by The global Golf Equipment Market is estimated to be valued at US$ 11.6 Mn or Million 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:
Golf equipment include products like golf clubs, golf balls, golf shoes and other accessories used to play the sport of golf. Golf clubs segment dominates the market owing to continuous innovation and replacement needs of clubs. Technologically advanced clubs provide better accuracy and performance to amateur and professional golfers.
Market key trends:
Customization and personalization of golf equipment as per game needs and style of individual players is a key trend. Top brands are focusing on providing myriad choices to customers for golf clubs, balls and shoes tailored to their playing style, budget and swing type. Furthermore, light weight materials like carbon fiber and titanium are gaining popularity in club manufacturing. It enhances swing speed, distance of shots and comfort during long walks on courses. Product functionality is enhanced using latest CAD technologies while maintaining the traditional aesthetic appeal favorited by golfers.
SWOT Analysis
Strength: Golf equipment provides a sport/ recreational activity for both casual and professional players. Advancements in material science and engineering have led to more durable and high performance equipment.
Weakness: Golf is an expensive sport and the equipment involved makes it inaccessible for many. The market is highly dependent on discretionary consumer spending which can fluctuate with economic cycles.
Opportunity: Rising interest in golf tourism and country club memberships present an opportunity to attract new customers. Emerging markets in Asia Pacific provide untapped growth potential.
Threats: Changes in weather patterns due to climate change pose a threat as it affects the number of playable days. Shifting consumer preferences towards other indoor/outdoor activities is a challenge.
Key Takeaways
The Global Golf Equipment Market Size is expected to grow at a CAGR of 4.1% during the forecast period of 2023 to 2030, expanding from a valuation of US$ 11.6 Mn in 2023 to US$ 16.2 Mn by 2030. Innovation and new product launches by key players is driving market growth.
Regional analysis: North America currently dominates the golf equipment market, led by the United States. Growing participation in golf and established golf infrastructure have contributed to market leadership. Asia Pacific is emerging as the fastest growing regional market, supported by population growth, rising disposable incomes and government initiatives to promote golf tourism.
Key players: Leading players like Callaway Golf Company, TaylorMade Golf Company Inc. and Nike Inc. are focusing on product premiumization and leveraging new technologies like artificial intelligence and robotics. Strategic acquisitions have helped expand product portfolios. Smaller companies are collaborating to co-develop innovative products and overcome scale challenges faced by individual brands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
