Golf Equipment Market Growth & Trends

The global Golf Equipment Market size is expected to reach USD 11.01 billion by 2030, registering a CAGR of 4.9% during the forecast period, according to a new report by Grand View Research, Inc. Development of the golf courses around the world, increased golf tourism, the rising popularity of the sport, and growing consumer disposable income are some of the key factors fueling the growth.

Expansion of the Golf Equipment market is predicted to be fueled by the rise in golf tourism and government funding. Governments are promoting golf resorts to domestic and foreign tourists in an effort to increase foreign exchange through the growth of golf tourism and thereby advance the economy. Golf equipment sales and demand will increase as a result of golf tourism. Scotland, for instance, launched a new golf tourism and tourist plan in June 2021 with a focus on destination development, community involvement, education, and health. Therefore, the growth of the market is being driven by the rise in golf tourism as well as government backing.

The golf equipment market is being shaped by technological breakthroughs. To meet the market’s demand for top-notch golf equipment, businesses are developing products with improved technologies. For instance, the second generation of the high-visibility range of pix golf balls was introduced in January 2020 by US-based innovation and technology leader Taylor Made Golf. For the first time, both the TP5 and TP5x models will support pixTM, a new visual technology developed in association with Rickie Fowler.

The hospitality sector continuously focuses on expanding and enhancing its facilities to attract more people. Hotels in western countries are increasingly focusing on promoting various sports activities, golf being one of them. For instance, the Prukljan project in Europe includes a hospitality tourism zone, an entertainment center, and a golf field along with other accommodation capacities. The golf area has been planned on about 160 hectares and will include a golf course surrounding at least 60.0% of the total area.

Moreover, golf being more of a personal game, the manufacturers are required to have detailed scrutiny while manufacturing various products such as clubs, balls, and gloves in particular as they are the main gears. Golf equipment is one of the most lucrative sports gear for endorsement earning opportunities, driven majorly by the profit potential from selling the products. This has resulted in the development of a new consumer profile for professional golfers. For instance, Nike’s marketing professionals have established strategies that enable the business to tap the new psychology of enthusiastic golfers. The company targeted middle-aged male golfers of age ranging from 21 to 30 by endorsing Tiger Woods.

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Golf Equipment Market Report

Golf Equipment Market Report Scope

Report Attribute Details
Market size value in 2022 — USD 7.48 billion
Revenue forecast in 2030 — USD 11.01 billion
Growth Rate — CAGR of 4.9% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2017–2020
Forecast period — 2022–2030

Golf Equipment Market Report Highlights

• The golf club segment has dominated the golf equipment market during the forecast period owing to the usage of different types of clubs for various shots played on the field. The higher cost of the clubs is also one of the major factors contributing to its largest market share. Hybrid clubs present in the market are mostly preferred by golfers owing to their accuracy while playing shots
• The expansion of Golf Courses and an increasing number of golfers in North America are driving demand for golf equipment. Strong economic growth and increasing expenditure power of the consumers are also primarily driving the market growth in the region
• The sporting goods retailer segment as a distribution channel dominated the largest share of around 50% in 2021. The availability of various brands in one place helps in easy price and specification comparison which is therefore a driving factor for people to make purchases of golf equipment from such stores
• North America dominated the global market with a share of around 55% in 2021 driven by the rising trend of sporting activities across the region. A rigid supply chain in the region is boosting the sales of golf equipment.