by Golf equipment such as golf clubs, golf balls, golf gloves, golf shoes and golf wears are used to play golf. Golf equipment helps to improve the performance of golfers on the golf course.
The global Golf Equipment Market is estimated to be valued at US$ 13.37 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased popularity of golf worldwide, especially among the youth is propelling the growth of the global golf equipment market. Golf participation has witnessed significant rise globally in recent years, with majority of new golfers being young adults aged between 18 to 34 years. According to National Golf Foundation, Golf rounds played in the US increased from around 25 million to 30 million from 2010 to 2020. Tiger Woods inspired a whole new generation of golfers in 1990s and many youngsters have started taking interest in golf. Golf equipment manufacturers are launching new products tailored for beginners and amateur golfers to attract more first time players. For instance, footjoy launched FJ Flex golf shoes with extra cushioning and flexibility for comfortable all day wear suitable for beginners. Golf equipment featuring new designs and easy to use features are fueling the interest of youth in golf, thereby driving the market growth.
SWOT Analysis
Strength: Golf equipment manufacturers focus extensively on research and development to produce equipment with latest technologies that enhance performance and durability. This gives them competitive advantage.
Weakness: Golf is an expensive sport which limits its growth potential among population with lower income levels. Manufacturers are also dependent on seasonal demand cycles.
Opportunity: Rising popularity of golf as a recreational sport in developing countries presents an opportunity to tap new consumers. Golf tourism is also growing which supports equipment sales.
Threats: Fluctuating raw material prices and trade policies impact manufacturing costs. Increased availability of counterfeit products impacts brand value and sales of established brands.
Key Takeaways
The Global Golf Equipment Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
North America currently dominates the market with the United States having the largest number of golf courses and players. Europe is another major regional market led by countries like the United Kingdom and Germany. Asia Pacific is projected to be the fastest growing regional market with rising interest in golf among middle class population in countries like China, India and Japan.
Key players operating in the golf equipment market are Hologic Inc., Siemens Healthineers, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Canon Inc., Hologic Inc., General Electric Company, Carestream Health, Hitachi, Ltd. Golf equipment manufacturers focus on product innovation and investing in brand promotion through celebrity endorsements and sponsorships to gain market share. Collaboration with golf apparel brands for co-branded merchandise lines is another strategy followed.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
