by Golf is a popular recreational sport played worldwide by both amateur and professional players. The core equipment used for playing golf includes golf balls, clubs, bags, gloves, shoes, and other accessories. Golf clubs come in various categories such as drivers, irons, woods, wedges and putters which have different shaft flexibilities and club head designs optimized for specific shots. Golf balls are made from durable plastic or resin to withstand repeated impact. Golf bags are designed with multiple compartments to hold and transport golf clubs and other equipment. Golf gloves provide a sure grip and protection to hands during swings. Golf shoes have cleat designs for maximum traction on various turfs. The increasing number of recreational and amateur golfers is driving the demand for high performing yet affordable golf equipment.
The global Golf Equipment Market is estimated to be valued at US$ 13.37 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Recreational golf has gained substantial popularity as a pastime activity among people across various age groups. Golf equipment manufacturers are innovating product designs tailored for beginner and amateur players to make golf accessible and enjoyable for all. Lightweight and easy to use golf equipment along with budget friendly price points has encouraged more new players to take up the sport. Golf equipment innovations focused on accuracy, forgiving miss-hits and distance are further fueling their demand.
Market key trends:
One of the key trends observed in the golf equipment market is the growing popularity of custom fittings. Custom fittings involve assessing a golfer’s swing characteristics and physical attributes to recommend optimized equipment in terms of flex, weight, loft and other specifications. This helps improve performance by maximizing power and minimizing faults in swings. Major equipment manufacturers offer virtual custom fittings utilizing sensor technology and simulation software. They capture swing data which is then used to 3D print or custom manufacture clubs exactly tailored as per an individual player’s needs. This is gaining widespread acceptance among serious and pro-amateur golfers looking for an edge in their game. Custom fittings is expected to drive increased golf equipment sales over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as it is relatively easy to manufacture and distribute new golf equipment. However, existing major players have strong brand names and distribution networks that new entrants may find difficult to compete against.
Bargaining power of buyers: High as buyers have multiple alternatives and brands to choose from. Buyers can negotiate on price and demand better quality and innovative products.
Bargaining power of suppliers: Moderate as some raw materials required for golf equipment manufacturing such as alloys and plastics have few substitutes and suppliers may exert some pricing power.
Threat of new substitutes: Low as there are limited substitute products for core golf equipment. However, other recreational sports can pose a potential threat.
Competitive rivalry: Intense as the market is dominated by few major players. Companies compete based on brand, quality, innovation, variety of products, and pricing.
Key Takeaways
The Global Golf Equipment Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
The regional analysis shows that North America dominates the golf equipment market currently. Countries like the US and Canada have large numbers of golf courses and players. Asia Pacific is expected to grow at the fastest pace during the forecast period. Countries like China, Japan, and Australia are seeing rising interest in golf.
Key players operating in the golf equipment market are Hologic Inc., Siemens Healthineers, Fujifilm Holdings Corporation and GE Healthcare. The key players are focusing on expanding their presence by adopting various organic and inorganic strategies. Top players are investing heavily in R&D to develop innovative and advanced golf equipment. They are also focusing on strengthening their distribution channels to cater to the rising demand worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
