Global Golf Apparel Market 2017-2021
About Golf Apparel
The global golf apparel market has been witnessing growth over the last few years and is shaping up to become one of the top competitive markets. With globalization, ample growth opportunities are being created in the market. The importance of health and wellness among people has increased. Rapid changes in lifestyles have had a positive impact on the demand for athleisure clothing, a popular form of clothing since 2010. Such clothing is typically made of comfort-focused fabrics and has performance-inspired designs. These factors have made golf players as well as users involved in other outdoor activities prefer athleisure clothing.
Technavio’s analysts forecast the global golf apparel market to grow at a CAGR of 4.31% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global golf apparel market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of golf apparel to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Golf Apparel Market 2017-2021
Technavio recognizes the following companies as the key players in the global golf apparel market: Callaway, Cleveland Golf, Nike, TaylorMade Golf, and Under Armour.
Other Prominent Vendors in the market are: Acushnet, Amer Sports, ASICS, ESCADA, Mizuno, PING, Puma, and Ralph Lauren.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is advances in golf technology. Golf equipment manufacturers are making continuous efforts to develop technologically advanced equipment to attract sports enthusiasts. Vendors are developing modern, customized golf equipment to motivate consumers to replace their equipment with upgraded versions. For instance, TaylorMade Golf developed RocketBallz, which is the first fairway wood that offered a coefficient of restitution of 0.83. A coefficient of restitution of 0.83 indicates that when the club head meets the ball, 83% of the energy is transferred to the ball.”
According to the report, one driver in market is growing number of golf courses across the globe. Though golf courses remain highly concentrated in the top 20 golfing nations, their number is increasing across the globe. In January 2015, a total of 34,011 golf facilities were identified worldwide. Most (70%) of these facilities were in the top 10 golfing countries including Australia, Canada, England, Japan, and the US. Most of these facilities are in private clubs, golf resorts, and golf-centric real estate, and are thus largely accessible. 70% of the total 34,011 golf facilities across the globe are open to the public.
Further, the report states that one challenge in market is elite nature of the game. Golf apparel offered by the global vendors are expensive. As a result, most consumers in the developing and developed regions are reluctant to buy them, and they are mainly purchased by the high-income group. This restricts the growth of the global golf apparel market. In addition, the intrinsic nature of golf as a sport is elite with all its equipment being costly. Golfers also must take into consideration the green fees associated with the golf courses. While some developed cities have several public golf courses, others are just dotted with private golf courses. In cities or countries, where the sport is not very popular, golf courses are only present in resorts and the green fees charged by these resorts are quite high. Thus, these golf courses are unaffordable for normal golfers. Renting golf carts only adds to the total cost of playing golf.
Callaway, Cleveland Golf, Nike, TaylorMade Golf, Under Armour, Acushnet, Amer Sports, ASICS, ESCADA, Mizuno, PING, Puma, Ralph Lauren.
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