Golf Equipment Market Size & Growth Analysis to 2030

The global golf equipment market size is projected to grow at a significant CAGR of over 4% during the forecast period from 2022 to 2028. The rising number of golf courses in developed economies and the growing golf tourism around the world are some major factors driving the market growth. Furthermore, the rising interest of women in golf courses and the increasing disposable income is further anticipated to fuel the market growth over the forecast period. However, the high-cost membership and the increasing adoption of indoor games due to hectic lifestyles are some major factors to hamper the market growth.

Market Drivers:

Increasing Participation in Golf: The popularity of golf as a recreational and competitive sport has been growing globally. More individuals are taking up golf, leading to increased demand for golf equipment. The rising participation in the sport drives the market for golf clubs, balls, bags, and other golf accessories.

Growing Golf Tourism: Golf tourism, which involves traveling to destinations specifically for golfing purposes, is on the rise. Countries are investing in golf course development and promoting golf tourism to attract visitors. Golf tourists contribute to the demand for golf equipment, as they often bring their own clubs and accessories or purchase them at the destination.

Technological Advancements in Golf Equipment: Continuous technological advancements in golf equipment have led to the development of high-performance clubs, balls, and other accessories. Innovations such as adjustable club heads, advanced ball designs, and improved shaft materials enhance player performance and provide a competitive edge. Technological advancements drive the adoption and market growth of golf equipment.

Professional Golf Tournaments and Events: The popularity of professional golf tournaments and events, such as the PGA Tour and major championships like the Masters and the U.S. Open, significantly influences the golf equipment market. These events create excitement, generate media coverage, and inspire golf enthusiasts to purchase equipment used by professional players.

Increasing Disposable Income and Consumer Spending: Rising disposable incomes, particularly in emerging economies, have contributed to increased consumer spending on leisure activities, including golf. As individuals have more discretionary income, they are more likely to invest in golf equipment to enhance their playing experience and improve their performance on the course.

Influence of Professional Players and Brand Endorsements: Professional golfers have a significant impact on the golf equipment market. Their performances and success on the course, as well as their endorsements of specific brands and equipment, influence consumer preferences and purchasing decisions. Golfers often aspire to use the same equipment as their favorite professional players, driving the market for specific brands and models.

Golf Course Development and Expansion: The development and expansion of golf courses worldwide contribute to the demand for golf equipment. New courses being built and existing courses being upgraded create opportunities for golfers to engage in the sport and require equipment to participate.

Increasing Focus on Golf as a Fitness Activity: Golf is increasingly recognized as a physical fitness activity that offers health benefits such as improved cardiovascular health, increased muscle strength, and enhanced mental well-being. The promotion of golf as a fitness activity drives interest in the sport and leads to the purchase of appropriate equipment.

E-commerce and Online Retail Channels: The growth of e-commerce and online retail channels has made golf equipment more accessible to consumers. Online platforms offer a wide range of golf equipment, competitive pricing, and convenience in shopping. The availability and ease of online purchasing contribute to the market growth of golf equipment.

Product Innovations and Customization: Golf equipment manufacturers constantly innovate to develop new products and customization options. Custom fitting services, where equipment is tailored to an individual player’s specifications, have gained popularity. Product innovations and customization options provide golfers with personalized equipment choices and drive market growth.

Market Snapshot:

Market Insights:

The global golf equipment market is bifurcated into product type, distribution channel, and geography. On the basis of product type, the market is further segmented into golf clubs, golf balls, golf gear, and gold footwear & apparel. The golf club segment dominated the global market in 2021 and is anticipated to hold the largest revenue share of around half of the market by the end of the analysis period. The rising popularity of customizable and assorted golf clubs is a major factor driving the segment growth. Furthermore, the increasing focus of manufacturers to provide a variety of golf clubs is further anticipated to fuel the segment growth. On the flip side, the golf gear segment is anticipated to register the fastest growth rate over the forecast period.

On the basis of distribution channels, the market is segmented into sporting goods retailers, on-course shops, online, and others. The sporting goods retailer segment dominated the global golf equipment market in 2021 and is expected to hold the largest revenue share of around ½ of the market by the end of the analysis period. The availability of various brands in a single place with the specification is a major factor driving the segment growth. On the flip side, the online segment is estimated to grow at the fastest CAGR over the forecast period. Some golf equipment does not require any technical specifications such as golf balls, gloves, carts, and headgears. Consumers prefer to purchase this equipment online which is expected to drive the segment growth.

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The golf equipment comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – from 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The golf equipment market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Product Type:

• Golf Club
• Golf Balls
• Golf Gear
• Gold Footwear & Apparel

By Distribution Channel:

• Sporting Goods Retailer
• On-Course Shops
• Online
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

By region, North America dominated the global golf equipment market in 2021 and is estimated to hold the largest revenue share of over half of the market by the end of the analysis period. The increasing interest of individuals in sports activities is a major factor to drive the market growth in the region. On the flip side, the Asia Pacific is estimated to register the fastest growth rate over the forecast period. The rising number of golf players, increasing interest of individuals in sports activities, and the increasing disposable income per capita are some major factors expected to drive the market growth in the Asia Pacific.

Geographically, the golf equipment market report comprises dedicated sections centering on the regional market revenue and trends. The golf equipment market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The golf equipment market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Golf equipment market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2022 – 2028.

Competitive Assessment:

Some of the major market players operating in the global golf equipment market are Callaway, Acushnet Holding Corp., SRI Sports Limited, Titleist, and Taylormade. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Callaway
• Acushnet Holding Corp.
• SRI Sports Limited
• Titleist
• Taylormade
• Clevaland
• Wilson
• Mizuno
• Ping
• Odyssey

Key Questions Answered by Golf Equipment Market Report

• Global golf equipment market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Golf equipment submarket forecasts from 2022-2028 covering the market by product type, by distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level golf equipment markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market