by Market Overview:
The Golf Equipment Market is estimated to be valued at US$ 10,655.75 million in 2021 and is expected to reach a value of US$ (incorporate given market value for 2022) billion/million by 2022, exhibiting a CAGR of 4.21% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Golf Equipment Market is driven by the increasing popularity of golf as a recreational sport and the rising number of professional golf tournaments worldwide. Moreover, advancements in technology have revolutionized golf equipment, resulting in the development of high-performance golf clubs, balls, and other accessories.
Market Dynamics:
The market dynamics of the Golf Equipment Market are influenced by various factors. Firstly, the growing trend of golf tourism has significantly contributed to the demand for golf equipment, particularly in popular tourist destinations and resorts with golf courses. Additionally, the increasing disposable income of individuals, coupled with a rising inclination towards recreational activities, has boosted the sale of golf equipment.
Furthermore, the expanding presence of online retail platforms has made golf equipment more accessible to consumers, driving market growth. The convenience of online shopping, coupled with attractive offers and discounts, has encouraged consumers to purchase golf equipment online.
Market Key Trends:
The key trend in the global golf equipment market is the growing popularity of golf among millennials and women. Traditionally considered a sport for older individuals, golf is now witnessing increased participation from younger demographics, driven by factors such as the incorporation of technology in the sport, social media influence, and the availability of affordable golf equipment options. Additionally, efforts by golf associations and clubs to make the sport more inclusive and accessible have also contributed to the rising interest among millennials and women. This trend is expected to continue over the forecast period, driving the demand for golf equipment.
SWOT Analysis:
Strength: The global golf equipment market is characterized by the presence of well-established and renowned players such as Callaway Golf Company, Nike Inc., and Mizuno Corporation, who have strong brand recognition and a wide product portfolio.
Weakness: One of the weaknesses of the market is the high cost associated with golf equipment, which can act as a barrier for individuals with limited financial resources.
Opportunity: The increasing middle-class population in emerging economies, coupled with growing disposable incomes, presents significant opportunities for market growth. Moreover, the rising popularity of golf as a recreational activity and the inclusion of golf in the Olympic Games can further boost the demand for golf equipment.
Threats: One of the major threats in the market is the availability of counterfeit products, which can negatively impact the reputation and sales of authentic golf equipment brands. Additionally, the COVID-19 pandemic has resulted in the closure of golf courses and disrupted supply chains, posing challenges to the market.
Key Takeaways:
The global Golf Equipment Market Segmentation is expected to witness high growth, exhibiting a CAGR of 4.21% over the forecast period. This growth is primarily attributed to the increasing popularity of golf among millennials and women, driven by factors such as the incorporation of technology in the sport and efforts to make the sport more inclusive.
In terms of regional analysis, North America is the fastest-growing and dominating region in the market. The region’s dominance can be attributed to the presence of a large number of golf courses, a developed sports infrastructure, and the high disposable incomes of consumers.
Key players operating in the golf equipment market include Callaway Golf Company, Nike Inc., Acushnet Holdings, Mizuno Corporation, and Taylormade Golf Company Inc. These players have a strong brand presence, a wide range of products, and a focus on innovation, positioning them as key players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
