According to the latest report by IMARC Group, titled “Golf Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global golf equipment market size reached US$ 7.6 Billion in 2022. Golf equipment refers to the tools, accessories, and gear individuals use to play golf. It encompasses a wide range of items such as golf clubs, balls, bags, gloves, tees, shoes, rangefinders, GPS devices, umbrellas, towels, ball markers, and divot tools. They are designed to enhance a golfer's performance, improve consistency, and provide convenience, comfort, and protection during gameplay. The right selection and proper use of equipment can significantly impact a golfer's accuracy, distance, control, and overall playing experience. As a result, golfers often customize their equipment based on personal preferences, skill level, and playing style.
Global Golf Equipment Market Trends:
The growing popularity of golf as a recreational activity and a professional sport is resulting in a higher demand for golf clubs, balls, bags, and other accessories, which is primarily driving the market growth. In addition to this, the escalating consumer health consciousness and interest in fitness have led to the widespread adoption of golf as a physical activity to lose weight and improve heart health and concentration, generating a surging demand for golf equipment. Moreover, extensive investments in marketing and promotional activities by leading market players to broaden their geographical presence and customer reach and the rising influence of professional golfers and their endorsements are creating a favorable outlook for the market. Furthermore, consistent advancements and innovations in golf equipment technology, such as advanced materials, club design, and ball technology that help golfers improve their performance, are contributing to the market growth. Concurrent with this, the introduction of golf equipment integrated with smart sensors and smart grips to automatically record and analyze every shot and detect pressure levels is strengthening the market growth. Other factors, such as rapid urbanization, the expanding development of golf courses and facilities, the inflating disposable income of individuals, and easy product availability through numerous online and offline retail channels, are positively impacting the market growth. Looking forward, the market value is projected to reach US$ 9.7 Billion by 2028, expanding at a CAGR of 4% during 2023-2028.
- On the basis of the type, the market has been segregated into golf clubs, balls, bags and accessories, and apparel and footwear. At present, golf clubs account for the majority of the global share.
- Based on the distribution channel, the market is categorized into specialty stores, sporting goods chain, on-course shops, online stores, and others. Among these, specialty stores represent the biggest market segment.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, North America represents the biggest market for golf equipment.
- The competitive landscape of the market has also been examined, with some of the key players being Acushnet Holdings Corp. (Fila Holdings Corp.), Adidas AG, Amer Sports (Anta Sports Products Limited), Bridgestone Corporation, Callaway Golf Company, DICK's Sporting Goods Inc., Dixon Golf Inc., Mizuno Corporation, Nike Inc., PING, Puma SE, Sumitomo Rubber Industries Ltd. and TaylorMade Golf Co.
|Base Year of the Analysis
||Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Acushnet Holdings Corp. (Fila Holdings Corp.), Adidas AG, Amer Sports (Anta Sports Products Limited), Bridgestone Corporation, Callaway Golf Company, DICK's Sporting Goods Inc., Dixon Golf Inc., Mizuno Corporation, Nike Inc., PING, Puma SE, Sumitomo Rubber Industries Ltd. and TaylorMade Golf Co.
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