Golf Equipment Market is Segmented By Type (Golf Balls, Golf Clubs, Golf Footwear/Apparel), By Distribution Channel (On-Course Shops, Online Sales, Sporting Goods Retailer, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Golf Equipment Market Size
The Global Golf Equipment Market size reached USD 8.6 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 11.9 billion by 2030. The market is growing at a CAGR of 4.2% during the forecast period 2023-2030. Golf equipment manufacturers are continually investing in research and development to create new technologies that improve the performance of their products.
For example, there have been significant improvements in club head designs, materials and adjustability features that allow golfers to personalize their clubs to their swing characteristics.
Playing golf is considered a good exercise, which, in turn, assists in improving sleep patterns, reducing anxiety, depression, blood pressure and boosting creative thinking. Golf equipment aids in enhancing performance, improving consistency and providing golf swing, comfort, protection and grip.
Customization has become a popular trend in the golf equipment market. Golfers are increasingly seeking personalized equipment that matches their unique preferences and playing style.
Golf Equipment Market Scope
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Metrics |
Details |
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CAGR |
4.2% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (USD ) |
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Segments Covered |
Type, Distribution Channel, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Golf Equipment Market Dynamics
The Growing Popularity of Golf is Driving the Market
The number of people playing golf worldwide has been steadily increasing. According to a report by KPMG, the global golf market grew by 1.2% in 2020, with the number of registered golfers increasing by 0.4%. This increase in participation is driving demand for golf equipment, particularly entry-level and affordable options.
The popularity of golf is growing in emerging markets such as China, India and Southeast Asia, which are experiencing rapid economic growth and a growing middle class. According to Statista, US is the home to an estimated 43% of the world’s golf courses.
High Costs Associated With Golf Equipment are Holding Back the Golf Equipment Market Growth
Golf is often viewed as a luxury sport, and as such, may not be a priority for people with limited disposable income. According to a report by the National Golf Foundation, the average household income of golfers in the US was over D 100,000, compared to the national average of D 68,703.
This income disparity may limit the number of people who can afford to play golf and purchase expensive equipment. Economic downturns can have a significant impact on the golf market, as consumers may cut back on discretionary spending, including golf equipment.
Golf Equipment Market Segment Analysis
The global golf equipment market is segmented based on type, distribution channel and region.
Golf Footwear and Apparel Accounted for the Highest Share of the Global Golf Equipment Market
Golf footwear and apparel are considered essential equipment for any golfer. Golf shoes provide traction and stability on the course, while golf apparel is designed to be comfortable and allow for a full range of motion during swings. As such, golfers are more likely to invest in high-quality footwear and apparel than other types of golf equipment.
Golf fashion has become increasingly important in recent years, with many golfers seeking to make a fashion statement on the course. This has led to the development of a wide range of stylish golf footwear and apparel, which has driven demand for these products.
Source: DataM Intelligence Analysis (2023)
Golf Equipment Market Geographical Share
North America is Dominating the Global Golf Equipment Market During the Forecast Period
North America has one of the highest participation rates in golf, with the United States alone accounting for over 50% of the world's golf courses. This has created a large market for golf equipment in the region. North America has a high average household income, which has enabled more people to participate in golf and invest in high-quality golf equipment.
According to a report by the National Golf Foundation, the average household income of golfers in the US is over D 100,000, compared to the national average of D 68,703 in 2019 and D 70,784 in 2021. This is the reason why North America is dominating the golf equipment market.
Source: DataM Intelligence Analysis (2023)
Golf Equipment Market Companies
The major global players include the Golf Equipment market are Firetech Global, Elide Fire Ball Pro Co., Ltd., L. R. INDUSTRIES, Auto Fireball, Universal Fire Protection, Fireball RSA, DANSA Group Germany, Fire and Safety Systems LTD., Acushnet Holding Corp., and HelloMedicals.
COVID-19 Impact on Golf Equipment Market
COVID Impact Analysis
COVID-19 has negatively impacted the golf equipment market because of the nationwide lockdown and social distancing norms. However, golf has received a boost after a study revealed that the risk of spreading coronavirus through sports equipment is "lower than once thought".
The risk of transferring coronavirus through sports equipment is much lower than originally suggested, according to a study by the Liverpool School of Tropical Medicine.
The condition started to recover after mid-year with upgraded sales and market growth and unlike other sectors, a change in consumer habits has led to increased demand for several categories of consumer goods and shifting brand preferences.
AI Impact
AI technology has enabled golfers to receive custom club fittings that are tailored to their swing characteristics and preferences. This has led to an increase in the demand for custom-fit clubs and has driven innovation in club design.
AI technology has also been used to design golf balls that provide better accuracy and distance. For example, Titleist's Pro V1 golf ball uses AI algorithms to optimize the design for each ball, resulting in better consistency and performance.
Key Developments
- In March 2021, Callaway acquired Topgolf International, Inc. ("Topgolf") to establish a leading golf technology business that would serve its international customer with golf apparel, equipment and entertainment.
- In March 2023, Dreamfolks Services acquired a 60% stake in Vidsur Golf for 1.5 crore rupees.
- In April 2023, the wholesale and retail markets in Australia and New Zealand will now get a formal distribution of Original Penguin golf and tennis apparel thanks to a new strategic partnership agreement signed by Perry Ellis International and Walkinshaw Sports.
Why Purchase the Report?
- To visualize the global golf equipment market segmentation based on type, and distribution channel to understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous golf equipment market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Golf Equipment Market Report Would Provide Approximately 53 Tables, 49 Figures and 102 Pages.
Target Audience 2023
- Manufacturers / Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
