The golf equipment market includes products like golf shoes, golf clubs, golf bags, golf gloves and other accessories required for playing golf. Golf balls, tees and other consumable items are also considered part of the golf equipment industry. With growing popularity of golf as a sport, equipment manufacturers are innovating and developing high-performance yet affordable gear for amateur and professional golfers. Top brands are also experimenting with lightweight and environment-friendly materials to manufacture clubs and bags.
The global golf equipment market is estimated to be valued at US$ 13.37 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing Number of Female Golfers: One of the key drivers for the growth of the global golf equipment market is the rising number of female golfers across the world. Various promotional activities and initiatives by golf associations are encouraging more women to take up golf. For example, organizations like LPGA, PGA and USGA are promoting golf through social media campaigns and by offering beginner lessons and training programs at affordable prices specifically targeting female audience. This is expected to boost the sales of golf gear suitable for women including shoes, bags and other accessories.
Adaptability of Golf for Both Casual and Professional Play: Another important factor propelling the golf equipment market is golf’s adaptability for both casual play as well as professional tournaments and leagues. Unlike other professional sports, amateur golfers can easily access golf courses and enjoy the game on weekends or after office hours. On the other hand, golf also offers opportunities for serious professional trainings and sponsorships. This diverse nature of the sport attracts a varied customer base for golf equipment ranging from occasional players to dedicated athletes. Innovation in product design catering to requirements at both amateur and pro levels further reinforce the industry’s growth.
The diversity in golf’s audience from amateur to pro level players and the rising interest among female golfers are some of the key factors estimated to drive the global golf equipment market over the forecast period. Manufacturers are expected to launch new products that make golf affordable and accessible for a broader demographic.
Segment Analysis
The golf equipment market is dominated by the golf clubs sub-segment. Golf clubs sub-segment accounts for over 35% of the total market share owing to continuous product innovation and development of new golf clubs by key players. Companies are developing clubs with new materials, technologies and designs to improve accuracy and distance for golfers across skill levels.
PEST Analysis
Political: The golf market is positively influenced by initiatives of various governments to promote golf tourism and develop golf courses. However, regulations related to environmental preservation may pose challenges.
Economic: Rising disposable incomes, employment rates and spending power of consumers is driving higher participation in golf and purchase of premium quality golf equipment. Fluctuations in economic growth may impact the market.
Social: Popularity of golf as a social/recreational sport is increasing global adoption. However, less penetration in developing regions remains a constraint. Demographic shifts and interest in other sports also impacts the market.
Technological: Advancements in material sciences and manufacturing technologies enable constant new product innovation. Use of AI, analytics and AR/VR in golf equipment is an emerging trend augmenting the experience for users.
Key Takeaways
The Global Golf Equipment Market Growth is expected to witness high over the forecast period of 2024 to 2031.
Regional analysis reveals, North America dominates currently due to strong participation in golf, presence of major players and higher spending. However, Asia Pacific is emerged as the fastest growing regional market due to increasing interest of youth in golf.
Key players analysis, Hologic Inc., Siemens Healthineers and Danaher Corporation are the leading players in the golf equipment market. These companies focus on continuous product innovation to gain greater market share. For instance, Hologic Inc. manufactures 3D mammography systems that provides high-quality breast screening.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
