Golf equipment market size to grow by USD 1,418.41 million: Growing popularity of FootGolf to be a leading trend- Technavio

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Feb 21, 2023, 20:30 ET

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- According to Technavio, the global golf equipment market size is forecasted to grow by USD 1,418.41 million from 2022 to 2027. The market is estimated to decline at a CAGR of almost 2.77% during the forecast period. However, the growth momentum will decelerate. North America will account for 40% of the market's growth. The report includes historic market data from 2017 to 2021. In 2017, the golf equipment market was valued at USD 9,874.16 million. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on market size, request a sample report.

Technavio has announced its latest market research report titled Global Golf Equipment Market 2023-2027

Golf equipment market - Five forces
The global golf equipment market is fragmented, and the five forces analysis covers–

Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
For an interpretation of Porter's five forces model –buy the report!

Golf equipment market – Customer landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Golf equipment market - Segmentation assessment

Segment overview

Technavio has segmented the market based on Product (Golf clubs, Golf balls, Golf shoes, and Golf bags) and Distribution Channel (Offline and Online).

The golf clubs segment will account for a significant share of the market's growth during the forecast period. A golf club is an integral part of golf equipment. It has a slender shaft with a grip and a club head made of metal or wood. There are various types of golf clubs for different shots. Generally, a set of golf clubs is a combination of different clubs so that players can select accordingly for the required shot. With the rise in the participation of young players, the awareness and interest in golf is gradually increasing. This will increase the market growth during the forecast period.

Geography overview

By geography, the global golf equipment market is segmented into North America, APAC, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global golf equipment market.

North America will account for 40% of the market's growth. Factors such as the launch of customized golf equipment, the widespread use of online shopping sites to buy golf accessories like clubs, balls, and bags, and growing awareness of the existence of such products will drive the growth of the market in North America.

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Golf equipment market – Market dynamics

Key factor driving market growth

One of the key factors driving the global golf equipment market growth is the increasing focus on healthy lifestyles.
Globally, conditions including diabetes, high cholesterol, and obesity are on the rise.
Golf is becoming more and more popular as people become more conscious of the need of maintaining a healthy lifestyle.
Playing golf has a number of health advantages, including strengthening the abdominal muscles, enhancing coordination, and increasing the body's flexibility.

Leading trends influencing the market

The growing popularity of FootGolf is an emerging trend in the market.
FootGolf is a new hybrid sport played with a football instead of golf balls and heavy clubs.
It is gaining popularity in the US and in many Western European countries as the sport can be played by men, women, and children alike.
Another major attraction of FootGolf is that the game doesn't require to have professional expertise.
The growing popularity of FootGolf is expected to be a boon to the market during the forecast period.

Major challenges hindering the market growth

One of the major challenges impeding market growth is operational inefficiency.
Golf can be played only for a specific time period in a year because of the unfavorable climate in the other months of the year.
Golf turf management is challenging as the sport is vulnerable to changes in weather and seasons.
Seasonal changes such as rain or fog can lower the visibility and precision of golfers.
Another major concern is an increase in the demand for water to irrigate the turf during summer. These factors have a significant impact on the production and distribution of golf equipment.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this golf equipment market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the golf equipment market between 2023 and 2027
Precise estimation of the golf equipment market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the golf equipment market industry across North America, APAC, Europe, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of golf equipment market vendors

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Golf Equipment Market Scope
Report Coverage	Details
Page number	171
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Decelerate at a CAGR of 2.77%
Market growth 2023-2027	USD 1418.41 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	2.71
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	North America at 40%
Key countries	US, Japan, South Korea, China, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Acushnet Holdings Corp., ANTA Sports Products Ltd., Bridgestone Golf, Inc., Callaway Golf Co., Dynamic Brands, ECCO Sko AS, Honma Golf Co. Ltd., Jones Sports Co., Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., PUMA SE, Ralph Lauren Corp., Snell Golf, Sumitomo Rubber Industries Ltd., Taylor Made Golf Co. Inc., Tour Edge Golf, Under Armour Inc., and Worldwide Golf Brands Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and 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.

