What is the Historic and Current Scenario of the Golf Equipment Market?
The golf equipment market has seen considerable growth due to a variety of factors.
• The market size for golf equipment has been on a consistent upward trajectory in the last few years. There's a projected increase from $29.03 billion in 2024 to $30.41 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.8%.
The expansion during the historic period is accredited to several factors such as the rising fame of golf as a hobby, the building of new golf courses, changing demographic patterns, support from celebrity figures and events, and the growth in tourism and golf-related travel.
What are the Market Size and Expected Growth Rates for the Golf Equipment Market?
The golf equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the golf equipment market size to experience consistent growth in the coming years. The market is projected to expand to $36.76 billion in 2029, reflecting a compound annual growth rate (CAGR) of 4.9%.
This predicted growth over the forecast period can be attributed to a number of factors including innovative designs and materials, increasing interest amongst younger demographics, customization and personalization trends, digital platforms and e-commerce, and sustainable and eco-friendly products. The forecast period also expects to witness major trends such as the expansion of direct-to-consumer sales channels, enhancements and aesthetic trends in golf apparel and accessories, a rise in hybrid and multi-functional golf equipment, emphasis on lightweight and portable golf gear, and the integration of augmented reality (AR) in golf training.
What Are The Key Drivers Fueling Growth In The Golf Equipment Market?
The growth of the golf equipment market is projected to be fueled by a surge in golf tourism and government backing. Official initiatives to promote golf resorts to domestic and international visitors in order to earn extra foreign income and contribute to economic development are underway. This development of golf tourism boosts sales and catalyzes demand for golf equipment. For instance, in February 2023, the United States Golf Association (USGA), America's governing organization and national affiliate of golf courses, clubs, and facilities, introduced the US National Development Program (USNDP) — an initiative aimed at fostering elite golf talent across the country. This program aims to identify, train, develop, and financially aid promising junior players from various backgrounds, striving to offset the competitive disadvantage the US encounters in golf development relative to other nations. The program encompasses a sustainable grant initiative to take care of expenses like entry charges and coaching, with a goal to support 1,000 junior players by 2027. Hence, the upswing in golf tourism and governmental backing is steering the growth of the market.
How Is The Globa Golf Equipment Market Divided Into Key Segments?
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
Subsegments:
1) By Golf Clubs: Drivers, Irons, Putters, Hybrids
2) By Golf Balls: Premium Golf Balls, Value Golf Balls, Practice Balls
3) By Golf Bags And Accessories: Stand Bags, Cart Bags, Travel Bags, Accessories
4) By Apparel: Golf Shirts, Golf Pants Or Shorts, Outerwear, Headwear
5) By Footwear: Golf Shoes, Sandals, Insoles
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What Trends Are Reshaping The Golf Equipment Market?
Leading businesses in the golf equipment market, such as Topgolf Callaway Brands, are crafting innovative products like carbon fiber drivers to cement their place in this highly competitive industry. Carbon fiber, an extraordinarily strong yet lightweight material made mainly of carbon atoms, is becoming a game-changer. An example of this innovation occurred in January 2023, when Topgolf Callaway Brands, a sports equipment firm from the US, inaugurated the Paradym series, integrated with advanced technology intended to transform performance. These Paradym Drivers feature a first in the industry - a 360 Carbon Chassis, which ditches titanium thus helping engineers to optimize weight distribution for utmost distance and improved forgiveness. The unique combination of the Triaxial Carbon crown and Forged Carbon sole makes these drivers lighter by 44% compared to their titanium counterparts, thereby improving ball speed and forgiveness. Moreover, the AI-designed Jailbreak system secures stability and increased ball speeds, while the introduction of face cup technology enhances energy transfer to the ball - another first for Callaway drivers. The Paradym Drivers are available in three models - Paradym, Paradym X, and Paradym Triple Diamond, each model meeting individual player needs and performance criteria.
Who Are the Key Players in the Golf Equipment Market?
Major companies operating in the golf equipment market include:
• Bridgestone Corporation
• 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
• 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
What are the Regional Insights into the Golf Equipment Market?
North America was the largest region in the golf equipment market in 2024. 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.
