USD 8.5 billion
Golf Club Market Size, Share, Growth Analysis, By Type(Wood, Hybrid, Iron, Wedges), By Material(Wood, Steel, Titanium, Aluminum and Other), By Application(Leisure, Professional), By Distribution Channel(Online, Offline Retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25P2018 |
Region:
Global |
Published Date: April, 2024
Pages:
270
|Tables:
64
|Figures:
75
Golf Club Market Insights
Golf Club Market size was valued at USD 8.5 billion in 2022 and is poised to grow from USD 8.9 billion in 2023 to USD 12.9 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).
Golf is a leisure activity; hence wealthy consumers are frequently connected with the game. Golf simulators are being offered by manufacturers using this impression as a selling point. The emergence of technology and quick changes in the golf industry further reinforce this. In many nations throughout the world, playing golf indoors using a golf simulator is becoming increasingly popular.
The market is primarily driven by the increasing acceptance of golf as an energetic activity and its rising popularity. Golf is one of the sports that upscale resorts and hotels are including into their hospitality offerings. The development of miniature golf courses to draw in more players and promote it as a fun, healthy pastime is a factor in the increased demand for golf clubs. The National Golf Foundation (NGF) reported that there were around 2.5 million new golfers in 2019, an increase of nearly 14.0%. Breaking the previous record of 2.4 million in 2019, when Tiger Woods was at the height of his career, this number was a record-high. The number of golf aficionados has been steadily increasing, and among them are those for whom golf is either their favourite sport or one of their numerous leisure activities.
US Golf Club Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Leisure
Fastest Growth
Leisure
Growth Rate
4.8% CAGR
Global Golf Club Market 2024-2031 ($ Mn)
Country Share for North America Region- 2024 (%)
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Golf Club Market Segmental Analysis
Global Golf Club Market is segmented by Type, By Material, By Application, By Distribution Channel and Region. Based on Type, the market can be segmented into Wood, Hybrid, Iron, Wedges, Putter. Based on Material, the market can be segmented into Wood, Steel, Titanium, Aluminum and Other. Based on Application, the market is segmented into Leisure, Professional. Based on Distribution Channel, the market is segmented in to Online, Offline Retail. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Golf Club Market Analysis by Application
Golf clubs used for leisure dominated the market in 2021, accounting for 82% of market revenue. The availability of golf courses in the majority of cities and towns around the world is credited with this sport's rising popularity. Golf tourism is becoming increasingly popular among fans, and many individuals visit particular locations just to play golf. For instance, Scotland is a wonderful vacation destination that also provides golfers with centuries-old courses and a sense of history while playing on these ancient grounds. The growth and expansion of golf courses, as well as growing government attempts to promote golf tourism, have made this sport more well-known, which has increased demand for the gear it requires, such as golf equipment.
From 2022 to 2028, the professional application market is projected to grow at a CAGR of 2.2%. A significant aspect driving the segment is the rise in the number of professional golfers as well as the interest in the sport by amateurs and their ambitions to break into the industry. In the United States, 2.6 million new players joined the sport in 2018, almost exactly matching the previous year, and this figure is still at or very close to an all-time measured high. This information comes from a Golf Adviser article published in 2019. In 2017, there were 2.5 million junior golfers (aged 6 to 17), with an additional 2.2 million of them playing only off-course.
Golf Club Market Analysis by Distribution Channel
Retailers of sporting goods dominated the market in 2021 in terms of revenue, holding a 45% share. High-end golf clubs, which are often sold in sporting goods retail outlets, are becoming more and more popular with consumers. These shops provide customers with a rich buying experience and make it simpler for them to comprehend the features and calibre of golf clubs. These retail establishments are typically found near golf courses, guaranteeing excellent visibility and maximising earnings. Additionally, discounts are frequently provided in exchange for club membership, which influences consumers' purchasing decisions even more. Consumers have demonstrated a greater preference for reliable brands like Callaway Golf, Titleist, Wilson, and TaylorMade.
Due to the rising popularity of e-commerce and the reliance of Generation X, Millennials, and Generation Z on the internet, online distribution channels are anticipated to become the market segment with the quickest rate of growth throughout the projected period. Due to the availability of a wide selection of items from many manufacturers, customers prefer online portals and official websites to buy luxury golf clubs. Online retailers also offer a wide range of value-added services, including integrated and centralised customer services, quick return policies, and cash on delivery.
Global Golf Club Market By Application, 2024 (%)
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Golf Club Market Regional Insights
In 2021, North America held a 45% share of the global golf club market. In contrast to private facilities and clubs, 77.0% of golf facilities in North America are accessible to fee-paying golfers on a per-round basis, according to the R&A. As a result, more people will play, increasing the demand for clubs and other golf equipment in the area. The National Golf Foundation estimates that 33.5 million Americans aged 6 and older played golf both on and off the course in 2018.
Over the forecast period, Asia Pacific is anticipated to experience the fastest CAGR of 3.4%. Golf clubs in Asia Pacific have a lot of space to grow because more people are playing the sport and middle-class households have more disposable income. An increase in the number of golf events and the number of participants is what essentially drives the sales of golf equipment. Despite the fact that men predominate in the sport, more women have started playing golf recently.