Table of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global golf equipment market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global golf equipment market 2017 - 2021 ($ million)

4.2 Product Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

4.3 Distribution channel Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Distribution channel Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

6.1 Market segments

Exhibit 30: Chart on Product - Market share 2022-2027 (%)
Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

6.2 Comparison by Product

Exhibit 32: Chart on Comparison by Product
Exhibit 33: Data Table on Comparison by Product

6.3 Golf clubs - Market size and forecast 2022-2027

Exhibit 34: Chart on Golf clubs - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Golf clubs - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Golf clubs - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Golf clubs - Year-over-year growth 2022-2027 (%)

6.4 Golf balls - Market size and forecast 2022-2027

Exhibit 38: Chart on Golf balls - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Golf balls - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Golf balls - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Golf balls - Year-over-year growth 2022-2027 (%)

6.5 Golf shoes - Market size and forecast 2022-2027

Exhibit 42: Chart on Golf shoes - Market size and forecast 2022-2027 ($ million)
Exhibit 43: Data Table on Golf shoes - Market size and forecast 2022-2027 ($ million)
Exhibit 44: Chart on Golf shoes - Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Golf shoes - Year-over-year growth 2022-2027 (%)

6.6 Golf bags - Market size and forecast 2022-2027

Exhibit 46: Chart on Golf bags - Market size and forecast 2022-2027 ($ million)
Exhibit 47: Data Table on Golf bags - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Chart on Golf bags - Year-over-year growth 2022-2027 (%)
Exhibit 49: Data Table on Golf bags - Year-over-year growth 2022-2027 (%)

6.7 Market opportunity by Product

Exhibit 50: Market opportunity by Product ($ million)

7 Market Segmentation by Distribution Channel

7.1 Market segments

Exhibit 51: Chart on Distribution Channel - Market share 2022-2027 (%)
Exhibit 52: Data Table on Distribution Channel - Market share 2022-2027 (%)

7.2 Comparison by Distribution Channel

Exhibit 53: Chart on Comparison by Distribution Channel
Exhibit 54: Data Table on Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

Exhibit 55: Chart on Offline - Market size and forecast 2022-2027 ($ million)
Exhibit 56: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Chart on Offline - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Offline - Year-over-year growth 2022-2027 (%)

7.4 Online - Market size and forecast 2022-2027

Exhibit 59: Chart on Online - Market size and forecast 2022-2027 ($ million)
Exhibit 60: Data Table on Online - Market size and forecast 2022-2027 ($ million)
Exhibit 61: Chart on Online - Year-over-year growth 2022-2027 (%)
Exhibit 62: Data Table on Online - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Distribution Channel

Exhibit 63: Market opportunity by Distribution Channel ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 65: Chart on Market share by geography 2022-2027 (%)
Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 67: Chart on Geographic comparison
Exhibit 68: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 APAC - Market size and forecast 2022-2027

Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.5 Europe - Market size and forecast 2022-2027

Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.6 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.7 South America - Market size and forecast 2022-2027

Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 Japan - Market size and forecast 2022-2027

Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.10 South Korea - Market size and forecast 2022-2027

Exhibit 97: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on South Korea - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

9.11 UK - Market size and forecast 2022-2027

Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.12 China - Market size and forecast 2022-2027

Exhibit 105: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 106: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 107: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 108: Data Table on China - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 110: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 112: Overview on factors of disruption

11.4 Industry risks

Exhibit 113: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 114: Vendors covered

12.2 Market positioning of vendors

Exhibit 115: Matrix on vendor position and classification

12.3 Acushnet Holdings Corp.

Exhibit 116: Acushnet Holdings Corp. - Overview
Exhibit 117: Acushnet Holdings Corp. - Business segments
Exhibit 118: Acushnet Holdings Corp. - Key offerings
Exhibit 119: Acushnet Holdings Corp. - Segment focus

