Golf Equipment Market Size, Share & Trends Analysis Report By Product (Clubs, Gears, Footwear & Apparel, Balls), By Distribution Channel (Sports Goods Retailers, Online, Department & Discount Stores), And Segment Forecasts, 2019 - 2025

Report Overview

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.

Product Insights

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.

Distribution Channel Insights

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.

Regional Insights

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.

Key Companies & Market Share Insights

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.

Golf Equipment Market Report Scope

Segments Covered in the Report

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