by The global Golf Equipment Market is estimated to be valued at US$ 10,655.75 million in 2021 and is expected to reach US$ (insert market value for 2022) million by 2022, with a CAGR of 4.21% over the forecast period from 2022 to 2030, according to a new report published by Coherent Market Insights.
Market Overview:
The golf equipment market comprises various products such as golf clubs, balls, bags, and footwear, among others. Golf clubs are the major revenue contributor to the market due to the high demand for drivers, irons, and putters. The rising popularity of golf as a recreational activity and competitive sport is driving the demand for golf equipment. Additionally, the increasing number of golf courses and golf tournaments worldwide is further propelling market growth. Golf equipment offers several advantages, including enhanced performance, durability, and better control, which are driving its adoption among players.
Market Key Trends:
One key trend in the golf equipment market is the growing adoption of custom-fit golf clubs. Custom-fit clubs are specifically designed to match the unique swing characteristics of individual golfers, allowing for improved accuracy and distance. These clubs are tailored to a golfer’s height, swing speed, hand size, and playing style, resulting in better game performance. The customization options available in club heads, shafts, and grips offer players greater flexibility and comfort, driving the demand for custom-fit golf clubs. This trend is likely to continue in the forecast period as players increasingly seek personalized equipment to enhance their golfing experience.
Porter’s Analysis and Key Takeaways
Introduction:
The golf equipment market is experiencing significant growth with a projected Compound Annual Growth Rate (CAGR) of 4.21% from 2022 to 2030. Valued at USD 10,655.75 million in 2021, the market is driven by various factors such as increasing participation in golf, technological advancements, and rising disposable incomes. This report provides a detailed analysis of the market using Porter’s Five Forces framework and presents key takeaways to guide industry stakeholders.
Porter’s Analysis:
1. Threat of New Entrants:
The threat of new entrants in the golf equipment market is moderate. While the market is technologically intensive, requiring substantial investments, established brands and high brand loyalty act as barriers to entry. Additionally, access to distribution channels and economies of scale provide existing players with a competitive advantage.
2. Bargaining Power of Buyers:
Buyers in the golf equipment market hold significant power due to their ability to compare prices and quality. However, the presence of well-known brands and their strong product portfolios allows manufacturers to differentiate their offerings, reducing the buyer’s bargaining power. Furthermore, brand loyalty and the emotional attachment customers have toward certain brands also influence buyer power.
3. Bargaining Power of Suppliers:
Suppliers of raw materials and components for golf equipment have moderate bargaining power. While there are numerous suppliers available, manufacturers rely on specific materials with unique properties. However, manufacturers can mitigate this power by forming long-term contracts and establishing relationships with suppliers, ensuring a stable supply chain.
4. Threat of New Substitutes:
The threat of new substitutes in the golf equipment market is low. Golf is a unique sport with specialized equipment, limiting the availability of substitutes. Additionally, the emotional attachment and the perception of quality associated with established brands act as a barrier to the adoption of substitutes.
5. Competitive Rivalry:
The competitive rivalry in the golf equipment market is high. The market is dominated by key players such as Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., and Acushnet Holdings. Intense competition drives companies to innovate, develop new products, and invest in marketing activities to gain a competitive edge.
Key Takeaways:
The global Golf Equipment Market Segmentation is expected to witness high growth, exhibiting a CAGR of 4.21% over the forecast period. This growth can be attributed to the increasing popularity of golf, technological advancements leading to the development of innovative products, and the rising disposable incomes of consumers.
Regionally, North America is the fastest-growing and dominating region in the golf equipment market, driven by a high participation rate, strong golfing culture, and the presence of key players. Europe and Asia Pacific also hold significant market shares due to the growing interest in golf and the rising number of golf courses in these regions.
Key players operating in the golf equipment market include 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 invest in research and development, marketing, and strategic collaborations to maintain their market presence and meet the evolving demands of consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
