Golf Equipment Market

Global Golf Equipment Market Size (2024 to 2032)

The size of the global golf equipment market size was valued at USD 6.88 billion in 2023. The global market size is expected to reach USD 10.06 billion in 2032 and USD 7.18 Billion by 2024, growing at a CAGR of 4.3% from 2024 to 2032. 

Current Scenario of the Global Golf Equipment Market

All products that are used to play golf are normally termed golf equipment. Golf clubs, golf balls, golf shoes, and others are the most common types of equipment used in golf. The increase in golf courses all over the globe is a major positive factor for golf enthusiasts. There has been a huge development in the equipment being used, and the new developments have only increased the performance and player experience.

MARKET DRIVERS

At present, globally, more than 200 golf courses are under construction, and over 350 golf courses are in the planning stages.

The major factor driving the growth of the global golf equipment market is a rise in middle-class income people and an increase in their disposable income, which allows them to pursue golf with much more dedication. The improvement in golf tourism all over the globe, with the opening of more golf clubs and different types of tournaments, has also given a major boost to the growth of the golf equipment market. The development of golf courses all over the world, with the help of government initiatives or private initiatives, is propelling the growth of the golf equipment market. The rise in the number of professional and amateur female golfers is also another factor contributing to the global market growth. There are over 30,000 golf courses across the globe and almost 70% of those are easily accessible to the public. This is likely to surge demand for golf equipment in the coming years and propel the global market growth.

MARKET RESTRAINTS

The major factor hindering the growth of the golf equipment market is that the devices used are very expensive and thus, golf has become a game of rich people.

This needs to be improved for deeper penetration of the market and getting more access to a large number of people. The adoption of other games, including indoor sports such as chess, badminton, table tennis, and others, owing to the hectic lifestyle of individuals, restricts the adoption of golf equipment.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Golf Equipment Market By Type

The golf clubs segment was the highest revenue-grossing segment and is expected to continue to remain in position during the forecast period due to their popular long shots.

However, hybrid clubs made from iron and higher-lofted woods are slowly finding pace with players who face difficulty with iron clubs. The golf shoe segment is expected to grow at the highest CAGR during the forecast period. Consumers playing golf are demanding more comfortable, lightweight shoes that are also comfortable to wear during play. New features are being added by the manufacturers to attract more customers like the shoes provide extreme stability with a waterproof upper midsole unit to provide underfoot comfort, thereby ensuring comfort to the player.

Global Golf Equipment Market By Distribution Channel

The specialty stores segment accounted for the lion’s share of the global golf equipment market in 2021 and is predicted to continue the same trend in the coming years.

Specialty stores offer an array of golf products of different brands to choose from; thus, they are preferred by consumers to purchase golf equipment. The discounts offered by these stores are another major factor propelling the growth rate of the specialty store segment. The online stores segment is anticipated to account for a substantial share of the worldwide market during the forecast period. People now prefer shopping online due to the presence of various trusted sites and the discounts offered by these sites. This trend is attributable to the high penetration rate of mobile phones, an increase in e-commerce sales, significant awareness of online stores, and the availability of easy payment options. Of course, the store segment is determined to grow at a healthy growth rate due to the opening of more such stories at the golf clubs and thus attract a lot of players.

REGIONAL ANALYSIS

The North American region is expected to grow at a promising rate during the forecast period.

The increasing population of the region, coupled with an increase in disposable income, is propelling the region’s growth rate. The increasing government initiatives to promote Golf tourism in the area are positively impacting the region’s growth rate. The growing awareness among people about the game due to more coverage on TV is also a major cause for a favorable growth rate.

The European region is foreseen to grow at a healthy rate during the prediction period. The increasing income of people is also boosting the region’s prospects. The rising initiatives by the governments promoting the development of Golf are boosting the region’s growth rate. The presence of online retailers in this area will further boost the European market growth.

The Asia Pacific region is anticipated to showcase the highest growth rate during the calculated period.

The increasing population rate, particularly in countries like India and China, is responsible for the region’s highest growth rate. The surge in disposable income of the people in this area has been a major support for the growth of this market.

KEY MARKET PLAYERS

Companies such as Acushnet Holdings Corp, Roger Cleveland Golf Company, Inc., Golfsmith International Holdings, Inc., Nike, Inc., Amer Sports Corporation, Bridgestone Sports Ltd., Sumitomo Rubber Industries Ltd. (Japan), Callaway Golf Company, TaylorMade Golf Company and PING are playing a promising role in the global golf equipment market.

DETAILED SEGMENTATION OF THE GLOBAL GOLF EQUIPMENT MARKET INCLUDED IN THIS REPORT

This research report on the global golf equipment market has been segmented and sub-segmented based on type, distribution channel, and region.

By Type

• Golf Clubs
• Golf Balls
• Golf shoes
• Others

By Distribution Channel

• Sports Goods Chain
• Specialty Sports Shops
• On-course Shops
• Online Stores
• Others

By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa