The global golf tourism market size is expected to achieve a remarkable valuation of USD 23.1 billion in 2023. It is expected to reach a market valuation of USD 40.4 billion by the end of the forecast period while exhibiting a CAGR of 5.8% from 2023 to 2033.
The growth of the global market is primarily driven by the rising number of international and domestic tournaments across the globe, substantial spending on the set-up of enhanced sporting infrastructure, and a massive rise in the number of professional and amateur golf players across the globe.
In addition, sports authorities and governments across the globe are organizing domestic and international golf tournaments and making heavy investments to attract golfers and expand the local economy.
Increasing interest in outdoor sporting events, government funding & measures to promote sports tourism and growth in the number of young golfers are expected to make a profound impact on the global industry and offer tour operators opportunities to enter unexploited markets.
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The growth is also expected to be propelled by the growing government support for the industry. several governments are marketing sports vacation spots to local and foreign travelers to grow their foreign exchange earnings through the growth of the specialty market and consequently support economic development.
Governments across the globe are now keen to utilize the industry’s true potential given the popularity and future growth possibilities of this sport
Key takeaways
· The global golf tourism market will exhibit a CAGR of 7.8% during the forecast period.
· By Application, the domestic segment will dominate the golf tourism market accounting for 2/3rd share
· Growing infrastructure and increase in purchasing power are driving the growth of the golf tourism market.
· Asia-pacific is anticipated to be the fastest growing market for golf tourism in the forecast period.
· With a market share of approximately 42%, North America is expected to dominate the golf tourism market by 2033.
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Competitive Landscape-
Key companies in the golf tourism market are-
Golf Asian co. Ltd, premier golf tours, The Haversham and baker company, Perry golf, Carr golf, Celtic golf, SGH Golf, Golfbreaks limited Golftours international, travelOsports
Key Segments Profiled in the Golf tourism market Industry Survey
Golf tourism Market By Application:
· Domestic
· International
Golf tourism Market By Region:
· North America
· Europe
· Asia pacific
· Latin America
· Middle East and Africa (MEA)
Recent Developments-
· In November 2020, The PGA Tour, a US professional golf tour operator acquired a minority stake in a European tour media company to expand its business to the men’s professional golf segment worldwide.
· In October 2020, TOP GOLF INTERNATIONAL INC., a global sports entertainment company merged with Callaway golf company to leverage the partner’s brand and financial strength to further target the newer professional golfers worldwide.
· In August 2022, Canadian Federal Government announced USD 4.4 million investment in Golf Canada’s two professional tournaments named the RBC Canadian Open and CP Women’s Open to promote golf participation, create important economic benefits, and attract tourists across the region.
· In September 2021, Golf Saudi and Aramco Team Series introduced ladies’ European tour golfing tournaments in Jeddah. The top female golfers in the world returned to Saudi Arabia for the greatest week of competitive women’s sport in the Kingdom, including 108 players competing for back-to-back events on the Ladies European Tour.
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