Newark, Jan. 11, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 6.9 billion in 2022 golf products market will reach USD 10.1 billion by 2030. Due to the growth of golf courses around the world and the rise in golf competitions, there has been a considerable boom in golf tourism in recent years. This is anticipated to boost overall demand and encourage the use of different golf equipment. Many nations are making strong efforts to promote golf tourism in their own regions. For instance, India’s tourism minister declared that the nation would support initiatives designed to attract more overseas golfers to the nation’s 220 golf facilities.
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Key Insights of the Golf Products Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest golf products market share. Due to the popularity of the sport and government initiatives for golf players, there is a significant chance that demand for golf-related products will increase. Golf shoes make up a sizable component of golf merchandise because they are required to play the game on golf courses, propelling the segment’s growth.
The golf club segment is expected to increase the golf products market during the forecast period.
The golf club segment is expected to dominate the market over the forecast period. Due to manufacturer innovation in clubs, such as the more popular hybrid clubs made of higher-lofted wood and iron, consumer demand is rising. The longer product lifespan of iron clubs may significantly affect the segment’s growth-restraining product repurchase cycle.
The offline retail store’s segment market size is 4.8 billion in 2022
The offline retail store’s segment holds the largest market share in 2022 and is expected to continue during the forecast period. Golf-related specialty stores have concentrated on enhancing customers’ personalized purchasing experiences on a global level. Most specialty stores ensure that their customers’ demands are met, and some may even make helpful recommendations based on previous purchases. The great majority of golfers like physical stores as a result.
Advancement in market
● In March 2021, The previously announced merger between Topgolf International Inc. (“Topgolf”) and Callaway Golf Company (“Callaway”) was finalized. By combining their respective strengths, the companies hope to become a tech-driven behemoth in golf equipment, apparel, and entertainment.
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Market Dynamics
Driver: Growing Popularity of Tourism
International non-profit organizations like the Golf Environment and the International Association of Golf Tour Operators support and advocate for golf tourism’s global sustainability. Over 25 countries, including Brazil, Mexico, Peru, Mauritius, Malaysia, Jakarta, Kenya, Morocco, Tunisia, Egypt, Gran Canaria, Marbella, Murcia, Galicia, and Valencia, have been assigned to the IAGTO for the development and promotion of golf tourism. For golfers all over the world, playing golf is a favorite vacation pastime. They usually combine golf with other sports-related activities, like sailing, swimming, cycling, and strolling, as well as activities linked to food and culture.
Restraint: Increasing cost
High-intensity sports like cricket, football, volleyball, and basketball have grown in popularity because of their ability to enhance fitness and health. Golf is not a physically demanding sport and does not help players’ health. In addition, the cost of playing golf is high due to uniform costs, equipment costs, and course fees. The majority of low- and middle-income people cannot access the sport because of these limitations. Additionally, bad weather may cut down on the number of rounds played because of how it affects the ball’s speed and spin. This has an impact on both the quality of the game and the demand for golf equipment.
Opportunity: Encouraging Women
Numerous initiatives are being carried out to promote golf among women. Women’s Golf Day (WGD) is an international golf project that was started in 2016 with the goal of introducing the game to women of all ages and inspiring current female golfers to “tee it up” in a friendly environment. The top rivals have also started to introduce golf accessories made just for women. Numerous sports promotions also encourage women to show off their athletic prowess. Over the course of the forecast period, these variables are anticipated to encourage market growth for golf products worldwide.
Challenge: Increased consumer preference
The industry’s expected growth will be hampered by changing consumer tastes towards other outdoor sports. For instance, high-intensity sports like football, basketball, volleyball, and cricket have become more popular as a result of their ability to improve fitness and health.
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Some of the major players operating in the golf products market are:
● Callaway
● SRI Sports Limited
● Acushnet Holding Corp.
● Taylormade
● Titleist
● Cleveland
● Mizuno
● Wilson
● Odyssey
● Ping
Key Segments covered in the market:
By Product Type:
● Golf Clubs
● Golf Balls
● Golf Bags and Accessories
● Apparel
● Footwear
By Distribution Channel:
● Offline Retail Stores
● Online Retail Stores
By Region
● North America (US, Canada, Mexico)
● Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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