Rise in number of professional and amateur female golfers, rise in trend of golf tourism, and growth of the middle-class population drive the global golf equipment market. North America contributed the highest share in 2020, and is expected to continue its dominant share in terms of revenue by 2030. Due to the outbreak of the Covid-19 pandemic, the demand for golf equipment has decreased, and travel restrictions have severely harmed the market’s distribution channel system globally.
According to the report published by Allied Market Research, the global golf equipment market generated $7.04 billion in 2020, and is estimated to generate $10.15 billion by 2030, witnessing a CAGR of 3.9% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
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Rise in number of professional and amateur female golfers, rise in trend of golf tourism, and growth of the middle-class population drive the growth of the global golf equipment market. However, busy work schedules, expensive golf courses and memberships, and adoption of alternative leisure activities impede the market growth. On the contrary, rise in popularity of online shopping offers new opportunities in the upcoming years.
Leading players of the global golf equipment market discussed in the research include Roger Cleveland Golf Company, Inc., TaylorMade Golf Company, Inc., Acushnet Holdings Corp., Golfsmith International Holdings, Inc., Amer Sports Corporation, Nike, Inc., Bridgestone Sports Ltd., Callaway Golf Company, Sumitomo Rubber Industries Ltd., and PING.
- The Covid-19 pandemic hampered the expansion of the golf equipment market. The demand for golf equipment decreased and travel restrictions severely harmed the market’s distribution channel system globally.
- The lockdown has affected manpower and resource availability, affecting the scale of production in the golf equipment market. In addition, due to transportation constraints, the golf equipment supply chain system has been impacted.
The report offers detailed segmentation of the global golf equipment market based on type, distribution channel, and region.
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Based on type, the golf clubs segment held the highest market share in 2020, accounting for nearly half of the total share, and is projected to maintain its leadership status during the forecast period. However, the golf shoes segment is estimated to grow at the fastest CAGR of 5.9% from 2021 to 2030.
Based on distribution channel, the specialty stores segment accounted for the largest share in 2020, contributing to nearly half of the global golf equipment market, and is expected to maintain its lead position during the forecast period. However, the online stores segment is projected to portray the highest CAGR of 7.1% from 2021 to 2030.
Based on region, North America contributed the highest share in 2020, accounting for around half of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 6.0% during the forecast period.
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