Vendors are constantly focusing upon event sponsorships, which tend to play a vital role in the growth of the global golf products market.
Arizton’s recent market research report on the global Golf Products Market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights on segmentation by Golf Products (clubs, apparel and shoes, balls, and other accessories), End-users (male and female), Distribution Channels (retail and online), and Geography (APAC, Europe, North America, MEA, and Latin America).
The global golf products market is expected to grow at a CAGR of over 3% during the period 2019−2025.
Golf has been successful in garnering audiences across the globe. More than 190 countries are watching, engaging, and following the game. The US accounts for a major share in the global viewership, followed by the UK, Australia, Canada, Germany, France, Spain, and New Zealand are other countries, which constitute significant shares. Vendors are constantly focusing upon strategies such as event sponsorships and other promotional offerings, which tend to play a vital role in the growth of the market.
The global golf products market is segmented into golf product, end-users, distribution channels, and geography:
Golf Clubs to witness maximum revenue during the forecast period
In terms of products, golf clubs account for the majority of revenue in the global golf products market, and they are expected to continue to dominate during the forecast period because of high applicability in the game. North America is likely to account for the highest revenue in 2025, which can be attributed to the growing affinity toward the game and an increase in popularity of the game during the forecast period. Vendors such as Callaway Golf and Acushnet have enjoyed massive customer attraction toward their golf clubs.
The Rise of Female Golfers
Over the last few years, the increase in female players has witnessed a reasonable surge. This can largely be attributed to the growing number of sports events catering to women folk, along with the growing awareness of sports and games among women. Although females constitute a less share of the sports than their counterparts, the number is expected to grow during the forecast period due to the increased awareness of gender neutrality in sporting events and the rise in female-centric sports events.
APAC to Witness Promising Growth in Golf Products Market by 2025
The US remains the largest market for both golf events and equipment. The country offers significant potential to vendors to maximize their revenues. Over 14,600 facilities, along with more than 16,600 golf courses, are in the US. Also, more than 70% of these remain open to all types of players, thereby resulting in the highest public to private ratio. The total reach of the game in the US remains above over 105 million, comprising close to 34 million active participants and more than 70 million people that witnessed or read about the game in 2018.
APAC continues to be one of the fastest-growing regions for several sports, including golf. The region comprises key countries such as Japan, South Korea, Australia, China, and India. These countries hold significant opportunities for vendors to pitch in with. For instance, Callaway Golf is already eyeing Indian market for future growth. The company plans to expand in Tier-II cities in the country.
Acushnet Holdings, Callaway Golf, PING, and TaylorMade are identified as prominent vendors in the global golf products market.
The complete overview of the latest market research report on the global golf products market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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