12.4 ANTA Sports Products Ltd.

Exhibit 120: ANTA Sports Products Ltd. - Overview
Exhibit 121: ANTA Sports Products Ltd. - Business segments
Exhibit 122: ANTA Sports Products Ltd. - Key news
Exhibit 123: ANTA Sports Products Ltd. - Key offerings
Exhibit 124: ANTA Sports Products Ltd. - Segment focus

12.5 Bridgestone Golf, Inc.

Exhibit 125: Bridgestone Golf, Inc. - Overview
Exhibit 126: Bridgestone Golf, Inc. - Product / Service
Exhibit 127: Bridgestone Golf, Inc. - Key offerings

12.6 Callaway Golf Co.

Exhibit 128: Callaway Golf Co. - Overview
Exhibit 129: Callaway Golf Co. - Business segments
Exhibit 130: Callaway Golf Co. - Key offerings
Exhibit 131: Callaway Golf Co. - Segment focus

12.7 Dynamic Brands

Exhibit 132: Dynamic Brands - Overview
Exhibit 133: Dynamic Brands - Product / Service
Exhibit 134: Dynamic Brands - Key offerings

12.8 ECCO Sko AS

Exhibit 135: ECCO Sko AS - Overview
Exhibit 136: ECCO Sko AS - Business segments
Exhibit 137: ECCO Sko AS - Key offerings
Exhibit 138: ECCO Sko AS - Segment focus

12.9 Honma Golf Co. Ltd.

Exhibit 139: Honma Golf Co. Ltd. - Overview
Exhibit 140: Honma Golf Co. Ltd. - Product / Service
Exhibit 141: Honma Golf Co. Ltd. - Key offerings

12.10 Jones Sports Co.

Exhibit 142: Jones Sports Co. - Overview
Exhibit 143: Jones Sports Co. - Product / Service
Exhibit 144: Jones Sports Co. - Key offerings

12.11 Mizuno Corp.

Exhibit 145: Mizuno Corp. - Overview
Exhibit 146: Mizuno Corp. - Business segments
Exhibit 147: Mizuno Corp. - Key offerings
Exhibit 148: Mizuno Corp. - Segment focus

12.12 Nike Inc.

Exhibit 149: Nike Inc. - Overview
Exhibit 150: Nike Inc. - Business segments
Exhibit 151: Nike Inc. - Key news
Exhibit 152: Nike Inc. - Key offerings
Exhibit 153: Nike Inc. - Segment focus

12.13 PING Inc.

Exhibit 154: PING Inc. - Overview
Exhibit 155: PING Inc. - Product / Service
Exhibit 156: PING Inc. - Key offerings

12.14 PUMA SE

Exhibit 157: PUMA SE - Overview
Exhibit 158: PUMA SE - Business segments
Exhibit 159: PUMA SE - Key news
Exhibit 160: PUMA SE - Key offerings
Exhibit 161: PUMA SE - Segment focus

12.15 Ralph Lauren Corp.

Exhibit 162: Ralph Lauren Corp. - Overview
Exhibit 163: Ralph Lauren Corp. - Business segments
Exhibit 164: Ralph Lauren Corp. - Key offerings
Exhibit 165: Ralph Lauren Corp. - Segment focus

12.16 Sumitomo Rubber Industries Ltd.

Exhibit 166: Sumitomo Rubber Industries Ltd. - Overview
Exhibit 167: Sumitomo Rubber Industries Ltd. - Business segments
Exhibit 168: Sumitomo Rubber Industries Ltd. - Key offerings
Exhibit 169: Sumitomo Rubber Industries Ltd. - Segment focus

12.17 Under Armour Inc.

Exhibit 170: Under Armour Inc. - Overview
Exhibit 171: Under Armour Inc. - Business segments
Exhibit 172: Under Armour Inc. - Key offerings
Exhibit 173: Under Armour Inc. - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 174: Inclusions checklist
Exhibit 175: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 176: Currency conversion rates for US$

13.4 Research methodology

Exhibit 177: Research methodology
Exhibit 178: Validation techniques employed for market sizing
Exhibit 179: Information sources

13.5 List of abbreviations

Exhibit 180: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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