The global Golf Equipment Market is estimated to be valued at US$ 11.6 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Golf equipment includes products such as golf balls, clubs, shoes and other accessories required to play golf. Golf balls contribute significantly to the growth of the overall market owing to their need of frequent replacement during frequent golf training sessions or golf matches.
Market key trends:-
One of the key trends driving growth in the golf equipment market is increasing participation in amateur golf. Over the past few years, the number of amateur and recreational golfers has been rising globally. According to National Golf Foundation, the number of core golfers, which includes frequent and casual players, grew by 2 million in the U.S between 2010 to 2021. This increase in number of amateur and recreational players has been expanding the customer base and driving demand for mid-range and entry-level golf equipment including clubs, balls and other accessories. The growing popularity of amateur golf is expected to continue fueling demand for golf equipment throughout the forecast period.
Segment Analysis:-
The global golf equipment market is segmented into golf balls, golf clubs, golf shoes and golf gear. Among these, the golf clubs segment dominates the market and accounts for over 40% share of the global market. Golf clubs segment is largest owing to high adoption of technologically advanced clubs along with options of mix-and-match sets that allows customization for users.
Key Takeaways:-
The Global Golf Equipment Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period, due to increasing participation in golf worldwide and growing popularity among young adults.
By region, North America is expected to dominate the global golf equipment market through 2030, owing to developed golf infrastructure and presence of leading golf brands in the US. Europe and Asia Pacific also offer lucrative opportunities with growing interest in golf as a sport and lifestyle.
The global golf equipment market size is estimated to reach USD 11.6 Mn in 2023. Factors such as increasing popularity of golf as a leisure sport and rising disposable income levels are expected to boost sales.
Key players operating in the golf equipment market are Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports). Leading brands are investing in R&D to develop lightweight and durable clubs along with golf balls and shoes designed for performance.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it