June 18, 2024
Golf Equipment Market

Golf Equipment Market is Estimated To Witness High Growth Owing To Rising Number of Golf Courses

The Golf Equipment Market is estimated to be valued at US$ 11.6 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

The golf equipment market comprises products such as golf balls, golf shoes, golf bag, golf glove, golf apparel, and others. Golf balls are made up of polybutadiene rubber and ionomer resins to provide high rebound effect. Golf shoes offer a flexible grip and spiked sole for stable footing on various turf conditions. Golf bags have multiple dividers and pockets for carrying multiple equipment and accessories.

Market key trends:-

One of the key trends driving growth of the golf equipment market is the rising number of golf courses globally. According to the National Golf Foundation, there were over 30,000 total golf facilities worldwide in 2023. Countries including the U.S., UK, Germany, and Japan have witnessed significant growth in the number of golf courses over the past decade. This is expected to fuel demand for various golf equipment such as golf balls, shoes, bags, and apparel. Further, governing bodies and associations are undertaking various promotional activities and tournaments to encourage amateur golf participation, especially among younger demographic. This is positively impacting expansion of the golf equipment market.

Porter’s Analysis:-

  • Threat of new entrants: Low entry barriers allow new players to enter the market easily. However, established brands have strong brand loyalty which acts as a deterrent.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and brand alternatives. However, loyalty towards popular brands provides some pricing power to manufacturers.
  • Bargaining power of suppliers: Raw material suppliers have low bargaining power due to availability of substitutes and ease of forward integration by manufacturers.
  • Threat of new substitutes: Threat from new substitutes is moderate as consumers are open to alternatives from other sports equipment categories like tennis, baseball etc.
  • Competitive rivalry: Intense competition among key global brands to gain market share.

SWOT Analysis:-

  • Strength: Wide variety of products and technologically advanced equipment attracts professionals as well as amateurs. Strong brand recognition of major players worldwide.
  • Weakness: High research and development cost incurred to integrate new technologies. Seasonal nature of demand affects production planning.
  • Opportunity: Growing popularity of sport tourism and golf vacation is expanding the consumer base. Emerging markets in Asia Pacific to drive future growth.
  • Threats: Protectionist trade policies can disrupt global supply chain. Increased environmental regulations on material usage.

Key Takeaways:-

The Global Golf Equipment Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period, due to increasing popularity of golf as a hobby and leisure sport worldwide.

Regionally, North America dominated the global golf equipment market in 2023 accounting for over 30% of the total share, owing to presence of many professional tournaments and country clubs in US. Asia Pacific is projected to be the fastest growing region during the forecast period, led by China, Japan and Australia.

Key players operating in the golf equipment market are Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports). Callaway Golf Company and TaylorMade Golf are the global market leaders with wide geographic presence and comprehensive product portfolios.

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