Golf Equipment Market: Market forecast and the market trends 2023

Golf is a prime recreational sport popular among businessmen and amateur players. The equipment used in this sport are known as golf equipment, which include a variety of products, such as golf clubs, golf balls, golf shoes, golf tees, caps, and gloves.

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Geographically, the global golf equipment market is categorized into North America, Europe, Asia-Pacific, and LAMEA. North America dominated the global market in 2016 and is expected to maintain this trend throughout the forecast period. U.S. dominated the North America golf equipment industry, as golf is one of the biggest recreation sports for the people in the country, thereby contributing to the country's golf equipment market. However, the Canadian market is witnessing significant decline, owing to less number of people who play the sport and reduction in number of golf players by more than 10% since 2010. LAMEA has witnessed considerable growth because the base of wealthy people across UAE and Saudi Arabia is increasing, providing an opportunity to take up this sport as a leisure pursuit, thus driving the sales of golf equipment, particularly in the Middle East.

The Global Golf Equipment Market size was valued at $8,156 million in 2016, and is expected to reach $9,666 million by 2023, registering a CAGR of 2.6% from 2017 to 2023.

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The Asia-Pacific golf equipment market is expected to grow at a rapid pace. The adoption of golf as a sport is increasing steadily in China. In 2016, at the Rio Olympics, golfer Feng Shanshan represented the country and won a bronze medal, thus enforcing the government to support this sport. In addition, as per the International Golf Federation, the China Golf Association has more than 500,000 registered members, further driving the Asia-Pacific golf equipment market growth.

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Some of the key players operating in the golf equipment market are Acushnet Holdings Corp., Roger Cleveland Golf Company, Inc., Golfsmith International Holdings, Inc., Nike, Inc., Amer Sports Corporation, Bridgestone Sports Ltd, Sumitomo Rubber Industries Ltd.(Japan), Callaway Golf Company, TaylorMade Golf Company, and PING.

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