Golf Equipment Market Size
Study Period | 2019-2029 |
Market Size (2024) | USD 11.89 Billion |
Market Size (2029) | USD 14.86 Billion |
CAGR (2024 - 2029) | 4.57 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
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 11.89 billion in 2024, and is expected to reach USD 14.86 billion by 2029, growing at a CAGR of 4.57% during the forecast period (2024-2029).
The popularity of golf is increasing across the world as it has become a game of profession and sophistication. As people become more health-conscious, golf is increasingly viewed as a recreational activity that provides both physical exercise and mental relaxation. Its reputation as a low-impact sport suitable for all ages and fitness levels has attracted a diverse range of participants. Owing to this, the demand for golf equipment like Bags, apparel, footwear, and other products is increasing. The market players are providing different types of golf equipment across the world to cater to the growing demand. For instance, in February 2024, the Adidas brand launched the Tour360 golf shoe collection. The shoes provide comfort and stability to the players. Furthermore, the popularity of professional golf players and their achievements in the field is enticing young demographics to participate in the sport.
Additionally, The golf industry has seen significant advancements in technology, particularly in equipment design and materials. Manufacturers continually innovate to produce clubs and balls that offer better performance, forgiveness, and distance. Golfers are often willing to invest in these newer products to improve their game. Also, Some governments and associations have recognized the economic and social benefits of golf and have taken steps to promote the sport through policies and initiatives such as tax incentives for golf course developers and subsidies for golf programs. According to the United States Golf Association data from 2022, the association added a GPS tracker on players to track their movement on the field. Over the medium term, the popularity of golf sport is expected to increase which is expected to boost the market growth.
Golf Equipment Market Trends
Participation of Young Adults in Golf
Golf popularity is increasing among the young generation as Golf organizations and professional players have been actively promoting the sport to younger demographics through marketing campaigns, social media, and events targeted specifically at youth. The players like Vijay Singh, Billy Casper, Gen Sarazen, and other professional players are setting different records which are enticing young players to participate in sports. Additionally, Many colleges and universities offer golf scholarships, which incentivize young players to pursue the sport seriously to earn a college education. Additionally, the potential for professional success in golf can lead young athletes to pursue the sport as a career path. Owing to the rising popularity, the market players are launching new products in the market. For instance, in October 2023, the Nike brand launched the Masters Edition Tiger Woods Gold shoe collection. The shoes have proper grip and it provide comfort. Over the medium term, the demand for golf equipment is expected to increase owing to the increasing sports participation and increasing people's interest in golf.
Rise in Demand for Golf Equipment from Asia-Pacific
With rapid economic development in countries like China, South Korea, and Japan, there is a growing middle class with disposable income to spend on leisure activities like golf. Additionally, There has been significant investment in golf course development and infrastructure across Asia Pacific, with new courses being built and existing ones renovated to meet international standards. This has made golf more accessible to a wider audience. For instance, in May 2023, Cidco expanded Kharghar Valley Golf Course land from 9 holes to 18 holes. the course is built for international matches. Additionally, With an increased focus on health and wellness, many individuals are turning to golf as a way to stay active and spend time outdoors. Golf provides opportunities for physical exercise, mental stimulation, and social interaction, making it an attractive option for those looking to maintain a healthy lifestyle. Over the medium term, the popularity of golf sports is expected to increase owing to increasing economic growth, infrastructure development, government initiatives, and media exposure which in turn boosts the market for golf equipment.
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
Acushnet Holdings Corp.
Sumitomo Rubber Industries Ltd
Topgolf Callaway Brands Corp
Bridgestone Corporation
Nike, Inc.
*Disclaimer: Major Players sorted in no particular order
Golf Equipment Market News
- November 2023: Stitch Golf, a leading golf equipment provider, launched a new golf bag design, the SL 2 Air Walker golf bag. The bag has separate ball packets, tough zippers, double straps, and more storage space.
- 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.
- May 2023: ParX, a new golf brand entered the market and launched a range of golf gear and accessories with cutting-edge Fillium technology. The brand claims that its products are made with natural materials and provide comfort.
Golf Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Drivers
4.1.1 Popularity of Sports Tourism
4.1.2 Escalated Golf Participation Rates
4.2 Market Restraints
4.2.1 Inclination Toward Adventure Sports Activities
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Golf Clubs
5.1.2 Golf Balls
5.1.3 Golf Bags and Accessories
5.1.4 Apparel
5.1.5 Footwear
5.2 Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 Spain
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Austria
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 South Korea
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Topgolf Callaway Brands Corp.
6.3.2 Sumitomo Rubber Industries Ltd
6.3.3 Nike Inc.
6.3.4 Acushnet Holdings Corp.
6.3.5 Mizuno Corporation
6.3.6 Taylormade Golf Company Inc.
6.3.7 Adidas AG
6.3.8 Bridgestone Corporation
6.3.9 Puma SE
6.3.10 Karsten Manufacturing Corporation (Ping Inc.)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Golf Equipment Industry Segmentation
Golf is a precision ball sport where players, using clubs, aim to hit balls into a series of holes on a course in as few strokes as possible. It combines skill, strategy, and sportsmanship, attracting enthusiasts worldwide.
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 | |
Apparel | |
Footwear |
Distribution Channel | |
Offline Retail Stores | |
Online Retail Stores |
Geography | |||||||||
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Golf Equipment Market Research FAQs
How big is the Golf Equipment Market?
The Golf Equipment Market size is expected to reach USD 11.89 billion in 2024 and grow at a CAGR of 4.57% to reach USD 14.86 billion by 2029.
What is the current Golf Equipment Market size?
In 2024, the Golf Equipment Market size is expected to reach USD 11.89 billion.
Who are the key players in Golf Equipment Market?
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.
Which is the fastest growing region in Golf Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Golf Equipment Market?
In 2024, the North America accounts for the largest market share in Golf Equipment Market.
What years does this Golf Equipment Market cover, and what was the market size in 2023?
In 2023, the Golf Equipment Market size was estimated at USD 11.35 billion. 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 Intelligenceā¢ 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.