Golf equipment is made up of a variety of items that are used to play golf. Golf balls, golf bags, golf carts, ball retrievers, gloves, sunglasses, umbrellas, head covers, towels, tees, ball washers, electric cars, pull and push carts, cart covers, golf footwear, and other golf accessories are among the equipment available.
Increasing golf course improvements, expanding public participation in golf, and rising disposable income are just a few of the drivers driving the golf equipment market forward.
Adopting aggressive marketing methods and participating in numerous endorsement events allows businesses to influence consumer preferences for golf equipment. These tournaments also assist to raise customer interest and awareness about the numerous brands that sell golf equipment designed by top players. The golf equipment market is being driven by a combination of golf associations, public promotion of sporting programmes such as golf, and government backing.
More than 60 million individuals play golf in more than 130 countries across six continents. The International Golf Federation hosts a variety of programmes and events around the world in order to bring millions of people of all ages into the game. The inclusion of golf in the Olympic Games has resulted in a surge in the number of golfers around the world.
The number of young golfers has risen dramatically in recent years, resulting in the purchase of a variety of golf equipment. One of the main factors fueling the demand for golf equipment is this. The significant increase in demand over the previous few years is also attributed to rising middle-class affluence and an increase in the number of female golfers.
However, busy schedules among young consumers contribute to an increase in the number of indoor games, reducing demand. Furthermore, exorbitant golf club membership fees are stifling product demand around the world.
Furthermore, online discounts on the goods may boost demand in the near future. The growing popularity of golf among the wealthy and upper classes is expected to boost product demand in the coming years. An increase in the number of golf courses as a result of rising golf tourism could stimulate demand even more. Golf provides numerous opportunities to spend quality time and socialise.
The ability of companies to manufacture best-in-class products while maintaining their varied pricing ranges is critical to the growth of the golf equipment market. A product that has been counterfeited poses a serious danger to this sector. These products are less expensive than the originals. The low cost of these products adds to the pressure on original manufacturers to lower their prices.
Despite numerous hurdles, the golf equipment market is rising, as is the number of adult men and women who participate. As a result, demand for golf equipment products such as golf balls, golf footwear, and golf accessories is on the rise.
The greatest market for golf equipment in the world is in North America. The growing number of golfers of all ages in China, India, and Australia presents a substantial market opportunity for the golf equipment business in the Asia Pacific area. Golf participation in rising nations such as Lithuania, Bulgaria, and Serbia contributes to the growth of the European golf equipment market.
The golf equipment market is organised into four categories: golf balls, clubs, footwear, and gear. In 2018, the golf club had the greatest market share of roughly 45.0 percent. One of the most popular products in this category is golf clubs, which are in high demand. Consumers are increasingly more interested in customizable and diverse golf clubs, which is expected to boost the golf clubs segment during the projected period. Manufacturers’ innovations in clubs, such as hybrid clubs consisting of higher-lofted woods and iron, are gaining traction with consumers, propelling the market forward. During the projection period, golf equipment is expected to grow at a CAGR of more than 3.5 percent. Product demand is expected to be boosted by the availability of online discounts.
By 2026, the global golf equipment market is expected to reach $9.3 billion.
In the wake of the COVID-19 issue, the global market for golf equipment, which was forecast to be worth US$8.5 billion in 2020, is expected to expand to US$9.3 billion by 2026, at a CAGR of 1.4 percent. One of the report’s sectors, golf balls, is expected to grow at a 1.4 percent CAGR and reach US$4.1 billion by the conclusion of the analysis period. After a detailed examination of the pandemic’s commercial ramifications and the resulting economic crisis, the Golf Clubs segment’s growth is revised to a revised 1.3 percent CAGR for the next seven years.
The market in the United States is expected to reach $2.3 billion in 2021, while China is expected to reach $1.7 billion by 2026.
In the year 2021, the golf equipment industry in the United States is expected to be worth US$2.3 billion. China, the world’s second largest economy, is expected to reach a market size of US$1.7 billion by 2026, representing a 2.8 percent CAGR throughout the analysed period. Japan and Canada are two other important geographic markets, with growth forecasts of 0.1 percent and 0.9 percent, respectively, for the analysis period. Germany is expected to develop at a CAGR of about 0.4 percent in Europe.
By 2026, the golf shoe market will be worth $1.8 billion.
The US, Canada, Japan, China, and Europe are expected to fuel the worldwide Golf Shoes segment’s 1.5 percent CAGR. By the end of the analysis period, these regional markets, which had a combined market value of US$1.2 billion in 2020, will have grown to US$1.4 billion. In this group of regional markets, China will continue to be one of the fastest expanding. More