Golf Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Golf Equipment Market Share By Brand and is Segmented by Product Type (Golf Clubs, Golf Balls, Golf Bags and Accessories, Apparel, and Footwear), Distribution Channel (Offline Retail Stores and Online Retail Stores), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The report offers market size and values in (USD million) for the above segments.

Golf Equipment Market Size

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Golf Equipment Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.78 %
Fastest Growing Market Asia
Largest Market North America
Market Concentration High

Major Players


*Disclaimer: Major Players sorted in no particular order


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Golf Equipment Market Analysis

The Golf Equipment Market size is estimated at USD 13.32 billion in 2023, and is expected to reach USD 17.64 billion by 2028, growing at a CAGR of 5.78% during the forecast period (2023-2028).

In recent years, there has been an increase in young golfers, causing equipment sales to rise. It is one of the significant factors driving golf equipment sales. The growing middle-class income and the increasing number of professional golfers over the last few years are contributing to the substantial increase in demand. The participation rate in pro-golf tournaments is increasing, especially among millennials, further boosting golf equipment sales worldwide. Based on a survey by the National Golf Foundation in 2021, golf is now played in 206 out of the 251 countries. There are around 38,000 golf courses in over 82% of countries worldwide. Globally, millions of people of all ages are attracted to golf, participating in the International Golf Federation's programs and events. Including golf in the Olympic Games has contributed to a sudden increase in golfers worldwide. The market is highly impacted by product innovations carried out by key players and considerable investments in marketing and promotional activities to reach a broad 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 investing heavily in infrastructural developments of the game and hosting many international golf events and competitions. For instance, in October 2022, several golf courses in Portugal invested heavily in improvements, with some new courses opening and others being upgraded. Such investments in golf courses are further anticipated to boost the inflow of sports tourists and influence the market positively during the study period.

Golf Equipment Market Trends

Participation of Young Adults in Golf

Golf was a popular sport among the middle-aged and older crowds. However, it is becoming more popular among millennials in the United States, with young golfers Nelly Korda, Collin Morikawa, Viktor Hovland, Lexi Thompson, and others defying the stereotype of gold being an old person sport. There is also a notable change in the demographics of golf, as women are becoming more interested in the sport. A Koozie group study found that US golf rounds increased by about 5% in 2021 compared to 2020 and around 20% in pre-pandemic years. Women accounted for 33% of new golfers, while Gen Z and young millennials accounted for 27%. The advent of technology has reshaped many sports, including golf, allowing golfers to improve their game in many ways. Technology has affected golf in various ways, from the material used to design golf clubs to utilizing global positioning system devices to measure the distance to the hole and swing analysis to correct errors or mistakes made in the swing. In addition, shorter holes and fewer holes per course, for example, 6 or 9, drive the golf participation rate of millennials and women. This trend is further boosting the market growth of golf equipment.

Golf Equipment Market1

Rise in Demand for Golf Equipment from Asia-Pacific

The Asia-Pacific golf equipment market is driven by the rising popularity of golf in Japan, China, South Korea, and Thailand, among other countries. There has been phenomenal growth in the Asia-Pacific golf industry. During the next few years, the golf clothing and equipment market in the Asia-Pacific region is expected to grow, with major countries such as China, India, Australia, and Japan contributing to the market growth. Japan is one of the major countries in the Asia-Pacific region in terms of the number of golf players, owing to the rising awareness about golf and an increase in the golfer population in the country. According to the Ministry of Economy, Trade, and Industry (METI), the golfing population in Japan increased from 8.93 million in 2018 to approximately 10.3 million in 2021. As the population becomes more aware of sports and the disposable income of individuals rises, there is a strong likelihood that the regional market will continue to grow. In addition to already established international brands, the market in the region is being driven by a rise in the participation of gold tournaments and spending money and time on sports activities. Increasing media exposure to international golf events has aided the rise in the popularity of golf among the masses. This trend encourages the youth to play such sports, further boosting the sales of golf equipment in the region.

