Golf Equipment Global Market Report 2024

The golf equipment market size has grown strongly in recent years. It will grow from $37.21 billion in 2023 to $39.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The expansion observed in the historical period can be attributed to factors such as the increasing popularity of golf as a sport, the development of golf courses, demographic trends influencing participation, celebrity endorsements and events promoting the sport, as well as the impact of tourism and golf-related travel.

The golf equipment market is poised for robust growth in the upcoming years, expected to reach $50.2 billion by 2028 with a compound annual growth rate (CAGR) of 6.2%. This anticipated growth is attributed to several factors, including continuous innovations in design and materials, rising interest among younger demographics, a surge in customization and personalization trends, the prevalence of digital platforms and e-commerce, and the increasing popularity of sustainable and eco-friendly products. Key trends in the forecast period encompass the expansion of direct-to-consumer sales channels, a focus on customization and aesthetic trends in golf apparel and accessories, the rise of hybrid and multi-functional golf equipment, a concentration on lightweight and portable golf gear, and the integration of augmented reality (AR) in golf training.

Driving the growth of the golf equipment market is the surge in golf tourism and government support. Governments globally are endorsing golf resorts to attract local and international tourists, aiming to generate additional foreign exchange through golf tourism, thereby contributing to economic advancement. This promotion of golf tourism is anticipated to boost the sales and demand for golf equipment. For example, Scotland implemented a Golf Tourism and Visitor Strategy in June 2021, emphasizing destination development, community participation, education, and health. Therefore, the increase in golf tourism and government support is a key driver of market growth.

A contributing factor to the growth of the golf equipment market is the increasing number of golf players. The rising population of golf players, also known as golfers, fuels the demand for golf equipment as more individuals engage in the sport, necessitating essential gear such as clubs, balls, and accessories. This expanding market benefits manufacturers and retailers, fostering innovation and a broader range of product offerings to meet the diverse needs of golf enthusiasts. According to Golf Australia in November 2023, golf was played by 3.5 million Australians in the 2022-23 period, representing 17.6% of the adult population, an increase from 2.7 million players in the previous year of 2021-22. Therefore, the growing number of golf players is a significant driver of market growth.

Major companies in the golf equipment market are leveraging innovative strategies, such as the development of new products such as carbon fiber drivers, to gain a competitive edge. Carbon fiber, recognized for its lightweight and exceptional strength, is a key material in these advanced drivers. For instance, in January 2023, Topgolf Callaway Brands introduced the Paradym range, featuring groundbreaking technology. The Paradym Drivers, equipped with an industry-first 360 Carbon Chassis, optimize weight distribution for maximum distance and increased forgiveness. With a Triaxial Carbon crown and Forged Carbon sole, these drivers are 44% lighter than titanium chassis, enhancing both ball speed and forgiveness. The drivers, available in three models, cater to specific player preferences and performance requirements.

Strategic partnerships are another avenue pursued by major companies in the golf equipment market to develop new products and fortify their market positions. These collaborations facilitate innovation, broaden product offerings, and extend market reach, establishing mutually beneficial relationships. For instance, Sentosa Golf Club in Singapore partnered with The Toro Company, a US-based golf maintenance equipment company, in March 2022. Toro is providing a comprehensive package, including golf course maintenance equipment and irrigation products, with a focus on sustainability through hybrid and electric equipment and water-saving systems. This collaboration emphasizes environmental responsibility, innovation, and excellence in the golf industry.

In May 2021, Centroid Investment Partners, a South Korea-based private equity firm, acquired TaylorMade for 1.8 trillion won ($1.7 billion), aiming to enhance its market share in Asia and expand into clothing and other related businesses. TaylorMade is a US-based sports equipment manufacturing company.

Major companies operating in the golf equipment market report are Nike Inc., Bridgestone Corporation, Adidas AG, 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, Golfsmith International Holdings Inc., 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.

North America was the largest region in the golf equipment market in 2023. 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. The countries covered in the golf equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary product categories of golf equipment include golf clubs, golf balls, golf bags and accessories, apparel, and footwear. Golf clubs are utilized to strike a golf ball during gameplay and consist of a shaft with a grip and a club head. These clubs are categorized into woods, hybrids, and irons. The distribution of these products occurs through various channels, including specialty stores, sporting goods chains, on-course shops, online stores, and other outlets accessible to both amateur and professional golfers.

The golf equipment market research report is one of a series of new reports that provides golf equipment market statistics, including golf equipment industry global market size, regional shares, competitors with a golf equipment market share, detailed golf equipment market segments, market trends and opportunities, and any further data you may need to thrive in the golf equipment industry. This golf equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The golf equipment market consists of sales of woods, sticks, wedges, putters, and rubber material. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.