Market Trends of Golf Equipment Industry
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.
