Overview and Scope
Golf equipment refers to equipment and items that are designed to play the sport, protect the course, enhance the game, and provide a better overall game experience for all golf players. Golf equipment includes the golf ball, golf clubs, alignment sticks, ball markers, ball retrievers, and other devices that aid in the sport of golf.
Sizing and Forecast
The golf equipment market size has grown strongly in recent years. It will grow from $37.21 billion in 2023 to $39.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to popularity of golf as a sport, golf course development, demographic trends, celebrity endorsements and events, tourism and golf travel.
The golf equipment market size is expected to see strong growth in the next few years. It will grow to $50.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing innovations in design and materials, growing interest among younger demographics, customization and personalization trends, digital platforms and e-commerce, sustainable and eco-friendly products. Major trends in the forecast period include expansion of direct-to-consumer sales channels, customization and aesthetic trends in golf apparel and accessories, rise in hybrid and multi-functional golf equipment, focus on lightweight and portable golf gear, incorporation of augmented reality (ar) in golf training.
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Segmentation & Regional Insights
The golf equipment market covered in this report is segmented –
1) By Product Type: Golf Clubs, Golf Balls, Golf Bags And Accessories, Apparel, Footwear
2) By Distribution Channel: Specialty Stores, Sporting Goods Chain, On-Course Shops, Online Stores, Other Distribution Channels
3) By End-User: Amateurs, Professionals
North America was the largest region in the golf equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the golf equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in golf tourism and government support is expected to drive the growth of the golf equipment market. Governments are promoting golf resorts to local and international tourists to generate additional foreign exchange through the development of golf tourism and thereby contributing to economic progress. Golf tourism will enhance the sales and demand for golf equipment. For instance, in June 2021, Scotland established a new Golf Tourism and Visitor Strategy, with an emphasis on destination development, community participation, education, and health. Therefore, the increase in golf tourism and government support drives the growth of the market.
Key Industry Players
Major companies operating in the golf equipment market report are Nike Inc., Bridgestone Corporation, Adidas AG, Dick's Sporting Goods Inc., Sumitomo Rubber Industries Ltd., Puma SE, Callaway Golf Company, Topgolf Callaway Brands Corp., Amer Sports Corporation, Acushnet Holdings Corp., Titleist, Mizuna USA Inc., TaylorMade Golf Company Inc., SRI Sports Limited, Dunlop Sports Co. Ltd., Karsten Manufacturing Corporation, Wilson Sporting Goods, Golfsmith International Holdings Inc., PING Inc., Roger Cleveland Golf Company Inc., Cleveland Golf, True Temper, Cobra Golf, Parsons Xtreme Golf, Dixon Golf Inc., Srixon Sports, Adams Golf, Wittek Golf Supply, Bailey & Izlet Inc., Matzie Golf
The golf equipment market report table of contents includes:
- Executive Summary
- Golf Equipment Market Characteristics
- Golf Equipment Market Trends And Strategies
- Golf Equipment Market – Macro Economic Scenario
- Global Golf Equipment Market Size and Growth
- Golf Equipment Market Segmentation
- Golf Equipment Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Golf Equipment Market
- Golf Equipment Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Golf Equipment Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Golf Equipment Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Golf Equipment Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Nike Inc. Financial Performance
Table 75: Bridgestone Corporation Financial Performance
Table 76: Adidas AG Financial Performance
Table 77: Dick's Sporting Goods Inc. Financial Performance
Table 78: Sumitomo Rubber Industries Ltd. Financial Performance
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