Golf Equipment Market to grow by USD 1.41 billion from 2022 to 2027; Innovation and portfolio expansion leading to product premiumization boosts growth - Technavio
NEW YORK, Feb. 7, 2024 /PRNewswire/ -- The golf equipment market is estimated to grow by USD 1.41 billion from 2022 to 2027, declining at a CAGR of 2.77%, according to Technavio. Innovation and portfolio expansion leading to product premiumization is a key factor driving growth. Manufacturers in the golf equipment industry are leveraging new technologies and innovations to create products with advanced designs, quality, and features. They are expanding their product lines to cater to golfers of all ages, including professionals and amateurs. The increasing purchasing power and demand for comfortable, lightweight clubs are driving sales. Leading manufacturers adhere to rules set by global and regional golf associations, such as the Royal and Ancient Golf Club (R&A). For example, PUMA SE offers the Puma Ignite NXT Golf Shoe with an advanced spikeless sole for solid traction and durability.
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- The growing popularity of FootGolf is a primary trend shaping growth.
- Fluctuating prices of raw materials are significant challenges restricting growth.
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. are key companies.
Acushnet Holdings Corp. - The company offers a wide range of golf equipment such as golf gear, golf bags, headwear, travel gear, accessories, and golf gloves.
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By Geography, the market is classified as North America, APAC, Europe, Middle East and Africa, and South America. North America is estimated to contribute 40% to the growth of the global market during the forecast period. The US and Canada, being traditional golf markets, dominate the North American golf equipment market, with the US holding the largest share in 2022. Growth is fueled by innovative product launches, widespread online purchases, and increased awareness. Customized golf equipment is in high demand, and sales of celebrity-endorsed and designer golf gear are on the rise in the region.
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By Product, the market is classified into golf clubs, golf balls, golf shoes, and golf bags. The golf clubs segment is expected to witness significant growth during the forecast period. Golf clubs are fundamental to the sport, comprising a shaft with a grip and a club head. Various types, including woods, irons, putters, and wedges, cater to different shots based on loft variations. Golfers use sets with a range of clubs to select the most suitable one for specific shots, allowing versatility on the course.
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Customization options are a new trend
Golf equipment encompasses a wide range of products designed for the game of golf. This includes golf clubs, golf balls, and various accessories. The industry is constantly evolving with advancements in golf club technology and innovations in golf balls. Golf equipment manufacturing involves the production of high-quality clubs and balls, often with customization options to suit individual players' preferences. The market also includes golf apparel, which follows trends in fashion and performance materials. Golf industry statistics track trends in equipment sales, player demographics, and course management. Sponsorships of golf tournaments by equipment brands are common, contributing to the visibility and promotion of golf products.
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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 across 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.
Technavio Research
Jesse Maida
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SOURCE Technavio
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