Golf Equipment Market

Market Definition:

The global Golf Equipment Market size was valued at USD 8.52 billion in 2019 and is predicted to reach USD 11.19 billion by 2030 with a CAGR of 2.4% from 2020-2030. Golf is a club-and-ball sport and the items required to play golf are termed as golf equipment. The golf equipment consists of golf clubs, golf balls, shoes, and others.

Golfers use various types of golf clubs that are specialized according to the different shots. There are five different types of clubs available including irons, woods, wedges, hybrids and putters. These products intend to enhance the experience of a player while playing the sport. Golf is played in more than 130 countries, by more than 60 million people around the globe.

Market Dynamics and Trends

The demand for golf equipment has increased due to factors such as rising number of golf courses and growing population of professional and amateur female golfers. Also, increased demand of light weight and comfortable golf shoes is expected to propel growth of the golf equipment market.

Moreover, popularity of customizable and assorted golf clubs is among the other factors expected to boost the market growth. However, high cost of golf club memberships in conjunction with the growing popularity of other sports such as cricket, football, basketball and more are expected to restrain the market growth. On the other hand, technological advancements that led to the introduction of innovative products such a hybrid golf clubs are anticipated to create lucrative opportunities for the market players in the coming years.

Market Segmentations and Scope of the Study:

The global golf equipment market share is segmented on the basis of type and distribution channel. On the basis of type, the market is segmented into golf balls, golf clubs, golf shoes and others. On the basis of distribution channel, the market is segmented into specialty stores, sporting goods chain, on-course shops, online stores and others. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America is anticipated to hold the lion share of the golf equipment market. This is attributed to the factors such as changing lifestyle in conjunction with increase in income of the middle-class population and presence of established golf equipment manufacturers in this region.

However, Asia Pacific region is predicted to show rapid and consistent growth in market share within the forecast period owing to rising popularity of the golf in this region, especially in China, India, and Thailand.  Also, increasing awareness about golf and growth in the golfer’s population in the region are factors expected to drive the golf equipment market growth in this region.

Competitive Landscape

Lucrative growth opportunities make the golf equipment industry extremely competitive. Some of the major players in the market are Acushnet Holdings Corp, Adidas AG, Amer Sports, Bridgestone Corporation, Callaway Golf Company, DICK'S Sporting Goods, Inc., Dixon Golf, Inc., Nike Inc., Sumitomo Rubber Industries, Ltd. and True Temper among others. Strategic alliances, acquisitions and innovations along with R&D are key strategies used by the market players to maintain market dominance.

For instance, in March 2, 2021, Callaway Golf Company declared their new Chrome Soft X LS Golf Ball, which is designed for maximum distance from a lower spin profile.

KEY PLAYERS:

• Acushnet Holdings Corp.

• Adidas AG

•  Amer Sports

•  Bridgestone Corporation

•  Callaway Golf Company

•  DICK'S Sporting Goods, Inc.

•  Dixon Golf, Inc

•  Nike, Inc

• Sumitomo Rubber Industries, Ltd.

• True Temper