Golf Equipment Market size is set to grow by USD 1.58 billion from 2024-2028, Increasing focus on healthy lifestyles boost the market, Technavio

NEW YORK, June 5, 2024 /PRNewswire/ -- The global golf equipment market size is estimated to grow by USD 1.58 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3%  during the forecast period. 

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Market Driver

The FootGolf trend is revitalizing the golf equipment market in the US and Europe. With over 70 accredited courses in the US and growing, this hybrid sport played with a soccer ball instead of golf balls, attracts a wider demographic. The shift from traditional golf, particularly among younger generations, is driving demand for FootGolf equipment.

The Federation for International FootGolf (FIFG) and American FootGolf Federation (AFGL) overseeing the sport, have acknowledged its potential in reviving golf courses and generating additional revenue. The increasing popularity of FootGolf is expected to boost sales in the golf equipment sector during the forecast period. 

The golf equipment market is experiencing significant growth with various trends shaping the industry. Golf bags, clubs, balls, and accessories are in high demand. Gold clubs, especially those made of titanium and graphite, are popular choices among players. The use of advanced technology in golf equipment, such as sensors and apps, is also on the rise. Brands are focusing on creating lightweight and durable products to cater to the needs of golfers.

Additionally, eco-friendly and sustainable golf equipment is gaining traction as consumers become more conscious of their environmental impact. Overall, the golf equipment market is an ever-evolving space, with innovation and technology driving the trends. 

Market Challenges

• The golf equipment market in various regions faces challenges due to seasonal climate conditions. In many parts of the US and other countries, golf is played only between certain months, increasing demand for irrigation water during summer.
• This can pose issues for regions with water scarcity. Weather changes also impact golf turf management and golfers' performance, affecting inventory and product launch timelines for vendors.
• The golf equipment market faces several challenges in today's business environment. One significant challenge is the high cost of technology in golf clubs and balls, such as those with advanced sensors and materials. Another challenge is the increasing competition from casual play equipment and other leisure activities.
• Additionally, consumer preferences for customized and personalized golf equipment pose a challenge for manufacturers and retailers. Furthermore, the global supply chain disruptions due to the pandemic have affected the availability and pricing of golf equipment. Lastly, the shift towards sustainable and eco-friendly golf equipment is a growing trend that requires significant investment and innovation.

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Segment Overview 

1. Product 
• 1.1 Golf clubs
• 1.2 Golf balls
• 1.3 Golf shoes
• 1.4 Golf bags
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Golf clubs-  The golf equipment market comprises various types of golf clubs, including woods, irons, putters, and wedges. These clubs are primarily differentiated by their loft angles and are essential for golfers to select the appropriate one for each shot. Manufacturers produce standard and durable golf clubs using materials like steel, titanium alloys, and carbon fibers, leading to increased costs. Vendors sell golf clubs in the US through specialty stores, retailers, and mass merchants, while international sales are handled through subsidiaries and distributors.

Replacement demand is high in the US and Western Europe, while new demand is emerging in China, India, and other regions due to growing interest in golf. Women, who make up 25% of the golfing population, are catered to with golf clubs specifically designed for their needs. Callaway Golf Co. is an example of a vendor offering women-specific putters to enhance their performance. These factors are driving the growth of the golf equipment market.

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Research Analysis

The Golf Equipment Market encompasses a wide range of products catering to the needs of professional golfers, beginners, and casual players. Key product categories include Golf Clubs, Balls, Apparel, and Accessories. Advanced technology such as sensors, GPS, and data analytics are increasingly being integrated into Golf Equipment to enhance performance and personalization.

Leisure activities like Golf are subject to zoning regulations and land use policies, influencing the demand for Golf Equipment. Safety protocols are essential considerations in the design of Golf Clubs and Golf Ball construction. Disposable incomes and the recreational nature of Golf contribute to the market's growth. Golf Clothes and Golf Accessories, including Golf Carts, are essential components of a comprehensive Golfing experience.

Market Research Overview

The Golf Equipment Market encompasses a wide range of products designed for enhancing the golfing experience. These include clubs, balls, bags, gloves, tees, markers, shoes, apparel, and accessories. Golf clubs come in various types, such as woods, irons, and hybrids, each catering to different playing styles and situations. Balls are available in various compositions and designs, offering distinct performance characteristics. Gloves provide a better grip and prevent blisters.

Shoes offer comfort, traction, and waterproofing. Apparel includes shirts, pants, and outerwear, providing comfort and protection from the elements. Accessories include items like rangefinders, golf bags, and training aids. The market is driven by factors like increasing golf participation, technological advancements, and growing consumer awareness.

Table of Contents:

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

• Product
• Golf Clubs
• Golf Balls
• Golf Shoes
• Golf Bags
• Distribution Channel
• Offline
• Online
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

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
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Website: www.technavio.com/

SOURCE Infiniti Research, Inc.