Golf Equipment Market2

Golf Equipment Industry Overview

The golf equipment market is competitive. Players like Acushnet Holdings Corp., Topgolf Callaway Brands Corp, Nike Inc., Bridgestone Corporation, and Sumitomo Rubber Industries dominate the market. They are adopting competitive strategies by investing more to develop new technologies for producing golf equipment. They also focus on differentiating products in design (size and weight) and quality to gain a competitive advantage. They have adopted expansions as their key strategy to broaden their geographical presence and customer base. For instance, in July 2021, Wilson Sporting Goods opened its first-ever retail location in Chicago. The new store offers a curated assortment of sporting goods, including Wilson's high-performance sports equipment, across many sports categories, such as tennis, baseball, football, basketball, and golf.

Golf Equipment Market Leaders

  1. Acushnet Holdings Corp.

  2. Sumitomo Rubber Industries Ltd

  3. Topgolf Callaway Brands Corp

  4. Bridgestone Corporation

  5. Nike, Inc.

*Disclaimer: Major Players sorted in no particular order

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Golf Equipment Market News

  • In August 2023, Callaway launched new Paradym Star Woods irons. Callaway added new driver, fairway wood, hybrid, and iron models to its Paradym lineup, emphasizing smaller weights, shafts, and grips.
  • In April 2022, Nike released new golf shoes to prepare for The Masters, including the TW' 14, Lunar Control, and Lunar Clayton shoes. All three models feature premium white uppers with various color design details, including the outsole, lacing eyelets, and Swoosh.
  • In February 2022, Adidas Golf introduced its Rebelcross range of footwear for golfers. It includes the spiked golf Tour360 22 shoes, which are made from a premium leather upper and provide water-resistant properties.

Golf Equipment Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

      1. 4.1.1 Popularity of Sports Tourism

      2. 4.1.2 Escalated Golf Participation Rates

    2. 4.2 Market Restraints

      1. 4.2.1 Inclination Toward Adventure Sports Activities

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Degree of Competition


    1. 5.1 Product Type

      1. 5.1.1 Golf Clubs

      2. 5.1.2 Golf Balls

      3. 5.1.3 Golf Bags and Accessories

      4. 5.1.4 Apparel

      5. 5.1.5 Footwear

    2. 5.2 Distribution Channel

      1. 5.2.1 Offline Retail Stores

      2. 5.2.2 Online Retail Stores

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.3.2 Europe

        1. United Kingdom

        2. Germany

        3. Spain

        4. France

        5. Italy

        6. Austria

        7. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. South Korea

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. United Arab Emirates

        2. South Africa

        3. Rest of Middle East & Africa


    1. 6.1 Strategies Adopted by Leading Players

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Topgolf Callaway Brands Corp.

      2. 6.3.2 Sumitomo Rubber Industries Ltd

      3. 6.3.3 Nike Inc.

      4. 6.3.4 Acushnet Holdings Corp.

      5. 6.3.5 Mizuno Corporation

      6. 6.3.6 Taylormade Golf Company Inc.

      7. 6.3.7 Adidas AG

      8. 6.3.8 Bridgestone Corporation

      9. 6.3.9 Puma SE

      10. 6.3.10 Karsten Manufacturing Corporation (Ping Inc.)

    4. *List Not Exhaustive

**Subject to Availability
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Golf Equipment Industry Segmentation

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 golf equipment market is segmented by product type, distribution channel, and geography. Based on the product type, the market is segmented into golf clubs, golf balls, golf bags and accessories, apparel, and footwear. The market is segmented by distribution channel into 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 the Middle East and Africa. The market sizing has been done in value terms in USD for all the abovementioned segments.

Product Type
Golf Clubs
Golf Balls
Golf Bags and Accessories
Distribution Channel
Offline Retail Stores
Online Retail Stores
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
South America
Rest of South America
Middle East & Africa
United Arab Emirates
South Africa
Rest of Middle East & Africa
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Golf Equipment Market Research FAQs

The Golf Equipment Market is projected to register a CAGR of 5.78% during the forecast period (2024-2029)

Acushnet Holdings Corp., Sumitomo Rubber Industries Ltd, Topgolf Callaway Brands Corp, Bridgestone Corporation and Nike, Inc. are the major companies operating in the Golf Equipment Market.

Asia is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Golf Equipment Market.

The report covers the Golf Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Golf Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Golf Equipment Industry Report

Statistics for the 2024 Golf Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Golf Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Golf Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)