Global Golf Equipment Market 2016-2020
About Golf Facility
Golf facility operations contribute the largest share of revenue to the golf economy. They generate their revenues from membership fees, range fees, golf car rentals, and associated spending on food and beverages. The revenue generated helps in supporting the supply sectors including golf equipment manufacturers.
Technavio’s analysts forecast the global golf equipment market to grow at a CAGR of 1.97% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global golf equipment market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of golf equipment to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Golf Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global golf equipment market: Bridgestone Golf, Callaway, Cleveland Golf, Nike, and TaylorMade Golf.
Other Prominent Vendors in the market are: Cobra Golf, Mizuno, PING, Wilson, and Yonex.
Commenting on the report, an analyst from Technavio’s team said: “Advances in golf technology will be a key trend for market growth. 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 in 2014, which is the first fairway wood that offered a coefficient of restitution of 0.83. This indicates that when the club head hits the ball, 83% of the energy is transferred to the ball.”
According to the report, growth in the golf tourism industry will be a key driver for market growth. Golf tourism is currently evolving as a billion-dollar industry. Many experienced and amateur golfers spend time in popular golf tourism destinations. in addition, many new regions have adopted golf as an important sport, where heavy investments are being made in infrastructural enhancements pertaining to the game. For example, GCC and the Caribbean countries have become popular for golf tourism, driven by the availability of advanced facilities. The GCC countries have also advanced significantly in the promotion of golf to help attract international golfers. Dubai and Abu Dhabi rank among the top 10 favorable destinations for golf tourism. They host many international golf events and competitions, including the Dubai Desert Classic, the Abu Dhabi Golf Championship, and the Qatar Masters.
Further, the report states that rising interest in fantasy golf will be a challenge for the market. A fantasy sport, also called the rotisserie or roto, is a kind of an online game where different participants, assemble virtual and imaginary teams with real players, belonging to a professional sport. Thereafter, these virtual teams compete with each other based on the statistical performance of the selected players in the actual game in real life. Fantasy golf games have been increasing in popularity over the years. DraftKings, a Boston-based start-up for fantasy golf games, has stated that the users of their product have grown 10-fold over a period of one year from 2014 to 2015.
Bridgestone Golf, Callaway, Cleveland Golf, Nike, TaylorMade Golf, Cobra Golf, Mizuno, PING, Wilson, and Yonex.
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