The global golf equipment market size was valued at USD 6.51 billion in 2018 expanding at a CAGR of 2.2% over the forecast period. Rising consumer disposable income, spur in golf tourism, growing popularity of the sport, and development of golf courses across the world are some of the prominent factors driving the growth.
Golf is played by more than 60 million people, in more than 130 countries from six continents. The International Golf Federation organizes various programs and events across the world to attract millions of people of all ages to the game. With the addition of the sport in the Olympic Games, there is a sudden rise in the number of golfers across the world.
The number of young golfers has substantially increased in last few years leading to the purchase of various golf kits. This is one of the major reasons driving the demand for golf equipment. The substantial rise in the demand is also due to the increasing income of the middle class population and the number of female golfers over the last few years.
However, hectic schedules in young consumer group leads to increase in number of indoor games thus, hampering the demand. Furthermore, high membership charges of the golf courses are also impeding the product demand globally.
In addition, online discounts on the product can propel the demand in near future. Rising popularity of golf among wealthy and upper class population is projected to bode well for the product demand in the forthcoming years. Increasing number of golf courses due to increasing golf tourism can further fuel the demand. Golf offers ample opportunity to spend quality time and socialize to a great extent.
By product type, the golf equipment market is divided into golf balls, clubs, footwear, and gear. Golf club accounted for the largest market share of approximately 45.0% in 2018. Golf club is one of the major products in this segment is witnessing significant demand. Customizable and assorted golf clubs are becoming popular among the consumers which is anticipated to drive the golf clubs segment during the forecast period. Innovation by the manufacturers in clubs such as hybrid clubs made of higher-lofted woods and iron are gaining popularity among consumers, thus driving the segment growth. Golf gear is expected to witness the fastest CAGR of more than 3.5% during the forecast period. Availability of online discounts is also projected to drive the product demand.
On the basis of distribution channel, the market is divided into sports goods retailers, online, and department and discount stores. Sports goods retailers held the largest market share of more than 55.0% in 2018. These retailers are generally present inside the golf courses thus, they generate the maximum revenue. Furthermore, easy access, availability of the product, and variety are among the prominent factors for the segment growth. These retailers also provide discount with the golf course membership which is also propelling the segment.
Apart from sports retailers, online is the fastest growing segment and is witnessing a significant CAGR of more than 4.0% over the forecasted period. Faster delivery, discounts, assured dealers, and free replacements are among the prominent factor driving the growth. For instance, Amazon.com provides one day delivery of products to its Prime customers and guarantees 30 days replacement with assured dealers. Such factors are anticipated to positively influence the segment growth in the forthcoming years.
North America was estimated to be the largest market in 2018 owning to growing popularity of the sport in the region. In 2018, U.S. was the largest market for golf equipment with a share of 57.0% in North America. Changing lifestyle along with increasing income of the middle-class population is driving the regional demand. In addition, inclination of the consumers towards leisure activities is further fueling the growth.
Asia Pacific is anticipated to register the fastest CAGR of more than 2.5% during the forecast period. Rising popularity of the sport in the region, particularly in china after the golfer Feng Shanshan winning a bronze in 2016 Olympics, is the major factor propelling the regional market.
Callaway, SRI sports, Acushnet Holding Corp., Taylormade, Titlesit, Mizuno, Wilson, Odyssey, and Ping are some of the major market players. The market poses a moderate to high entry barrier due to presence of big players and requirement for huge investments. These companies engage in innovations and R&D investments to provide the best gears to the players and to gain an edge over its competitors. They also engage in business expansions and mergers and acquisitions to gain greater market share.
Report Attribute |
Details |
Market size value in 2020 |
USD 6.85 billion |
Revenue forecast in 2025 |
USD 7.6 billion |
Growth Rate |
CAGR of 2.2% from 2019 to 2025 |
Base year for estimation |
2018 |
Historical data |
2015 - 2017 |
Forecast period |
2019 - 2025 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2019 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, distribution channel, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; U.K.; Germany; Japan; Australia; South Africa; Brazil |
Key companies profiled |
Callaway; SRI sports; Acushnet Holding Corp.; Taylormade; Titlesit; Mizuno; Wilson; Odyssey; Ping |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country; regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global golf equipment market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Billion, 2015 - 2025)
Golf Clubs
Golf Balls
Golf Gear
Golf Footwear & Apparel
Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Sports Goods Retailers
Online Retail
Department & Discount Stores
Regional Outlook (Revenue, USD Billion, 2015 - 2025)
North America
The U.S.
Europe
The U.K.
Germany
Asia Pacific
Japan
Australia
Central & South America
Brazil
Middle East & Africa
South Africa
b. The global golf equipment market size was estimated at USD 6.65 billion in 2019 and is expected to reach USD 6.85 billion in 2020.
b. The global golf equipment market is expected to grow at a compound annual growth rate of 2.2% from 2019 to 2025 to reach USD 7.6 billion by 2025.
b. North America dominated the golf equipment market with a share of 54.0% in 2019. This is attributable to growing popularity of the sport in the region and changing lifestyles of consumers, along with increasing incomes of the middle-class population in the region.
b. Some key players operating in the golf equipment market include Callaway, SRI sports, Acushnet Holding Corp., Taylormade, Titlesit, Mizuno, Wilson, Odyssey, and Ping, among others
b. Key factors that are driving the golf equipment market growth include rising consumer disposable incomes, spur in golf tourism, growing popularity of the sport, and development of golf courses across the world.
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