July 25, 2024
Golf Equipment Market

Golf Equipment Market is Estimated to Witness High Growth Owing to Increasing Participation in Golf

The golf equipment market has experienced significant growth over the past few years owing to rising participation in golf. Golf equipment such as golf clubs, balls, bags, shoes and others provide precise performance, comfort and ease of play for both amateur and professional golfers. The market is being driven by introduction of innovative products such as driver heads made from lightweight yet strong material, grips that ensure firm hold and distance enhancing balls. Additionally, recreational facility expansion and variety in golfwear are augmenting the market growth.

The Global golf equipment market is estimated to be valued at US$ 13.37 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031

Key Takeaways

Key players operating in the golf equipment market are Hologic Inc., Siemens Healthcare GmbH, Shimadzu Medical, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Carestream Health, Canon Medical Systems Corporation, General Electric Company (GE Healthcare), and ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.). These players are focusing on new product launches and partnerships to gain foothold in the market.

The rising popularity of amateur Golf Equipment Market Growth tournaments offers significant opportunities for equipment providers to expand consumer base. Additionally, emergence of online golf equipment retailing is making purchasing more convenient for customers. Global golf federation support and growing number of golf courses worldwide will aid international expansion of golf equipment market over the coming years.

Market Drivers

The primary driver for growth of Golf Equipment Market is increasing participation in golf. Growing popularity among women and youth is driving new golfers to the sport. According to National Golf Foundation, around 25.8 million people in the U.S. played golf in 2021 indicating an increase of 1 million compared to previous year amid Covid. Golf federations efforts to promote golf as healthy outdoor activity and launch of low-cost equipment are attracting first timers, supporting market rise.

PEST Analysis

Political: Government regulations and import duties on goods impact the pricing and sales of golf equipment. Support for recreational sport activities creates growth opportunities.

Economic: Changes in consumer spending patterns during economic cycles influence demand. Higher disposable incomes boost purchases of premium equipment.

Social: Golf participation rates influenced by aging demographics, interest in health and fitness activities. Social trends like women’s and youth golf participation expanding the consumer base.

Technological: Developments in materials, design and manufacturing enhance performance. Adoption of digital fitting and customization, use of data analytics and VR in golf lessons aid the gaming experience.

Geographical Regions with High Market Concentration

The United States accounts for the largest share of the global golf equipment market in terms of value. With around 25,000 golf courses and a strong golf culture, the US witnesses significant demand and production of equipment. Western European countries like the UK, Germany, France and Scandinavia are also major regional markets. Asia Pacific is emerging as an important growth center led by Japan, China, Australia and countries improving their golf infrastructure.

Fastest Growing Regional Market

Asia Pacific region excluding Japan is projected to experience the highest CAGR during the forecast period backed by rising middle class, increasing interest in golf as a recreational sport and efforts by golf associations to develop the sport. Countries like China and South Korea are aggressively promoting golf tourism which along with domestic participation is fueling new equipment purchases in the region at a rapid pace. Initiatives to host professional golf tournaments and build international standard courses are enhancing the region’s market potential.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it