The global Golf Equipment Market is estimated to be valued at US$ 11.6 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The golf equipment market comprises products such as golf balls, golf clubs, golf shoes and other golf accessories. Golf equipment provides necessary gears to play golf accurately and efficiently. Manufacturers are developing innovative products to enhance golf playing experience. For instance, advanced golf clubs are designed ergonomically for precision shots and ease of swing. Golf balls come in various grades for different skill levels of players. Lightweight yet durable golf shoes offer comfort during long rounds on the course. Moreover, accessories such as GPS-enabled devices, launch monitors and other tech products are gaining popularity among avid golfers. Golf remains a popular recreational sport worldwide and the equipment industry continues to grow in tandem with rising participation in the sport.
Market key trends:
One of the key trends spurring growth in the golf equipment market is the surging popularity of golf tourism. Several countries are promoting golf tourism to boost regional economies through inbound tourism revenues. Countries with mild climates and beautiful golf courses have emerged as top golf travel destinations. For instance, places such as Scotland in Europe and Bandon Dunes in the United States attract many golf tourists every year. Rising golf tourism is driving the procurement of equipment such as clubs, balls, shoes and more both by tourists and local golf facilities. Another trend benefiting the market is technological advancements in golf products. Manufacturers are focusing on improving product performance through lighter materials, aerodynamic designs and precision engineering. This is enabling players to achieve better accuracy and longer shots. Such innovations are especially appealing to serious golfers looking to enhance their game.
Porter's Analysis
- Threat of new entrants: Low cost of production and availability of raw material make the threat of new entrants low in the golf equipment market.
- Bargaining power of buyers: The bargaining power of buyers is high as golf equipment are available from various global brands giving buyers options to choose from.
- Bargaining power of suppliers: A few major players dominate the raw material supply chain resulting in moderate bargaining power of suppliers in the market.
- Threat of new substitutes: There exists low threat of substitution as golf is a niche sport with dedicated players relying on specialised equipment.
- Competitive rivalry: Intense competition exists among the top brands to gain market share through product innovation, brand promotion and competitive pricing.
Key Takeaways
The Global Golf Equipment Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period 2023 to 2030, due to increasing popularity of golf among young population globally.
The market size for golf equipment was valued at US$ 11.6 Bn in 2023. Regional analysis The North America golf equipment market dominates with the largest market share owing to maximum number of golf courses and players in U.S and Canada. Countries like U.S., Japan and UK also exhibit high growth.
Key players operating in the Golf Equipment market are Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports). These players are focusing on product innovation and brand promotion activities to gain more customers.
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