The golf equipment market comprises golf clubs, golf balls, golf shoes and other golf accessories such as golf gloves, golf gear, golf bags, and golf apparel. Golf clubs are essential equipment that come in various formats depending on the golfing needs or requirements of users. Rising number of professional and amateur golfers have boosted demand for a wide assortment of golf accessories from various brands. Advanced technologies and material sciences are enabling continuous product innovations in golf equipment for enhanced performance and comfort.
The Global Golf Equipment Market is estimated to be valued at US$ 13.37 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the golf equipment market are Hologic Inc., Siemens Healthcare GmbH, Shimadzu Medical, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Carestream Health, Canon Medical Systems Corporation, General Electric Company (GE Healthcare), and ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.). Rising interest in recreational sports is fueling demand for better quality and technologically advanced golf equipment.
Growing health consciousness is encouraging individuals to take up golf as a recreational sport and hobby, thereby driving demand for essential Golf Equipment Market Growth . Innovation in material sciences is allowing manufacturers to introduce lightweight yet durable golf clubs for improved performance. Advancements in equipment design and materials are enhancing ball control, distance, and accuracy for both professional and amateur golfers.
Technological developments such as lightweight alloys for shafts, aerodynamic clubheads and cores, and multi-layer golf balls are improving golf equipment. Advanced laser etching and ion plating technologies enable enhanced grip and feel of clubs and balls. IoT and sensor technologies are enabling equipment tracking and swing analysis for improved golfing experience.
Market Trends
Some of the key trends in the golf equipment market include growing popularity of custom fit clubs and preference for versatile golf equipment among professionals and amateurs. Manufacturers are focusing on developing clubs that can be tailored as per swing speeds, heights, handicaps etc of individual golfers for superior performance. There is also a rising demand for adjustable driver shafts and changeable weight technologies in clubs to enable swing tuning. Furthermore, innovative material combinations are helping develop multi-functional golf gear, bags and apparel that offer versatility in terms of usage and weather protection.
Market Opportunities
The growing popularity of recreational sports especially among the millennial population presents significant opportunities in the golf equipment market. Golf tourism and various golf promotional initiatives are encouraging new customer acquisition. Furthermore, rising health-focused lifestyles and promotion of golf as part of fitness regimes are attracting new entrants to the sport. Continuous technological advancement also offers lucrative opportunities for performance-driven product innovation and customization.
Impact of COVID-19 on Golf Equipment Market Growth
The COVID-19 pandemic has significantly impacted the growth of the golf equipment market. During the lockdown periods imposed in various countries to curb the spread of the virus, all non-essential activities came to a halt including outdoor sporting events and activities. Golf courses and clubs were shut down which led to a decline in demand for golf equipment such as golf balls, golf clubs, golf shoes etc. in 2020. Manufacturing and supply chain operations were also disrupted due to restrictions on travel and transportation. However, as lockdowns started lifting from mid-2021, the demand and sales of golf equipment have gradually recovered. With more people taking up golf as an outdoor socially-distanced activity post COVID, the user base of the sport expanded contributing to market growth. Going forward, established brands are expected to focus more on e-commerce platforms and digital marketing strategies to sustain revenue generation. New product launches catering to beginners and amateur golfers are likely to accelerate the market's recovery in the coming years.
In terms of regions, North America accounted for the largest share of the global golf equipment market in terms of value sales pre-COVID, led by countries like the United States. This was attributed to factors such as high participation in golf across different age groups and spending power of consumers. During 2020, sales declined substantially in this region due to strict lockdowns. However, pent up demand and reopening of golf courses boosted sales recovery from 2021 onwards. Meanwhile, the Asia Pacific region is projected to be the fastest growing market for golf equipment during the forecast period. Countries like China, Japan, South Korea and India are witnessing rising interest in golf coupled with growing disposable incomes which is expected to drive future growth.
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