Press release
Golf Club Market Set for Growth, Projected to Reach US$5.27 Billion by 2031
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Key Market Highlights
Golf Club Market Size (2024): US$4.23 billion
Projected Market Value (2031): US$5.27 billion
Global Market Growth Rate (CAGR 2024-2031): 3.2%
Historical Market Growth Rate (CAGR 2019-2023): 2.6%
Regional Insights
United States
CAGR through 2031: 2.15%
The U.S. golf club market is expected to grow steadily, bolstered by the accessibility of golf facilities. Unlike exclusive private clubs, many golf courses are open to the public, allowing fee-paying golfers to enjoy the game. This inclusivity is expected to boost participation and subsequently increase the demand for golf clubs and equipment. The social aspect of golf, where many Americans engage in the sport for recreation and networking, further contributes to its popularity.
India
CAGR through 2031: 4.14%
India is emerging as a key market in South Asia, anticipated to witness a robust CAGR of approximately 4.14% by 2031. The growing number of golfers, combined with rising disposable incomes among the middle class, presents significant opportunities for golf clubs. The increase in golf tournaments and a noteworthy rise in female golfers are expected to enhance market prospects in the region.
Market Segmentation
Product Type
Irons Segment: Projected to account for 40.1% of the market share in 2024.
Irons, typically sold in sets, are a vital segment of golf equipment, driving growth in the overall market. With variations including solid and hollow heads, irons cater to a wide range of golfer preferences and skill levels.
Market Drivers
Increased Golf Participation
The rise in golfing among diverse demographics, including a significant increase in female golfers, is enhancing market demand.
Technological Advancements
Continuous innovations in golf equipment, aimed at improving performance and enjoyment, are attracting new players and encouraging existing golfers to upgrade their gear.
Expansion of Online Retail
The online retail segment is projected to experience a high CAGR of about 7.52% during the forecast period, making it easier for consumers to purchase golf equipment.
Growth of Upscale Resorts and Hotels
The expansion of golf equipment sales in upscale resorts and hotels is contributing to the market's growth.
Community Programs and Tournaments
Initiatives promoting golf through community programs and youth tournaments are increasing participation rates, further boosting demand for golf clubs.
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Conclusion
The golf club market is poised for steady growth as various factors come into play, from increasing participation rates to technological advancements and expanding retail options. With the U.S. and India leading the way in market growth, the future looks promising for the golf club industry.
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