Golf Equipment and Consumables Market Grows are Consumers Seek to Drive Their Game to the Next Level, says Market.us

Akash Pasalkar
Akash Pasalkar

Updated · Feb 3, 2023

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The global market’s growth is driven mainly by increasing disposable income, an increase in golf courses in high-income countries, and increased golf tourism around the world. In the future, there will be significant development opportunities due to the increased presence of women on golf courses.

According to Market.us, “The Golf Equipment and Consumables Market are projected to reach a valuation of USD 11.60 Billion by 2032 at a CAGR of 4.6%, from USD 7.4 Billion in 2022.” 

Golf Equipment and Consumables Market Growth 2022-2032

Asia Pacific will experience the highest CAGR at 5.8% between 2022 and 2030. This growth is driven primarily by rising consumer spending. Due to the growing golf-playing population in the Asia Pacific and the increasing disposable income of the middle class, there is strong potential for growth in golf equipment sales. 

An increasing number of tournaments and an increase in participants are driving the growth of golf equipment sales. This is a major reason for a large number of professionals in the area. They spend a lot of time practicing their swings and using the right equipment like gloves, clubs, and other gear. These factors will increase the demand for equipment in golf.

Anurag Sharma, a senior research analyst at Market.us, said, The growth of the market for golf equipment is being driven by the growing popularity of golf among older people around the globe and the rise in golf tourism. “

Due to worldwide lockdowns imposed to stop the spread of the virus, the worldwide market was severely affected. Golf equipment markets have suffered a significant setback. Many were closing.

Despites these restraints, golf tourism has seen a substantial increase in recent years due to the growth of golf courses around the globe and the increased number of tournaments. This will increase demand and encourage the use of different golf equipment. Many countries have taken initiatives to promote golf tourism in their regions. In India, for example, the minister of tourism announced that the government would support efforts to attract more foreigners to the country’s 220 golf courses.

The majority of global golf courses are located worldwide in countries such as Canada, Australia, and the U.S. North America is home to approximately 55.0%. South America holds the highest share. TaylorMade (Callaway), Titleist, Ping, and Titleist are some of the most prominent brands in the market for golf equipment. They continue to raise their prices when they launch new products. This is changing as smaller brands offer high-quality equipment at factory-marked prices.

Golf has evolved into a leisure activity and is now considered a lifestyle sport. This sport has seen an increase in popularity due to factors such as the expansion and expansion of new courses, and government initiatives to promote tourism. A number of hotels and resorts are now offering golf as an option in their guest rooms. Golf equipment is seeing a rise in sales due to the creation of miniature golf courses to increase their patronage and to promote it as a healthy leisure sport.

NGF reports that about 44% of the courses offered by minority students were open (approx. 44%). Titleist, which had its Carlsbad club building plant and Fairhaven baseball plants, was among those that were shut down. Furloughed workers were also affected by the closure. In the future, however, the global market is likely to see strong growth, which will result in an increase in golf equipment demand. Additionally, increasing investments and funding in this industry are expected to be an important part of the market growth. This will make it a positive addition to the market’s growth over the next few years.

With a market share of approximately 45%, the golf club segment dominated golf equipment products in 2021. Assorted and custom-made golf clubs are increasing in popularity among consumers. This is expected to increase the demand for these clubs during the forecast period. The manufacturers are introducing new clubs, such as hybrids made from higher-lofted woods or iron. This is driving demand. Iron clubs’ long durability can significantly impact the product repurchase cycles, which can be a constraint on the sector’s growth.

The forecast period sees the golf gear market growing at 6.4% CAGR. The growing professionalism trend is driving a rise in golf gear purchases. The growth of this segment is largely due to the popularity of online discounts offered by various websites. The segment growth is expected to be further boosted by the increasing demand for custom products from individuals. Manufacturers can now design customized products with greater efficiency and variety thanks to technological advancements, which result in shorter lead times. To attract more golfers, key manufacturers are creating new golf gear. Callaway Golf, for example, launched the Rogue Family of irons and hybrids in January 2022. These initiatives will continue to increase demand over the next few years.

The major players in the market are also focused on creating innovative golf equipment. This will help support further market expansion.

Golf Equipment and Consumables Market Key players: 

  • Callaway
  • SRI Sports Limited
  • Acushnet Holding Corp.
  • Taylormade
  • Titleist
  • Odyssey
  • Ping
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Akash Pasalkar

Akash Pasalkar

My name is Akash Pasalkar, A computer science engineer by qualification and a Digital Marketer by profession.. And I am passionate about SEO and Content Writing.