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Golf Club Market Rides High On Increasing Government Initiatives To Promote Golf Tourism: Powering Innovation and Expansion in the Golf Club Market by 2025
Golf Club
What Is the Expected CAGR for the Golf Club Market Through 2025?
The size of the golf club industry has been progressively expanding over the recent years. The market, which was worth $7.76 billion in 2024, is poised to increase to $7.97 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 2.7%. This growth during the historical period can be credited to factors such as the upsurge in golf facilities and courses in developing markets, the escalating appeal of golf as an exercise routine, the mounting inclination towards golf as a networking device, the increase in golf events and tournaments, and the growing fascination for golf as a recreational pursuit.
What's the Projected Size of the Global Golf Club Market by 2029?
In the upcoming years, a consistent growth is projected in the golf club market size, with an expected value of $9.44 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.3%. The escalation predicted for the forecast period is primarily due to the surge in demand for personalized golf clubs, the proliferation of golf courses and facilities, and an increase in disposable income. The major trends during this period are anticipated to be partnerships and collaborations, the introduction of innovative solutions, technological progress in the design of golf clubs, and market expansion in critical regions.
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Top Growth Drivers in the Golf Club Industry: What's Accelerating the Market?
The growth of the golf club market is projected to be fueled by increased government efforts to encourage golf tourism. Golf tourism is defined by activities undertaken by tourists primarily to engage in golfing, often as a secondary pursuit during vacations or business trips. Golf clubs, as key playing equipment and the main infrastructure for golfing activities, are used extensively in golf tourism. Providing a conducive environment and partnering with national and international golf organizations are elements of government initiatives that bolster the growth of the golf sector. For example, the RBC Canadian Open and CP Women's Open, two professional golf tournaments based in Canada, received a $4.4 million investment from the Canadian federal government in August 2022. This was aimed at generating significant economic benefits and drawing tourists from all over. As such, the growth of the golf club market is being spurred on by these increasing governmental efforts to boost golf tourism.
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What Are the Key Trends Driving Golf Club Market Growth?
The golf club market is witnessing an increasing trend towards product innovation. Players in the market, particularly sizable corporations, are focusing on the creation of novel products in order to secure their foothold. For instance, Titleist, an American golf equipment manufacturer, rolled out the TSR 2 and TSR 3 hybrids bearing advanced facial designs in January 2023. The blade length of the TSR2 hybrid is slightly amplified and it features a traditional design, offering speed and performance in a forgiving way. The TSR3 hybrid, on the other hand, is engineered to offer unparalleled precision and workability, echoing an iron-like hybrid design reminiscent of popular predecessors.
What Are the Main Segments in the Golf Club Market?
The golf club market covered in this report is segmented -
1) By Product Type: Woods, Hybrids, Irons, Wedges, Putters
2) By Hand Orientation: Left-Hand Clubs, Right-Hand Clubs
3) By Price Range: Premium Or High, Economy Or Mid-Range
4) By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Online Retail, Other Distribution Channels
5) By Application: Leisure, Professional
Subsegments:
1) By Woods: Driver Woods, Fairway Woods, Utility Woods
2) By Hybrids: Hybrid Irons, Utility Hybrids
3) By Irons: Game Improvement Irons, Players Irons, Cavity Back Irons, Muscle Back Irons
4) By Wedges: Pitching Wedges, Sand Wedges, Lob Wedges, Gap Wedges
5) By Putters: Blade Putters, Mallet Putters, Counterbalanced Putters
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Which Top Companies are Driving Growth in the Golf Club Market?
Major companies operating in the golf club market include Bridgestone Golf Inc., Sumitomo Rubber Industries Ltd., Callaway Golf Inc., Topgolf Callaway Brands Corp., Amer Sports Oy, Acushnet Holdings Corp., Mizuno Corporation, TaylorMade Golf Company Inc., Wilson Sporting Goods Co., Ping Inc., Cobra Golf Inc., Cleveland Golf Company Inc., Honma Golf Ltd., Krank Golf, Srixon Ltd., Miura Golf LP, U.S. Kids Golf LLC, Ben Hogan Golf Equipment Company, Tour Edge Golf Inc., Lynx Golf Limited, Parsons Xtreme Golf LLC, Evnroll, Bettinardi Golf, Sub 70 Golf Ltd., Vega Golf, Piretti Golf Inc., Fourteen Golf
Which Regions Will Dominate the Golf Club Market Through 2029?
North America was the largest region in the golf club market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the golf club market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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