Golf Equipment Market Poised For Growth With Rising Adoption Of Golf Sports

 

Golf Equipment Market

The global golf equipment market is estimated to be valued at US$ 13.37 million in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period from 2024 to 2031.

Golf equipment such as golf balls, golf clubs, golf shoes and others have wide range of applications in golf sports across both amateur and professional levels. Rising trend of golf as recreational sports especially among middle aged individuals is accelerating the demand for various golf equipment.

Golf equipment assist in improving golf playing skills and performance. Golf balls help in achieving longer throws and improved control while golf clubs enables optimum swing and shot precision. Rising participation in amateur and professional golf tournaments is propelling the sales of advanced performance focused golf equipment. Additionally, growing availability of golf courses especially in developed regions and emergence of low-cost equipment is supporting the uptake of golf as serious sports. The stringent regulations enforced by organizations such as R&A and USGA regarding golf ball and club design also encourages continuous innovations in golf equipment, further augmenting the market growth.

Key Takeaways
Key players operating in the golf equipment market are Hologic Inc., Siemens Healthcare GmbH, Shimadzu Medical, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Carestream Health, Canon Medical Systems Corporation, General Electric Company (GE Healthcare), and ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.).

Key opportunities in the Golf Equipment Market Demand include development of environment friendly products using recyclable materials and emergence of sensor integrated smart golf equipment. Manufacturers are focusing on introducing equipment embedded with sensors and integrated with smartphone apps to track performance metrics, assist in improving skills and enable virtual training.

Global expansion especially in emerging economies of Asia Pacific and Latin America serves as a major growth strategy for key golf equipment companies. Countries witnessing expanding middle class and rising enthusiasm towards golf as hobby are prioritized markets. Regional presence is strengthened through collaborations with local golf sports federations and clubs as well as establishing manufacturing and distribution centers.

Market drivers: Growing popularity of golf as serious recreational sports and expanding middle age consumer base pursuing active lifestyles is a key driver. Rising number of golf courses and golf tournaments both amateur and professional levels is also fueling the equipment demand.

Market Restrain: High initial purchase cost of equipment especially clubs and professional grade equipment may restrict mass adoption. Prohibitive membership and access cost for golf courses especially in non-golf centric regions also challenges market potential to some extent. Stringent regulations regarding design, material use can slow product innovation cycles to some degree.

Segment Analysis
The golf balls sub-segment currently dominates the golf equipment market owing to the high demand for replacing balls after regular usage. Golf balls have a shorter lifespan as compared to other equipment such as clubs and shoes. Their frequent replacements contribute to the large market share of this sub-segment.

The golf clubs sub-segment holds the second largest share and is expected to witness steady growth. Technological advancements in club designs for specialized purposes such as driving, pitching etc. introduces newer products catering to specific needs, thus augmenting the demand.

Global Analysis
The North American region holds the major share in the global golf equipment market currently due to high participation in golf. Growing popularity of golf as a recreational sport in countries like the US and Canada propels the demand. The region is expected to remain dominant during the forecast period.

The Asia Pacific region is estimated to witness the fastest growth attributed to initiatives to promote golf tourism along with rising disposable incomes facilitating higher discretionary spends on sporting goods. Emerging nations like China, India and Japan are witnessing expansion of golf courses and memberships.

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