Golf Products Market - Global Outlook and Forecast 2020-2025
The global golf products market is expected to grow at a CAGR of over 3% during the period 2019−2025.
New product development and consistent innovations are majorly driving the golf products market. Golf technology companies ranging from global to local ones are bringing out innovative equipment to cater to the wide audience. Also, developing a customer-centric approach remains crucial because players often decide the type of club they prefer for particular shots. This driver tends to create a crucial impact on the development of the market. Another key feature worth focusing on is the consistency in product launches. Vendors face stiff competition, which tends to make them compete on stringent margins. Thus, innovative ideas and equipment are frequently worked upon by vendors to cater to the growing demand for new equipment.
The rise in the number of golf events and tournaments is influencing the growth of the global golf products market. Several vendors catering to the market are entering or inking strategic deals/partnerships with upcoming or established players across the globe. Vendors are consistently focusing on maximizing their outreach in the form of sponsorships or partnering with stars or emerging players or even setting up of facility centers in countries, where the scope of expansion prevails.
The following factors are likely to contribute to the growth of the golf products market during the forecast period:
- Transition in Viewership enabling Fan Engagement
- Surge in Golf Tourism
- Growth Spurred by Increasing Golfing Events
- Inking Strategic Deals with Golfers
The study considers the present scenario of the market and its market dynamics for the period 2020−2025. It covers a detailed overview of various market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Golf Products Market: Segmentation
This research report includes a detailed segmentation by product, distribution channel, end-users, and geography. The golf clubs, golf apparel, and shoe segments are expected to dominate the market in the coming years owing to the rising affinity of people toward the adoption of golf equipment. These clubs comprise the maximum revenue share, and the segment is expected to continue its lead during the forecast period due to the increased popularity of the sports. Moreover, companies are focusing on developing premium digital content to make customers aware of the value of this equipment.
Although apparel and shoes play a vital role for players, especially while playing under adverse weather conditions, wearing well-crafted and designed apparel is gaining popularity among sports players. With the growth in tours and events and the advent of digital sales channels worldwide, the scope of growth for apparel and shoes is likely to increase during the forecast period. The golf ball market share depends on the number of tournaments and events organized in the region. The growth in popularity and the rise in PGA tours and events tend to drive the demand for a wide range of balls.
Sport in general and golf, in particular, remains a male-dominated activity. This is changing slowly as women's participation in sporting events is witnessing considerable increase; however, the strong prevalence of male players is here to stay. Moreover, the number of tournaments serving men participants has been high. This is a key factor for the high revenue share. Another key factor driving the male end-user segment is the presence of several social media platforms that cater to sports. Interaction with friends, engaging in sporty competitions with each other, and posting the results of the same over the social media sites, is a key market development.
The distribution environment is rapidly evolving with systems and processes being upgraded at a rapid pace. This is expected to lower costs, improve efficiencies, and open up to new opportunities. Golf equipment are sold through a wide range of retail sales channels, including branded shops, sports megastores, on-course outlets, and other channels. The online sale contributed over a 7% share of the overall revenue to the global market in 2019, driven by the demand from retailers, dealers, and consumers for the multi-channel approach. The equipment is sold mostly through dealership websites and online retailers. Several offline distributors are moving their processes online by incorporating e-commerce solutions and enterprise resource planning systems. However, online distribution has its drawbacks in terms of customer services, transparency, and trustworthiness. Distributors often find it hard to maintain their strength in terms of customer support online. In developed economies, there is still openness in procuring equipment online, as equipment knowledge is more widespread due to market maturity. However, in regions such as Africa and Latin America, offline channels will continue to be popular, thereby hindering the growth of the online channel.
Market Segmentation by Product
- Golf Clubs
- Golf Apparel and Shoes
- Golf Balls
Market Segmentation by End-user
Market Segmentation by Distribution Channels
- Specialty Stores
- Sports Megastores
- On-course Outlets
- Other Channels
North America is likely to account for a major share of the market due to the growing affinity and an increase in the popularity of the sport during the forecast period. Japan, South Korea, China, Australia, Thailand, and India are the major countries where golf equipment are witnessing a surge. Although the APAC market is still in the growth stage, it has a huge potential, along with the growing millennial population.
Europe accounted for over 17% share in terms of revenue in 2019. The UK, Germany, France, Sweden, and Spain are major revenue contributors. The demand for sporting equipment in the European market is growing, while upgrades and innovative offerings are driving the market growth.
Latin America has had its share of the market. However, the traction toward the game has not been as much as in other countries. However, there are reasons for the region’s players to remain cheerful. For instance, the Olympics held in Brazil in 2016, paved the way for the development of the game across the country. Also, the development of several clubs across the region and the emergence of players from the region are expected to drive the growth for the sport and its products in the region.
Market Segmentation by Geography
- South Korea
- South Africa
- Latin America
- North America
Key Vendor Analysis
The market remains a highly competitive one, with the nicely poised environment for vendors to pitch in and maximize upon. Vendors are currently competing on a wide range of factors such as pricing, innovation, new product development, sales & promotional strategies, distribution network, player associations, and sponsorships. These factors help companies/vendors in differentiating themselves from their competitors and aid them in setting up future growth plans.
Branding remains the key to success in a highly competitive environment, and vendors are quick to respond to new opportunities. However, competitiveness varies in the industry. A key consideration for vendors remains consistent innovations. Vendors are currently developing customized equipment. Reconnecting with customer needs becomes a crucial aspect of a successful promotion.
- Acushnet Holdings
- Callaway Golf
- ther Prominent Vendors
- Amer Sports
- Ben Hogan Golf
- Bridgestone Golf
- Cobra Golf
- L2 Brands
- Lynx Golf
- MacGregor Golf
- Penfold Golf
- SRI Sports Ltd.
- Tour Edge
- Under Armour
- S. Kids Golf
Key Market Insights
The report provides the following insights into the golf products market for the forecast period 2020–2025.
- It offers comprehensive insights on current industry trends, trend forecasts, and growth drivers about the golf products market.
- The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
- It offers a complete overview of segments and the regional outlook of the market.
- The report offers a detailed overview of the vendor landscape, competitive analysis, and key strategies to gain a competitive advantage in the golf products market.