The golf equipment market size to cross USD 16 billion by 2025, growing at a CAGR of over 3% during the forecast period. The rise in the number of golf courses, events and tournaments is influencing the growth of the global golf equipment market. Several vendors catering to the industry are entering or inking strategic partnerships with upcoming or established players across the globe. Vendors are consistently focusing on maximizing their outreach in the form of sponsorships or partnering with stars or emerging players or even setting up of facility centers in countries, where the scope of expansion prevails.
New product development and consistent product innovations are majorly driving the golf equipment industry. Golf technology companies ranging from global to local ones are bringing out innovative equipment to cater to the wide audience. Also, developing a customer-centric approach remains crucial because players often decide the type of club they prefer for particular shots. This driver tends to create a crucial impact on the development of the industry. Another key feature worth focusing on is the consistency in product launches. Vendors face stiff competition, which tends to make them compete on stringent margins. Thus, innovative ideas and products are frequently worked upon by key players to cater to the growing demand for new equipment.
Digitalization is another crucial factor that is driving the sports products market. People are increasingly getting connected with the outer world via digital sources. The increased connectivity is a key factor for vendors catering to the largest fantasy sports market across the globe. The availability of smartphone resources ensures a streamlined method of reaching out to their target audience. Also, the market players catering to the golf equipment industry can utilize the same to spread digital awareness concerning the utility value of sports products.
GOLF EQUIPMENT MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Distribution channel
INSIGHTS BY PRODUCTS TYPE
The golf clubs, apparel, and shoe segments are expected to dominate the golf industry in the coming. The rising affinity of affinity of people toward the adoption of golf products is boosting the market growth. These clubs comprise the maximum revenue share, and the segment is expected to continue its lead during the forecast period. Moreover, companies are focusing on developing premium digital content to make customers aware of the value of this equipment.
Although apparel and shoes play a vital role for players, especially while playing under adverse weather conditions, wearing well-crafted and designed apparel is gaining popularity among sports players. The growth in tours and events and the advent of digital sales channels worldwide is aiding to the scope of growth for apparel and shoes. These segments are likely to increase during the forecast period. The golf ball market share depends on the number of tournaments and events organized in the region. The growth in popularity and the rise in PGA tours and events tend to drive the demand for a wide range of balls.
INSIGHTS BY END-USERS
Sport in general and golf, in particular, remains a male-dominated activity. This is changing slowly as women's participation in sporting events is witnessing considerable increase; however, the strong prevalence of male players is here to stay. Moreover, the number of tournaments serving men participants has been high. This is a key factor for the high revenue share. Another key factor driving the male end-user segment is the presence of several social media platforms that cater to sports. Interaction with friends, engaging in sporty competitions with each other, and posting the results of the same over the social media sites, is a key industry development.
Over the last few years, the number of female golfers has witnessed a reasonable surge. This is attributed mainly to the growing number of sports events catering to women, along with the growing awareness of the sports equipment among them. Although the female segment accounts for a less share than male end-users, the segment is expected to remain as the key focus area for vendors in the market. The consistently growing population in this end-user segment is set to drive the demand for golf carts & equipment in the region.
INSIGHTS BY DISTRIBUTION CHANNELS
The distribution environment is rapidly evolving with systems and processes being upgraded at a rapid pace. This is expected to improve efficiencies and open up to new opportunities. Golf equipment are sold through a wide range of retail distribution channels. Branded shops, sports megastores, on-course outlets, and other channels are the preferred sales channels. The online sale contributed over a 7% of the global golf equipment market share 2019. The online distribution channel is driven by the demand from retailers and consumers for the multi-channel approach. The equipment is sold mostly through dealership websites and online retailers.
Several offline distributors are moving their processes online by incorporating e-commerce solutions and enterprise resource planning systems. However, online distribution has its drawbacks in terms of customer services, transparency, and trustworthiness. Distributors often find it hard to maintain their strength in terms of customer support online. In Africa and Latin America, offline channels will continue to be popular, thereby hindering the growth of the online channel.
INSIGHTS BY GEOGRAPHY
North America is likely to account for a major share of the market due to the growing affinity and an increase in the popularity of the sport during the forecast period. Japan, South Korea, China, Australia, Thailand, and India are the major countries where golf equipment are witnessing a surge. Although the APAC market is still in the growth stage, it has a huge potential, along with the growing millennial population.
Europe accounted for over 17% global gulf equipment market share in terms of revenue in 2019. The UK, Germany, France, Sweden, and Spain are major revenue contributors. The demand for sporting equipment in the European region is growing, while upgrades and innovative offerings are driving the market growth.
The traction toward the game has not been as much as in other countries in Latin America. However, there are reasons for the region’s players to remain cheerful. For instance, the Olympics held in Brazil in 2016, paved the way for the development of the game across the country. Also, the development of several clubs across the region and the emergence of players from the region are expected to drive the growth for the sport and its products in the region.
KEY VENDOR ANALYSIS
The market remains a highly competitive one, with the nicely poised environment for vendors to pitch in and maximize upon. Vendors are currently competing on a wide range of factors such as pricing, product innovation, new product development, sales & promotional strategies, distribution network, player associations, and sponsorships. These factors help companies/vendors in differentiating themselves from their competitors and aid them in setting up future growth plans.
Branding remains the key to success in a highly competitive environment, and vendors are quick to respond to new opportunities. However, competitiveness varies in the industry. For instance, competitors might compete in terms of technology, quality, performance, and customer service for clubs, while for apparel and shoes, the focus might shift toward styling and pricing. Thus, vendors must assess conditions before they strategize product placements and promotions carefully.
A key consideration for vendors remains consistent innovations. Vendors are currently developing customized equipment. For instance, Callaway one of the leading market player has launched Epic Forged Irons and Epic Star Family of Products to increase callaway golf market share. Acushnet Holdings Corp, Callaway Golf, PING and TaylorMade are the leading market players in industry.
The global golf equipment report includes in-depth coverage of the industry with revenues & forecasts for the following segments:
Segmentation by Product
- Golf Clubs
- Golf Apparel and Shoes
- Golf Balls
By Distribution Channels
- Specialty Stores
- Sports Megastores
- On-course Outlets
- Other Channels
- South Korea
- Middle East & Africa
- Latin America
- North America