The global Golf Equipment Market is estimated to be valued at US$ 11.6 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Golf equipment includes golf balls, golf clubs, golf shoes and other golf related accessories such as golf gloves, golf gear and golf bags etc. These products are essential for playing golf and are witnessing increasing demand and preference from both amateur and professional golf players globally.

Market key trends:-

Customization and personalization of golf equipment as per customer needs and preferences is one of the major trends witnessed in the global golf equipment market. Manufacturers are offering wide variety of golf clubs, balls and other equipment that can be customized by customers as per their game requirements, budget and playing style. This allows players to get equipment designed as per their unique needs, improving performance and golf playing experience. The customization and personalization options offered by leading brands are gaining traction among both novice and experienced players.

Market key trends:

One of the key trends in the golf equipment market is customization and technological advancements. Players now want golf equipment customized to their individual swing, playing style, and performance requirements. Equipment manufacturers are offering customized shaft flex, lie angles, loft, etc. based on their individual fitting. Moreover, developments in materials like graphite and titanium have improved performance characteristics such as distance, feel, durability, etc.

SWOT Analysis:-

• Strengths: Golf is a growing sport globally in terms of participation and popularity. Big brands have strong R&D capabilities and resources to invest in new product development.
• Weaknesses: Golf is an expensive sport which restricts its growth potential in lower income countries and regions. Golf participation rates have declined in key markets like the US in recent years.
• Opportunities: Emerging markets in Asia Pacific present new opportunities for growth. Technologies like artificial intelligence and sensor-based tracking offers opportunities to enhance golf equipment.
• Threats: Increased popularity of other sports especially among youth poses competition. Economic slowdowns can negatively impact discretionary spending on golf equipment.

Key Takeaways:-

The Global Golf Equipment Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period 2023 to 2030, due to increasing popularity of golf as a sport globally especially in emerging economies. The market size for 2023 is estimated to be US$ 11.6 Mn.

Regional analysis:

The Asia Pacific region is expected to dominate as well as witness the fastest growth in the golf equipment market during the forecast period. Presence of lucrative opportunities in China, India due to improving lifestyle and increasing participation in golf are driving the market. Moreover, government initiatives to promote golf tourism are further boosting the regional market.

Key players:

Key players operating in the Golf Equipment market are Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports). These players are focusing on new product development and launching customized golf equipment catering to recreational players as well as professional golfers.

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