Golf Equipment Market Trends, Growth and Key Players, Future Demand, Size and Forecast Estimation by 2030 | Callaway Golf Company, Sumitomo Rubber Industries

The global golf equipment market is projected to reach around US$ 16.11 Billion by 2030, exhibiting a CAGR of 4.7% during the forecast period (2023-2030).

Market Overview:

Golf equipment including golf clubs, golf balls, golf shoes and other accessories are used by golfers to play the game on golf courses or ranges. Rising number of golf courses especially in regions like Asia Pacific and Europe has increased participation in golf, driving demand for golf equipment.

Market Dynamics:

The Golf Equipment Market is witnessing high growth owing to rising number of golf courses and increase in golf tourism. The number of golf courses has increased from 7,474 in the year 2000 to over 10,000 globally by 2022. Countries like China and India have witnessed over 50% rise in number of golf courses in the last decade. This has boosted participation in golf and demand for various golf equipment. Furthermore, increase in golf tourism especially in countries like Scotland, United States and Spain has rising spending on rental and purchase of golf equipment while travelling. The market is also benefitting from introduction of technologically advanced products and growing popularity of sports among young population. However, high costs associated with golf could limit market expansion to some extent over the forecast period.

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Major market players included in this report are:

★ Callaway Golf Company
★ Sumitomo Rubber Industries
★ Nike Inc.
★ Acushnet Holdings
★ Mizuno Corporation
★ Taylormade Golf Company Inc.
★ Adidas Group
★ Bridgestone Corporation
★ Puma SE
★ PING
★ Anta Sports Products Limited (Amer Sports)

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Product Type:
✦ Golf Clubs
✦ Golf Balls
✦ Golf Bags and Accessories
✦ Apparel
✦ Footwear

By Distribution Channel:
✦ Offline Stores
✦ Online Stores

Regional Analysis:

North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✤ Golf Equipment Market: Market Drivers

• Increasing Participation in Golf Globally

Golf participation has been steadily increasing across major markets such as the United States, Japan, and parts of Europe over the past decade. According to data from the National Golf Foundation, the total number of golfers in the U.S. increased from around 26 million in 2010 to over 30 million in 2020. This rise in participation is driving demand for new golf equipment such as clubs, balls, bags, shoes and more from amateur and professional golfers alike. Golf equipment manufacturers have responded by continuously innovating and launching new product lines catered towards various skill levels and budgets to capitalize on the growing interest in the sport.

• Rising Sports Sponsorships and Professional Golf Events

PGA and other professional golf tours around the world telecast many of their marquee tournaments which are widely watched. Successful professional golfers become big sports personalities that are highly sought after for endorsements and sponsorships by top golf equipment brands. Tiger Woods transformed the golf industry with his dominance and global popularity in the early 2000s. Equipment deals with famous pro-golfers raise brand awareness tremendously for companies and increase trial among amateur players. Big prize money golf events draw tremendous crowds both at the course and on television, further promoting the sport and new product innovations from top sponsors.

✤ Golf Equipment Market: Market Restrain

• High Infrastructure and Equipment Costs

Golf is generally considered an expensive sport both for regular players as well as facilities/clubs. Maintaining a golf course requires heavy investments and operating costs. Similarly, getting properly fitted with a set of quality clubs, balls, bags, shoes and accessories can cost hundreds or even thousands of dollars initially for beginners. The high participation fees/membership for many private clubs also remains a deterrent for many potential amateur players. High infrastructure and equipment costs tend to restrict growth in participation especially in lower income demographic segments and regions.

✤ Golf Equipment Market: Market Opportunity

• Growing Casual/Family Golf Segment

While traditional golf may remain cost prohibitive for some, there is a rising trend of easier/shorter "par-3" style executive golf courses as well alternative formats like TopGolf that are more affordable and social experiences suited for families/groups. Equipment companies are innovating more budget friendly entry-level clubs, balls and accessories. Growth in this more casual segment brings opportunities to introduce new players to the game and potentially convert some into lifelong enthusiasts. Casual family golf presents an expansion avenue for equipment brands to tap into peripheral and growing markets beyond the core traditional segments.

✤ Golf Equipment Market: Market Trend

• Rise of Technological Innovations and Gamification

Cutting edge materials, robotics, Artificial Intelligence and sensors are driving new innovations across various golf equipment categories. Developments like rangefinders integrated into smart golf watches provide precise distances and analytics that are transforming the golfer experience. Simulators and virtual/augmented reality are also enabling golf practice and play anytime regardless of weather. Game-like analytics, challenges and more through apps make practicing more engaging for modern golfers. High-tech equipment infused with interactive gamification elements can attract younger demographics still in acquiring phases - a rising trend that will potentially shape long term growth and evolution of golf.

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Key Questions

• How much revenue will the global Golf Equipment Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall Golf Equipment Market?

• What are the indicators expected to drive the global Golf Equipment Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Golf Equipment Market to expand their geographical presence?

• What are the major advancements witnessed in the global Golf Equipment Market?

• This report answers these questions and more about the global Golf Equipment Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Golf Equipment Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle East and Africa

Chapter No. 4: Company Profiles

4.1 Company Overview
4.2 Financial elements
4.3 Product Landscape
4.4 SWOT Analysis
4.5 Systematic Outlook

Chapter No. 5: Assumptions and Acronyms

Chapter No. 6: Research Methodology

Chapter No. 7: Contact (Continue . . .)

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