Golf Equipment Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on October 4th, 2021 The global golf equipment market size is expected to reach USD 7.60 billion by 2025, expanding at a CAGR of 2.2% in the forecast period, according to a new report by Grand View Research, Inc. The market is driven by the adoption of sports for recreational activities by the young population. Increasing income of middle-class economic group and westernization in the developing countries is propelling the product demand. Golf club accounted for the largest market share of more than 45.0% in 2018 and is expected to continue witnessing a significant growth over the forecast period. Availability of customized and assorted golf clubs and their rising popularity is driving the growth. Golf gears is projected to witness the fastest CAGR of more than 3.5% during the forecast period. Increasing number of professional players and availability of online discounts are among the prominent factor driving the segment growth. Sports goods retailers is emerged as the leading distribution channel with a market share of more than 55.0% in 2018. Availability of a large variety of products and rising number of golf courses are among the prominent growth drivers. Online retail is expected to register the fastest CAGR of more than 4.0% CAGR over the forecast period. Various schemes such as online discounts, one day delivery, and busy schedules of the working population are anticipated to fuel the segment growth. North America led the golf equipment market with a share of more than 54.0% in 2018. The changing lifestyle along with increase in disposable income of the middle-class population is among the prominent factors for the regional growth. Asia Pacific is anticipated to register the fastest CAGR of more than 2.5% over the forecast period. The growing adoption of the sport, particularly in china, is anticipated to bode well for the growth. Rising consumer disposable income, spur in golf tourism, growing popularity of the sport, and development of golf courses across the world are some of the prominent factors driving the growth. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/golf-equipment-market/request/rs1 Golf is played by more than 60 million people, in more than 130 countries from six continents. The International Golf Federation organizes various programs and events across the world to attract millions of people of all ages to the game. With the addition of the sport in the Olympic Games, there is a sudden rise in the number of golfers across the world. The number of young golfers has substantially increased in last few years leading to the purchase of various golf kits. This is one of the major reasons driving the demand for golf equipment. The substantial rise in the demand is also due to the increasing income of the middle class population and the number of female golfers over the last few years. Golf Equipment Market Report Highlights
However, hectic schedules in young consumer group leads to increase in number of indoor games thus, hampering the demand. Furthermore, high membership charges of the golf courses are also impeding the product demand globally. Callaway, SRI sports, Acushnet Holding Corp., Taylormade, Titlesit, Mizuno, Wilson, Odyssey, and Ping are some of the major market players. The market poses a moderate to high entry barrier due to presence of big players and requirement for huge investments. These companies engage in innovations and R&D investments to provide the best gears to the players and to gain an edge over its competitors. They also engage in business expansions and mergers and acquisitions to gain greater market share. Grand View Research has segmented the global golf equipment market on the basis of product, distribution channel: Golf Equipment Product Outlook (Revenue, USD Billion, 2015 - 2025)
Golf Equipment Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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