Why Golf Shoes Markets are Booming So Rapidly? Industry Key Players - ASICS Corporation, New Balance INC, Skechers INC, Amer Sports Corporation, NIKE Inc., Adidas AG, PUMA SE
As more and more people are opting to play golf the world over, there is a corresponding increase in the demand for golf equipment, which includes golf shoes. With rising income levels and the proliferation of golf all around the globe, the market for golf shoes is exhibiting a steady demand and manufacturers are focused on expanding their product portfolio in order to gain a competitive edge in this lucrative market. In addition, advances in technology such as lightweight golf shoes, and sophisticated traction designs have also added to the overall demand for golf shoes. Such advances in technology are likely to have a positive effect on the golf shoes market. However, shrinking interest in golf in the United States, one of the prime markets for golf equipment including golf shoes is hampering market growth.
Golf shoe is a type of an oxford shoe which is made up of waterproof leather and consists of sole spikes or hobnails. These spikes or hobnails help in maintaining balance and better grip for the golfer and helps in the execution of the shot.
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The market in Europe is set to dominate the global golf shoes market in terms of value and this trend is projected to sustain itself throughout the assessment period. Europe golf shoes market is the most attractive market, growing at a sluggish CAGR over the assessment period.
As per the forecast of Fact.MR, the spiked or cleated golf shoes segment is expected to reach a value of nearly US$ 2,414 Mn in the year 2022. This represents a sluggish CAGR during the forecast period of 2017-2022. Spiked or cleated golf shoes segment is expected to account for more than one-fourth of the revenue share of the product type segment by the year 2017 and is expected to lose market share by the end of the year 2022.
As per the forecast of Fact.MR, the modern trade segment is slated to touch a figure of nearly US$ 1,775 Mn in the year 2022. This represents a CAGR of 3.1% during the assessment period from 2017 till the year 2022. This segment is expected to gain market share by the end of the year 2022. The modern trade segment is expected to account for more than one-fifth of the revenue share of the distribution channel segment by the year 2017.
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The report also profiles companies that are expected to remain active in the expansion of global golf shoes market through 2022, which include ASICS Corporation, New Balance INC, Skechers INC, Amer Sports Corporation, NIKE, Inc., Adidas AG, PUMA SE, Under Armour, Inc., Acushnet Company, Inc., Peter Millar and Callaway.
4 Forecast Highlights on Global Golf Shoes Market
As per the forecast of Fact.MR, the spikeless golf shoes segment is slated to touch a value of nearly US$ 2,290 Mn in the year 2022. This represents a sluggish CAGR growth during the assessment period of 2017-2022. The spikeless golf shoes segment is estimated to account for more than one-fourth of the revenue share of the product type segment by the year 2017 end and is expected to lose in market share by the year 2022 end.
As per the forecast of Fact.MR, the departmental stores segment will reach a value of nearly US$ 1,530 Mn in the year 2017. This represents a sluggish CAGR growth during the forecast period. The departmental stores segment is estimated to account for more than one-fifth of the revenue share of the distribution channel segment in the year 2017 end and is expected to lose market share by the end of the year 2022.
As per the forecast of Fact.MR, the economy segment is slated to reach a value of nearly US$ 2,690 Mn in 2022. The economy segment is expected to gain some market value by the end of the year 2022. The largest share is contributed by the Europe region in the economy segment.
Fact.MR forecasts the men golf shoes segment to grow from nearly US$ 3,325 Mn in 2017 to nearly US$ 3,930 Mn in 2022. This represents a compound annual growth rate (CAGR) of 3.4% from 2017 to 2022.
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