Golf equipment includes golf clubs, golf balls, golf shoes and other golfing gears and accessories used to play the sport of golf. Golf clubs are major equipment which come in different categories such as drivers, fairway woods, irons, wedges and putters based on their usage on the golf course. Golf balls come in various sizes, constructional properties and performance characteristics to suit different playing abilities. Golf shoes are specialty sport shoes designed to provide comfort, flexibility, increased traction and waterproofing during golf game.
Technological advancements in materials and designs have been a key driver contributing to the growth of golf equipment market. Ongoing innovations are introducing new materials, improved aerodynamics, enhanced forgiveness and adjustability features in golf clubs and balls. For instance, graphite shafts and layered construction in clubs and balls have significantly improved ball speed, distance and accuracy. Secondly, growing popularity of golf as sport and recreation among women and young generation across developed and developing nations is positively impacting the market growth. Rising women participation and junior programs by golf associations are attracting new customers and members in this industry.
The golf equipment market is dominated by golf clubs sub-segment. Golf clubs accounted for over 30% of the total market share owing to rising number of amateur and professional golf players globally. Increased participation in golf tournaments and events have augmented the demand for high-quality golf clubs from brands like Callaway, TaylorMade etc.
- Political: Favorable government initiatives to promote golf tourism has positively impacted the market growth. For instance, programs aimed at developing world-class golf courses have attracted several investors.
- Economic: Rising disposable income coupled with growing interest of millennial population in golf has augmented consumer spending on golf equipment. Additionally, economic growth in emerging countries provide new growth avenues.
- Social: Changing lifestyle and increasing health awareness has encouraged outdoor recreational activities like golf. Presence of celebrities promoting golf has enhanced its popularity.
- Technological: Continuous innovations in material and design has enhanced performance of golf equipment. Use of advanced data analytics help manufacturers develop personalized equipment as per swing attributes and playing style.
The Global Golf Equipment Market Demand is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing popularity of golf among millennials and strong promotional activities by brands. The market size is projected to reach US$ 11.6 Bn by 2023.
Regional analysis: The North America golf equipment market accounted for maximum share currently owing to presence of most number of golf courses in countries like U.S. and Canada. Asia Pacific is anticipated to exhibit fastest growth over coming years led by countries like China, Japan and India where golf participation is rising steadily.
Key players: 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). Golf equipment manufacturing companies focus on development of lightweight and eco-friendly products along with expanding their regional footprint through new manufacturing facilities.
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