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Golf Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 175 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4617301
UP TO OFF until Sep 30th 2022
The golf equipment market is expected to register a CAGR of 4.21% during the forecast period (2022 - 2027).

COVID-19 has negatively impacted the golf equipment market because of the nationwide lockdown and social distancing norms. Golf is mostly being played in the Americas, Europe, and Oceanian countries, which were highly impacted by the pandemic resulting in a decline in the equipment market. However, the situation started to improve after mid-year with improved sales and market growth.

The market is highly impacted by product innovations carried out by the key players and huge investments in marketing and promotional activities to reach a wide customer base.

With the substantial growth of the golf tourism industry, the market is anticipated to have a positive outlook in the coming years. European countries are expected to invest heavily in the infrastructural enhancements pertaining to the game and host many international golf events and competitions.

Furthermore, the participation rates, especially among millennials, in pro-golf tournaments are increasing, which is likely to directly boost the sales of golf equipment during the forecast period.

Key Market Trends

A Surge in the Number of Golf Courses

Globally, there has been an increase in the number of golf courses, especially in the top golfing countries, over the past few years. The United States, the United Kingdom, Japan, Germany, Canada, South Korea, Sweden, France, and Italy are some of the key leading countries in the golf industry, and more than 50% of the golf courses are in these countries. Most of these courses belong to private clubs, golf-centric real estate places, and golf resorts. More than 30,000 golf facilities worldwide, and more than 70% of these are open to the public and hence, are largely accessible. At present, more than 200 golf courses are under construction, and over 350 golf courses are in the planning stages globally. This indicates a significant rise in demand for golf equipment during the forecast period.

Rise in Demand for Golf Equipment from Asia-Pacific

The Asia-Pacific golf equipment market is led by Japan, followed by China, South Korea, and Thailand, among the other countries in the region. As of 2017, Asia-Pacific had approximately 4,570 golf facilities and accounted for 14% of the overall global market. In the past few years, there has been a phenomenal growth in the Asia-Pacific golf industry, led by China, followed by India, Australia, and Thailand, in course supply. China is one of the fastest-growing countries in the Asia-Pacific region in terms of the number of golf courses, owing to the rise in awareness about golf and an increase in the golfer population in the country. Moreover, increasing media exposure to international golf events has aided the rise in the popularity of golf among the masses. This encourages the youth to play such sports, which has further boosted the sales of golf equipment in the region.

Competitive Landscape

The golf equipment market is highly competitive. The market is dominated by players like Acushnet Holdings Corp., Callaway Golf Company, Nike Inc., Bridgestone Corporation, and Sumitomo Rubber Industries. The companies are adopting competitive strategies by investing more to develop new technologies for the production of golf equipment. These players differentiate their products in terms of design (size and weight) and quality to gain a competitive advantage. Furthermore, the leading companies have adopted strategic expansion as their key strategy in order to broaden their geographical presence and customer base. For instance, in Jul 2021, Wilson Sporting Goods opened its first-ever retail location in Chicago; the new store offers a curated assortment of sporting goods, including Wilson's high-performance sports equipment, across many sports categories, such as tennis, baseball, football, basketball, and golf.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Degree of Competition
5.1 Product Type
5.1.1 Golf Clubs
5.1.2 Golf Balls
5.1.3 Golf Bags and Accessories
5.1.4 Apparel
5.1.5 Footwear
5.2 Distribution Channel
5.2.1 Offline Stores
5.2.2 Online Stores
5.3 Geography
5.3.1 North America United States Canada Mexico Rest of North America
5.3.2 Europe United Kingdom Germany Spain France Italy Austria Rest of Europe
5.3.3 Asia-Pacific China Japan South Korea Australia Rest of Asia-Pacific
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa United Arab Emirates South Africa Rest of Middle-East and Africa
6.1 Strategies Adopted by Leading Players
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Callaway Golf Company
6.4.2 Sumitomo Rubber Industries
6.4.3 Nike Inc.
6.4.4 Acushnet Holdings
6.4.5 Mizuno Corporation
6.4.6 Taylormade Golf Company Inc.
6.4.7 Adidas Group
6.4.8 Bridgestone Group
6.4.9 Puma SE
6.4.10 PING Inc.
6.4.11 Anta Sports Products Limited (Amer Sports)

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Callaway Golf Company
  • Sumitomo Rubber Industries
  • Nike Inc.
  • Acushnet Holdings
  • Mizuno Corporation
  • Taylormade Golf Company Inc.
  • Adidas Group
  • Bridgestone Group
  • Puma SE
  • PING Inc.
  • Anta Sports Products Limited (Amer Sports)