Golf Apparel, Footwear, and Accessories Market in the US to Record 3.95% Y-O-Y Growth Rate in 2021
NEW YORK, Jan. 12, 2022 /PRNewswire/ --
Golf Apparel, Footwear, and Accessories Market in US Facts at a Glance-
NEW YORK, Jan. 12, 2022 /PRNewswire/ --
Golf Apparel, Footwear, and Accessories Market in US Facts at a Glance-
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According to the recent market study by Technavio, the Golf Apparel, Footwear, and Accessories Market in US Share in Apparel, Accessories & Luxury Goods Industry is expected to increase by USD 1.12 billion from 2020 to 2025, with an accelerated CAGR of 5.03%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
The golf apparel, footwear, and accessories market vendors should focus on grabbing business opportunities from the men segment as it accounted for the largest market share in the base year under end-user category. Moreover, the offline channel will hold maximum share under distribution channel category.
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Vendor Insights-
The golf apparel, footwear, and accessories market in US is fragmented and the vendors are focusing on the launch of new products with innovative designs and technology to compete in the market.
Acushnet Holdings Corp.- The company offers a wide range of golf apparel, footwear, and accessories through its brand FootJoy.
adidas AG- The company offers a wide range of golf apparel, footwear, and accessories such as shoes, t-shirts, and shorts.
Bridgestone Corp.- The company offers a wide range of golf apparel, footwear, and accessories such as caps, t-shirts, hats, and shoes.
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Market Segmentation by End-user Outlook
The golf apparel, footwear, and accessories market share growth in US by the men segment will be significant during the forecast period. The segment for men held the largest share of the golf apparel, footwear, and accessories market in the US in 2020. The majority of participants in golf as a regular sport and in tournaments are men. Furthermore, male golfers aged 65 years and above tend to play golf more often than women golfers in the same age group. For instance, in the US, the number of golfers in the age group of 65 years and above (including men and women) increased to 5.3 million in 2019. The growing Baby Boomer population and high consumer spending in the US will drive the demand for golf apparel, footwear, and accessories in the men segment.
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Latest Drivers & Trends Driving the Market-
Vendors are focusing on developing new golf apparel, footwear, and accessories that not only have unique designs but can also provide more comfort to wearers. Market vendors are expanding their product portfolios with the aim of increasing their sales. They are launching new products with innovative styles to enhance the comfort of users. New product launches and the expansion of current product lines are some of the most preferred marketing strategies adopted by the vendors in the market to gain more market shares and retain their existing market shares. With the increasing number of product launches and the rising adoption of these products among customers, the market is expected to grow considerably during the forecast period.
Vendors are adopting organic and inorganic growth strategies to strengthen their market presence in the golf apparel, footwear, and accessories market in the US, which will accelerate the growth of the market during the forecast period. The business strategies for product development and commercialization provide vendors with multiple benefits, such as cost containment, extended product lines, and a wider geographic reach.
Vendors are engaged in M&A activities to expand their product portfolios and strengthen their business. Key vendors in the market are acquiring local companies in the golf apparel, footwear, and accessories market. Such acquisitions are aimed at strengthening their distribution network and thereby their market position in the golf apparel, footwear, and accessories market in the US. The concept of advertising campaigns featuring renowned sportspersons is a conventional yet successful marketing strategy adopted by well-established golf apparel manufacturers. The customization of golf products such as golf footwear and accessories is another key strategy adopted by vendors in the market.
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Golf Apparel, Footwear, And Accessories Market In US Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.03% |
Market growth 2021-2025 |
$ 1.12 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.95 |
Regional analysis |
US and Rest of North America |
Performing market contribution |
US at 100% |
Key consumer countries |
US |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Acushnet Holdings Corp., adidas AG, Bridgestone Corp., Callaway Golf Co., Mizuno Corp., Nike Inc., PUMA SE, Ralph Lauren Corp., Under Armour Inc., and VF Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
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SOURCE Technavio
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