Global Golf Club Market

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 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.
  • 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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FAQs

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).

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). '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'

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.

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.

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.

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Global Golf Club Market

Report ID: SQMIG25P2018

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