The Golf Equipment Market is estimated to be valued at US$ 11.6 Mn 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:
The golf equipment market includes golf clubs, golf balls, golf shoes and other golfing accessories such as golf gloves, golf gear, golf bags, head covers etc. Golf equipment aims to help the players perform better in terms of driving distance, accuracy and shot control. Superior engineering designs and material advancements in golf equipment help enhance the performance of golfers.

Market key trends:
One of the key trends driving growth in the golf equipment market is the rising participation in outdoor sports and recreational activities. According to the National Golf Foundation's Golf Participation in the United States in 2021 report, the number of golf participants in the US increased by 2 million in 2021 to 24.8 million people compared to 2020. Golf club memberships and rounds played also witnessed significant growth. This can be attributed to greater health awareness among people during the pandemic and transition to outdoor sports as a safer recreational activity with social distancing. Therefore, increased engagement in golf is leading to higher demand for technologically advanced equipment for better performance on the golf course.

Porter’s Analysis
Threat of new entrants: The golf equipment industry requires huge investment for manufacturing making it difficult for newcomers to enter the market. Bargaining power of buyers: Individual buyers have low bargaining power due to availability of variety of products but professional players and clubs have some bargaining power. Bargaining power of suppliers: There are many raw material suppliers for golf equipment manufacturing so bargaining power of suppliers is moderate. Threat of new substitutes: Golf simulator gives an indoor golfing experience but cannot replace actual outdoor play, so threat of substitutes is low. Competitive rivalry: Intense competition exists between key players to launch innovative products.

SWOT Analysis
Strength: Well established brands with global presence and extensive distribution network. Product innovation is a key strength to attract customers.
Weakness: Seasonality affects sales and profitability. Dependence on discretionary consumer spending makes it vulnerable to economic slowdowns.
Opportunity: Growing popularity of golf as a sport in developing regions especially Asia presents new market opportunities. Emergence of low-cost equipment expands the potential customer base.
Threats: Trade tensions and import tariffs can disrupt supply chains and margin. Strict environmental norms increase operational costs.

Key Takeaways
The Global Golf Equipment Market Size is expected to witness high growth at a CAGR of 4.1% over the forecast period due to rising number of golf courses and tournaments across regions. The market was valued at US$ 11.6 Bn in 2023 and is projected to reach US$ 16.2 Bn by 2030.

The Asia Pacific golf equipment market accounted for around 35% of the global market share in 2023 and is expected to grow at the highest CAGR during the forecast period. Rising affluence, western influence, and government initiatives to popularize golf are driving spending on equipment in countries like China, Japan, and South Korea.

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 companies invest heavily in R&D to launch advanced and customized products catering to professionals as well as amateur golfers.

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