants. In addition, golf is a costly activity to play due to course fees, pricey equipment, membership fees, and uniform expenses. These factors make the sport inaccessible to most low- and middle-income folks. In addition, adverse weather conditions might reduce the number of rounds played due to their impact on the ball's speed and spin. This affects the demand for golf equipment as it affects the quality of the game.

Consequently, the greater acceptance of other sports activities, the high investments required by players to purchase equipment and register with clubs, and poor weather conditions that limit play impede the global golf equipment market's growth throughout the projection period.

Global Golf Equipment Market Opportunities

  • Growing Participating of Women

Over the years, women's participation in many activities, especially outdoor sports like golf, has expanded dramatically. Moreover, a third of the registered golfers in European nations like Germany, Austria, Liechtenstein, and Switzerland are female. Wales, England, and Scotland have the second-to fourth-lowest percentages of female golfers, ranging from 12% to 13 %. In Europe, only Albania, where only 3% of golfers are female, has a smaller proportion of women golfers than the United Kingdom. However, numerous governing golf bodies have been providing multifaceted assistance to raise the number of female golfers. As per the National Golf Foundation, approximately 19 % of golfers are currently female.

Various measures are being implemented to encourage women to play golf. Women's Golf Day (WGD) is an international golf project created in 2016 to promote females of all age groups to the game and encourage existing female golfers to "tee it up" in a fun and welcoming setting. The leading competitors have also begun releasing golf equipment developed exclusively for ladies. Additionally, numerous sports promotions encourage women to demonstrate their athletic abilities. These factors are anticipated to stimulate global golf equipment market expansion over the forecast period.

Regional Analysis

The regional segmentation is done as North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

North America and Europe Command Significant Share in the Global Market

North America will dominate the market with USD 5,993 million at a CAGR of 3.60% by 2030. The United States is a significant player that contributes majorly to the region's growth. The country has witnessed an increase in the number of senior golfers. In addition, an increase in golf tourism has contributed to the expansion of the golf equipment business. Additionally, in 2019, golf's entire reach counted 108 million Americans. In addition, 5.7 million women played golf on a course in 2019, representing 23 % of the on-course golfer population and 44 % of the off-course golfer population. In recent years, the industry has been driven by several significant reasons, including the rising popularity of golf and the rise in golf tourism, bolstered by the expansion of golf courses across the country. The sport is currently dominated by older people in the United States. Still, younger people are gradually expanding their participation, which will likely positively affect the golf equipment industry in the following years.

Europe will project at a CAGR of 4.6% and reach USD 4,648 million by 2030. The United Kingdom contributes massively to the region's share. Owing to a rise in golf-related consumer spending in the country. In recent years, the market in the country has been pushed by the presence of multiple golf clubs, which has encouraged an increasing number of customers to engage in the sport. In addition, the market in the country is anticipated to rise steadily over the next several years due to a growth in the proportion of female golfers. This element gives important market participants with growth potential.

Asia-Pacific is envisioned to grow at a higher CAGR of 5.28% during the forecast period. The contribution by Japan drives the regional market. Following the United States, Japan is the second primary golf market globally. Moreover, there are numerous golf courses due to an increase in knowledge of the sport and the number of young golfers. Increasing media coverage of international golf tournaments has also contributed to the sport's rising appeal among the general population. This has increased sales of golf equipment in the country by encouraging the youth population to participate in the sport.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Golf Clubs
  2. Golf Balls
  3. Golf Bags and Accessories
  4. Apparel
  5. Footwear
By Distribution Channel
  1. Offline stores
  2. Online stores
Company Profiles Adidas Group Taylormade Golf Company Inc. Bridgestone Group PUMA SE
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global golf equipment market is segmented based on product type, distribution channel, and region.

  • On the Basis of Product Type

Based on product type, the classification is golf club, golf balls, golf bags and accessories, apparel, and footwear.

Golf clubs will hold the largest share of USD 5,488 million with a CAGR of 4.08% by 2030. The three primary types of golf clubs are woods, irons, and putters. Most players favor woods because of their superior sturdiness and potential to impart more incredible ball speed. However, the emergence of new clubs, such as hybrid clubs comprised of iron and wood, has increased in favor among customers, particularly golfers who struggle to launch the ball with conventional clubs. This aspect is anticipated to boost the expansion of this golf equipment market segment over the coming years. Technological advancements in golf clubs are transforming the golfing industry. Key market participants have incorporated aerodynamics and weight into the design of hybrid wood-and-iron golf clubs to meet the evolving demands of players.

Apparel is supposed to grow at a higher CAGR of 4.72%. Golf is gaining popularity worldwide, which has led to an increase in the number of people playing the sport. Moreover, an upsurge in the population taking up the sport of golf is witnessed as a direct result of the expanding viewership of professional golf events. This factor is expected to raise the global demand for golf apparel and accessories over the period covered by the forecast.

  • On the Basis of Distribution Channel

The division is made as offline and online stores based on the distribution channel.

The offline stores are expected to command a larger share of USD 11,428 million with a CAGR of 3.39%. Due to proximity to residential areas and accessibility, supermarkets and hypermarkets are among the most frequented retail establishments, mainly in large cities and metropolitan areas. Due to these circumstances, golf equipment manufacturers display their product portfolios in these channels to reach a more significant number of consumers. Globally, specialty stores that sell golf equipment have emphasized enhancing consumers' personalized purchasing experiences. Most specialty stores ensure that customers' demands are met and may even offer helpful recommendations based on previous purchases. Therefore, the majority of golfers favor offline stores.

Online stores are expected to project at a higher CAGR of 7.30% and reach USD 4,127 million by 2030. The level of consumer convenience provided by online retailing is one of the critical reasons for the increase in golf equipment sales through eCommerce around the globe. Consumers can browse and purchase products 24 hours a day, seven days a week, from the convenience of their homes. In addition, the COVID-19 epidemic resulted in the growth of contactless payments and the explosion of social commerce, which substantially altered consumer expectations toward online shopping.

Market Size By Product Type

Recent Developments

  • In 2022, Adidas Group announced a partnership with Foot Locker.
  • In 2022, Taylormade Golf Company announced MyTaylorMade+, a mobile subscription app inspired by the Tour experience.

Top Key Players

Adidas Group Taylormade Golf Company Inc. Bridgestone Group PUMA SE Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Golf Equipment Market?
Golf Equipment Market size will grow at approx. CAGR of 4.21% during the forecast period.
Some of the top industry players in Golf Equipment Market are, Adidas Group, Taylormade Golf Company Inc., Bridgestone Group, PUMA SE, etc.
North America has been dominating the Golf Equipment Market, accounting for the largest share of the market.
The Europe region has experienced the highest growth rate in the Golf Equipment Market.
The global Golf Equipment Market report is segmented as follows: By Product Type, By Distribution Channel


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