The global golf club market size is anticipated to reach USD 4.45 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.5% from 2020 to 2027. The market is anticipated to be driven by the growing popularity of golf as a sport in various countries as well as among various classes of the population. A substantial rise in the demand for golf clubs can be attributed to increasing income levels of the middle-class population and the growing number of female golfers over the last few years.
Golf is considered to be a status symbol in several countries. As a result, a large number of people from high-income groups participate in this sport to maintain their status in society. Inclusion of golf in the Olympics and the increasing number of tournaments have been encouraging people to participate in this sport. Governments of several countries are promoting the sport by providing facilities for it. For example, after the Commonwealth Games 2010, the Ministry of Tourism, Government of India, has been focusing on the development of golf tourism in the country. As of 2018, the country had more than 200 courses across the nation. These initiatives are expected to boost the popularity of the game in these nations, thereby driving the professional demand for golf clubs.
Like every other sport, golf is also witnessing a few positive dynamics as well as facing its own set of challenges. However, golf as a game has a significant international reach, wherein an array of youngsters, especially females, are contributing to its growth. TaylorMade has been flooding the market with a number of new products, whereas Titleist aims to control the inventory and increase demand by only announcing new drivers in odd years and irons in even ones.
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Some of the key players operating in the market are focusing on acquisitions to diversify their product offerings and strengthen their position in the global market. For instance, in January 2019, Callaway Golf Company acquired JW Stargazer Holding GmbH, the owner of the international premium outdoor apparel, footwear, and equipment brand Jack Wolfskin. This acquisition expanded the former’s lifestyle product category. This move is expected to provide growth opportunities for Callaway Golf Company in active outdoor and urban outdoor categories.
Golf Club Market Report Highlights
· The leisure application segment dominated the market with a share of 80.3% in 2019 and is foreseen to remain at the forefront in the forthcoming years
· Sporting goods retailers emerged as the dominant distribution channel segment and accounted for a share of 47.2%, in terms of revenue, in 2019
· Asia Pacific is foreseen to expand at the fastest CAGR of 3.3% over the forecast period.
Golf Club Market Segmentation
Grand View Research has segmented the global golf club market by application, distribution channel, and region:
Golf Club Application Outlook (Revenue, USD Million, 2016 - 2027)
· Leisure
· Professional
Golf Club Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
· Sporting Goods Retailers
· Online
· Department and Discount Stores
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Golf Club Regional Outlook (Revenue, USD Million, 2016 - 2027)
· North America
o The U.S.
· Europe
o Germany
o The U.K.
· Asia Pacific
o China
o India
· Central & South America
o Brazil
· Middle East & Africa
o South Africa
List of Key Players of Golf Club Market
· Callaway Golf Company
· Acushnet Holdings Corp
· PING
· Sumitomo Rubber Industries, Ltd.
· TAYLORMADE GOLF COMPANY, INC.
· MIZUNO Corporation
· Amer Sports
· Bridgestone Corporation
· Studio B
· Ben Hogan Golf Equipment Company