Global Golf Club Market By Geography, 2024-2031
- Largest
- Fastest
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Golf Club Market Dynamics
Golf Club Market Driver
- New golf courses are sprouting up all over the world as a result of golf's rising popularity and growing number of players, which is assisting the golf club market's expansion. Golf is becoming more and more popular as a sport, and there are more golfers playing around the world as a result, according to the growing number of golf courses.
- Most millennials still view golf as a very traditional and structured pastime, which does not align with their attitude. As a result, golf is still seen as a very formal and structured sport. In order to maintain the essence of the game, golf must be made once again accessible to all players. The sports entertainment company Topgolf has developed some millennial-friendly upgrades and introduced a platform to draw in a lot more customers by making golf more fun and interesting.
- Young individuals enjoy buying fashionable products, whilst older people are more interested in the technical features of the equipment. For instance, picking the right clubs has always been essential to raising the bar for the game. The majority of professional players place the placement of the centre of gravity and the materials used into consideration while choosing a club. Making the proper material selection is equally important. For instance, the combination of highly heavy tungsten with extremely light carbon fibre enables the development of unique techniques for modifying centre of gravity positions.
- New innovation of Golf clubs will fuel the market growth. For instance many companies are investing in making lightweight golf clubs for the consumer that can help individuals to play excellent strokes with decreasing risk. The advanced adjustable grip can replace conventional grip as consumers are likely to opt for new technology with added benefits.
Golf Club Market Restraint
- Due to people's busy lifestyles, adoption of other activities, especially indoor sports like chess, badminton, table tennis, and others, hinders the adoption of the golf sport. Additionally, it appears that expensive golf memberships have reduced registrations, which has slowed the expansion of the worldwide golf club market.
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The shortage and fluctuating cost of the raw materials used for the manufacturing of golf clubs is the major restraint for the market. The materials that create golf clubs - steel for shafts, rubber for grips, resin for golf balls .
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Golf Club Market Competitive Landscape
The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our Golf Club market reports, some of the leading quality Golf Club manufacturers are as follows: TaylorMade Golf Company, Inc. (US), Callaway Golf Company (US), The Acushnet Holdings Company (US), Mizuno USA, Inc (US), Rock Bottom Golf (US), Cleveland Golf Company, Inc. (US), Bridgestone Sports Ltd (Japan), Cobra Golf (US), Henry Griffitts (US), Bettinardi Golf (US).
Golf Club Market Top Company Profiles
- Callaway Golf Company
- TaylorMade Golf Company, Inc.
- Acushnet Holdings Corp. (Titleist)
- Bridgestone Golf
- PING Golf
- Honma Golf
- Cleveland Golf
- Srixon Golf
- Mizuno Golf
- Wilson Sporting Goods
- Cobra Golf
- Adams Golf
- Nike Golf
- Odyssey Golf
- Scotty Cameron
- Bettinardi Golf
- PXG (Parsons Xtreme Golf)
- Lynx Golf
- Volvik
- Tour Edge Golf
Golf Club Market Recent Developments
- In January 2023, Titleist announced the TSR2 and TSR3 hybrids. Pre-sale starts in early February, with full retail availability in February last.
- In August 2022, the second part of The Golf Club at The Equinox's four-phase full course restoration has been finished, according to the club. The improvements, spearheaded by Rees Jones Design, include redesigned greenside bunkers at holes 8, 13, and 14, as well as the complex surrounding the 18th hole's green.
- In August 2022, the South Carolina Golf Course Owners Association has awarded Tidewater Golf Club, one of Myrtle Beach's most renowned designs, South Carolina's Golf Course of the Year.
- In February 2022, Callaway Golf launched their Rogue legacy with the new Rogue ST line.
Golf Club Key Market Trends
- Golf clubs have significantly changed over time and with technology. Currently, golf club makers are concentrating on making lightweight, technologically advanced clubs. Smart sensors are used to improve swings and accuracy and to connect the golf club to a smartphone app.
- Another tool that examines a large number of possibilities to determine what is best for each player is golf customisation. Players' swing speeds and impact angles are examined. In the upcoming years, it is anticipated that the market for golf clubs will expand due to such cutting-edge innovations.
- The increase in different consumer demographics has helped in fuelling the growth of the market.Golf is gaining traction among all consumer demographics, especially females. Earlier it used to be the game of the men but the shift in the demographic has brought major development in the market of golf clubs.
Golf Club Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the market for golf clubs in the world was led by North America, and this trend is projected to continue over the projection period. In light of the golf tourist sector's rapid expansion, the market is projected to have a promising future. Another region that is expected to have a 3.3% CAGR during the projected timeline is Asia Pacific. Due to the growing number of golfers and the rising disposable income of the middle class, this region exhibits significant potential for industry expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.5 billion |
| Market size value in 2031 | USD 12.9 billion |
| Growth Rate | 4.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Golf Club Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Golf Club Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Golf Club Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Golf Club Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Golf Club Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Golf Club Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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