|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The golf equipment market is expected to register a CAGR of 2.73% during the forecast period (2021 - 2026).
The COVID-19 has negatively impacted the golf equipment market because of the nationwide lockdown and social distancing norms. Golf is mostly being played in the Americas, Europe, and Oceanian countries, which were highly impacted by the pandemic resulting in a decline in the equipment market. However, the situation started to improve after mid-year with improved sales and market growth.
The market is highly impacted by product innovations carried out by the key players and huge investments in marketing and promotional activities, to reach a wide customer base.
With the substantial growth of the golf tourism industry, the market is anticipated to have a positive outlook in the coming years. European countries are expected to invest heavily in the infrastructural enhancements pertaining to the game and host many international golf events and competitions.
Furthermore, the participation rates, especially among millennials, in pro-golf tournaments are increasing, which is likely to directly boost the sales of golf equipment during the forecast period.
Scope of the Report
Golf is a club-and-ball sport in which players use various clubs to hit balls into a series of holes on a course in as few strokes as possible. The study on the golf equipment market covers a range of product types, such as golf clubs, golf balls, golf bags and accessories, apparel, and footwear, and distribution channels, including offline and online retail stores. The study also covers the global-level analysis of major regions, such as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasting have been done in value terms of USD million.
|By Product Type|
|Golf Bags and Accessories|
|By Distribution Channel|
|Offline Retail Stores|
|Online Retail Stores|
Key Market Trends
Surge in Number of Golf Courses
Globally, there has been an increase in the number of golf courses, especially in the top golfing countries, over the past few years. The United States, the United Kingdom, Japan, Germany, Canada, South Korea, Sweden, France, and Italy are some of the key leading countries in the golf industry, and more than 50% of the golf courses are in these countries. Most of these courses belong to private clubs, golf-centric real estate places, and golf resorts. More than 30,000 golf facilities, worldwide, and more than 70% of these are open to the public, and hence, are largely accessible. At present, more than 200 golf courses are under construction, and over 350 golf courses are in the planning stages, globally. This indicates a significant rise in demand for golf equipment during the forecast period.
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Rise in Demand for Golf Equipment from Asia-Pacific
The Asia-Pacific golf equipment market is led by Japan, followed by China, South Korea, and Thailand, among the other countries in the region. As of 2017, Asia-Pacific had approximately 4,570 golf facilities and accounted for 14% of the overall global market. In the past few years, there has been a phenomenal growth in the Asia-Pacific golf industry, led by China, followed by India, Australia, and Thailand, in course supply. China is one of the fastest-growing countries in the Asia-Pacific region, in terms of the number of golf courses, owing to the rise in awareness about golf and an increase in the golfer’s population in the country. Moreover, increasing media exposure to international golf events has aided the rise in popularity of golf among the masses. This encourages the youth to play such sports, which has further boosted the sales of golf equipment in the region.
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The golf equipment market is highly competitive. The market is dominated by players like Acushnet Holdings Corp., Callaway Golf Company, Nike Inc., Bridgestone Corporation, and Sumitomo Rubber Industries. The companies are adopting competitive strategies, by investing more to develop new technologies for the production of golf equipment. These players differentiate their products in terms of design (size and weight) and quality to gain a competitive advantage. Furthermore, the leading companies have adopted strategic expansion as their key strategy in order to broaden their geographical presence and customer base. For instance, in 2017, Samsung and TaylorMade collaborated to develop a specific myRoundPro experience that utilizes the features of the compatible Samsung Gear devices to provide consumers with a unique experience.
- In 2020, TaylorMade Golf introduced the second generation of the high-visibility line of Pix golf balls, following the success of the first generation, which was available in the United States. For the first time, Pix was to be available in both the TP5 and TP5x models with a revolutionary visual technology developed in conjunction with Rickie Fowler.
- In 2020, Acushnet Holdings Corp. launched the new Titleist Tour Speed golf ball. It is a multilayer, thermoplastic urethane-covered golf ball, providing exceptional distance in the long game and precise short game control.
- In 2019, Bridgestone Golf reformulated its e6 golf ball to afford fantastic value for moderate-swing-speed players who seek maximum driving distance and a buttery soft feel. The new Bridgestone Golf e6 features a 2-piece, low-compression construction to ensure that players with slower swing speeds can fully activate the core on tee shots, delivering increased distance throughout the bag. The new ball also provides players with a super soft feel owing to its low compression core.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Golf Clubs
5.1.2 Golf Balls
5.1.3 Golf Bags and Accessories
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3 By Geography
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.3 Asia Pacific
184.108.40.206 Rest of Asia Pacific
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Callaway Golf Company
6.4.2 Sumitomo Rubber Industries
6.4.3 Nike Inc.
6.4.4 Acushnet Holdings
6.4.5 Mizuno Corporation
6.4.6 Taylormade Golf Company Inc.
6.4.7 Adidas Group
6.4.8 Bridgestong Group
6.4.9 Puma SE
6.4.10 PING Inc.
6.4.11 Amer Sports
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Golf Equipment Market market is studied from 2016 - 2026.
What is the growth rate of Golf Equipment Market?
The Golf Equipment Market is growing at a CAGR of 2.73% over the next 5 years.
Which region has highest growth rate in Golf Equipment Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Golf Equipment Market?
North America holds highest share in 2020.
Who are the key players in Golf Equipment Market?
Callaway Golf Company, Nike Inc., Acushnet Holdings Corp., Bridgestong Group, Sumitomo Rubber Industries Ltd are the major companies operating in Golf Equipment Market.