Surge in Golf Tourism to impact Golf Equipment Market | Arizton
The golf products market is expected to grow at a CAGR of over 3% during the period 2019−2025.
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One of the most attractive features of golf is that the sport has been successful in crossing borders and has attained significant traction over the years. Modern golf started in the 15th century in the UK, however, historians trace the origin game from the Roman game, paganica, which include using a bent stick to hit a stuffed leather ball. The equipment manufacturers have to keep pace with fast-growing transformations to catch up with the trends and other crucial dynamics. The presence of vendors catering to the golf equipment market is widespread, ranging from international to local vendors. Acushnet and Callaway are the major vendors, which have set benchmarks in the industry.
The leading drivers and trends driving the growth of the global golf equipment market are discussed below:
Availability of Real-time Insights to Viewers
Currently, broadcasters play a vital role in setting up the market for both golf and its products. They are consistently emphasizing on a wide variety of shots or imagery, which can help to enhance the viewer experience. This is pushing broadcasters toward developing new technologies to deliver real-time insight to viewers. The urge among fans to participate in games instead of merely viewing the same has fueled the growth significantly in recent years. Fans across the world have access to digital channels and platforms for accessing a wide range of golf contests. Moreover, there is also a large number of golfing events happening across regions. This promotes ample opportunities for vendors in the golf equipment market.
Surge in Golf Tourism
The consistent growth of golf tourism is a major driver for the growth of the golf equipment market. It involves the trips/journeys undertaken by people in which the primary or secondary purpose is to play golf. With an increasing willingness of travelers to spend time and effort on golfing holidays, there has been an increase in the proportion of longer trip bookings. Countries such as the UAE, the US, Spain, and Portugal have remained active in increasing their prices for such holidays. Some of the common golf travelers in such tours are people from the US or the UK, however, people from Sweden and Germany are also growing on the list of travelers.
Increase in Product Enhancements and Innovations
Product innovations hold a key to market growth, including golf products. Thus, one of the major areas for vendors is to maximize technological advancements, thereby making the game smooth and convenient. In the age of convenience, customers tend to prefer almost anything that makes life simple and easy. The same applies to sports. This, in turn, puts the onus on vendors to leverage technology for consistent product enhancement.
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Acushnet Holdings, Callaway Golf, PING, and TaylorMade are identified as prominent vendors in the global gold equipment market.
The complete overview of the latest market research report on the global golf equipment market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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