Golf equipment market size to grow by USD 1,418.41 million | North America will account for 40% of the market's growth- Technavio

NEW YORK, Nov. 8, 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. 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. 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.

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.

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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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Table of Contents:

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 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio