The golf equipment market is thriving, projected to increase from $37.21 billion in 2023 to $39.48 billion in 2024, with a CAGR of 6.1%. This growth is supported by the rising popularity of golf, the development of new golf courses, demographic shifts, and endorsements from celebrities and events. By 2028, the market is expected to reach $50.2 billion, with a CAGR of 6.2%. Key drivers of this growth include innovative designs and materials, increasing interest from younger audiences, and trends towards customization and sustainability. Notable trends include the expansion of direct-to-consumer sales channels, the rise of hybrid and multifunctional golf equipment, and the integration of augmented reality in training.
Major Driver In The Golf Equipment Market
The uptick in golf tourism, coupled with government support, is expected to drive the growth of the golf equipment market. Governments worldwide are actively promoting golf resorts to attract local and international tourists, contributing to economic progress. The establishment of strategies like Scotland's Golf Tourism and Visitor Strategy in June 2021 highlights the emphasis on destination development, community participation, education, and health. This concerted effort boosts golf tourism, consequently enhancing the sales and demand for golf equipment. The symbiotic relationship between golf tourism and government support acts as a driving force for the growth of the golf equipment market, reflected in the market sizes for 2023, 2024, and 2028.
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Golf Equipment Market Competitive Landscape
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
Key Golf Equipment Market Trend
In the golf equipment market, major companies are innovating with new products like carbon fiber drivers to gain a competitive edge. Carbon fiber, known for its lightweight and strength, is used in advanced golf equipment. For instance, in January 2023, Topgolf Callaway Brands, a US-based sports equipment company, introduced the Paradym range, featuring cutting-edge technology designed to enhance performance. The Paradym Drivers include an industry-first 360 Carbon Chassis that replaces titanium, optimizing weight distribution for improved distance and forgiveness. They are 44% lighter than titanium chassis and feature a Triaxial Carbon crown and Forged Carbon sole, along with an AI-designed Jailbreak system and face cup technology for enhanced ball speed and energy transfer. The Paradym Drivers are available in three models: Paradym, Paradym X, and Paradym Triple Diamond, each tailored to different player preferences.
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Golf Equipment Market Segmentation
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
By Geography:The regions covered in the golf equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the golf equipment market in 2023.
The Golf Equipment Global Market Report 2024 furnishes information about the global golf equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
