The Golf Clubs Market is projected to grow by USD 795.2 Million from 2024-2028, with AI driving market evolution and rising disposable income boosting demand - Technavio

NEW YORK, Sept. 24, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Golf Clubs Market size is estimated to grow by USD 795.2 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 2.91% during the forecast period. increased disposable income is driving market growth, with a trend towards rising number of ultra-hnis However, seasonality of sport poses a challenge - Key market players include Acushnet Holdings Corp., Amer Sports Corp., Bob Burns Golf Co., Bridgestone Golf Inc., Callaway Golf Co., Cobra Golf, Evergreen Golf, Hippo Golf, Honma Golf Co. Ltd., Infiniti Golf Inc., Kasco Corp, Mizuno Corp., Nike Inc., Parsons Xtreme Golf LLC, PING Inc., Power Bilt, Roger Cleveland Golf Co. Inc., Taylor Made Golf Co. Inc., Thomas Golf Inc., and Yonex Co. Ltd..

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Market Driver

The global Ultra High Net Worth Individual (UHNI) population is projected to expand by 28.1% to around 802,891 by 2028, creating a significant market opportunity for luxury leisure activities like golf. In 2023, there were approximately 626,619 UHNIs, representing a 4.2% increase from the previous year's 601,300. India experienced a 6.1% increase in UHNIs, with 13,263 in 2023. These affluent individuals frequently seek exclusive, luxurious experiences, making golf, with its prestigious reputation, an appealing option. Golf club memberships and ownership of high-end golf properties serve as status symbols, driving market growth. With the increasing number of UHNIs in BRICS and APAC regions, who are known for their substantial spending on leisure activities, the global golf clubs market is poised for robust expansion during the forecast period.

The golf club market is thriving, catering to both elite sports enthusiasts and those making the game a leisure activity. As a sports entertainment firm, we focus on millennial-friendly improvements, providing fashionable equipment and entertaining experiences. Manufacturers innovate with materials like tungsten and higher-lofted woods, appealing to seasoned buyers and attracting new customers. Our platform prioritizes customization, with smart sensors and golf customization based on swing speed and impact angle. Callaway Golf leads the way with technology-driven golf clubs and lightweight designs. Private facilities and golf accommodations offer superior experiences, extending the product lifespan and shortening the product repurchase cycle for irons and woods. The golf club market is a well-liked athletic sport and development continues to make it a superior pastime. Sleeve labels and customization add value, making each round more enjoyable for professional and amateur golfers alike.

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Market Challenges

• Golf clubs face significant challenges due to the dependence on favorable weather conditions for operations. In regions with harsh winters or rainy seasons, the number of playable days is limited, leading to revenue fluctuations and potential membership dues adjustments. In the US, golf is primarily played between April and October. Similarly, in the UK, the golf season lasts from April to September. Weather conditions, specifically rain or fog, can impact visibility and precision, affecting the golfing experience. Golf turf management also presents challenges due to seasonal changes, with increased water demand during summer and potential water scarcity concerns. These factors significantly impact golf equipment production and distribution, requiring vendors to adjust inventory and product launches. Marketing strategies for golf clubs, memberships, events, and services must adapt to peak and off-peak seasons, potentially impacting market growth during the forecast period.
• The golf clubs market faces several challenges. Golf equipment sales have been stagnant due to decreasing participation rates. Miniature golf courses offer an alternative, but they cannot replace the experience of playing on a real course. Millennials prefer experiences over material possessions, making it crucial for the industry to adapt. Topgolf and other innovative golf entertainment venues are gaining popularity. Carbon fiber and hybrid iron clubs are trending, but customised clubs remain a niche market. Golf tourism and luxury resorts are expanding, offering consumers unique experiences. Golf simulators and training programs cater to golfers year-round. Professional golf tours and Scotland's historic courses attract avid golfers. Sporting goods retailers must adapt to younger consumers' preferences. Golf is a healthy, fun leisure pursuit, but acceptance among the younger demographic is growing slowly. Golf clubs, with their club heads, shafts, handles, irons, woods, and hybrids, continue to be essential tools for golfers. The industry must innovate to stay relevant and meet evolving consumer demands.

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Segment Overview

This golf clubs market report extensively covers market segmentation by

1. Application
• 1.1 Leisure
• 1.2 Professional
2. Product
• 2.1 Woods
• 2.2 Irons
• 2.3 Putters
• 2.4 Wedges
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Leisure- The golf clubs market is a significant sector in the sports industry. Golf clubs are essential equipment for playing golf. These clubs come in various types, including drivers, irons, wedges, and putters, each designed for specific functions. Manufacturers produce golf clubs using high-quality materials like titanium, steel, and graphite. Consumers look for clubs that offer superior performance, durability, and adjustability. The market is competitive, with numerous brands vying for market share. Companies invest in research and development to innovate and differentiate their products. Golf clubs are sold through various channels, including retail stores, online platforms, and directly by manufacturers. The market size is influenced by factors like consumer preferences, economic conditions, and technological advancements.

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Research Analysis

Golf clubs have seen a significant transformation in recent years with the integration of smart sensors and technology-driven innovations. Golfers of all levels, from professionals to amateurs, are now benefiting from customised clubs tailored to their swing speed and impact angle. Lightweight golf clubs made from carbon fibre have gained popularity due to their enhanced performance and ease of use. The golf equipment market is thriving, with luxury resorts and private facilities offering golf tours and training programs. Golf tourism is on the rise, attracting younger consumers to the sport. Hybrid iron clubs have become a staple in golf equipment, providing versatility and convenience. Scotland, the birthplace of golf, continues to be a major player in the industry, with sporting goods retailers stocking a wide range of golf equipment for consumers. Golf simulators offer a realistic training experience, while professional golf tours showcase the latest advancements in golf technology. Golf's growing acceptance as a sport for all ages and abilities is driving innovation and demand for high-quality golf clubs.

Market Research Overview

The golf club market is experiencing significant growth as technology integrates into the sport, enhancing the experience for both professional and amateur golfers. Smart sensors and customization are transforming golf equipment, with focus on swing speed, impact angle, and club head design. Private golf facilities and luxury resorts cater to consumers seeking a high-end golf vacation experience. Millennials and younger consumers are driving demand for technology-driven golf clubs, such as lightweight carbon fiber clubs and hybrid iron sets. Golf equipment sales are booming, with sleeve labels and golf simulators also gaining popularity. Miniature golf courses offer a fun and accessible alternative for those new to the sport. Golf tourism is expanding, with golf courses and accommodations offering hospitality offerings as a central part of the experience. The growing acceptance of golf as a healthy, athletic sport and leisure activity continues to attract seasoned buyers and new customers alike. Manufacturer innovation, such as higher-lofted woods and tungsten material for improved center of gravity, is keeping the product lifespan short and the product repurchase cycle quick. The game of golf is evolving, offering something for everyone from professional golfers to casual players, and golf equipment is at the heart of it all.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Leisure
• Professional
• Product
• Woods
• Irons
• Putters
• Wedges
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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