The report "Golf Equipment Market, By Product (Golf Club, Golf Balls, Golf bags, Accessories Apparel, and Footwear), By Distribution Channel (Offline Retail Stores and Online Retail Stores), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.
Rising demand for golf equipment among experts and unprofessional golfers is one of the major factor driving the growth of the global golf equipment market. Also, growing consumer preference towards playing golf is propelling demand for golf equipment, which in turn is projected to propel the growth of the target market. Increasing spending on outdoor sports activities and rising disposable income is another factor expected to support the growth of the target market. A growing number of golf events globally and various golf clubs offering memberships are boosting demand for golf equipment, which in turn anticipated to augment the growth of the global market. Moreover, increasing penetration of Internet and smartphone is impelling the growth of online stores, due to the availability of easy payment modes and discounts offered by these stores.
Key Highlights:
- In March 2018, Nike Inc. acquired Zodiac. Zodiac forecasts individual customer behaviour to create predictive metrics, which enable companies to become customer-centric organizations
- In October 2018, Adidas Group launched 4ORGED and 4ORGED S golf shoe to provide extra stability during the golf swing.
Key Market Insights from the report:
The global golf equipment market accounted for US$ 10,011.9 million in 2019 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented based on the product, distribution channel, and region.
- By product, golf club segment is projected to account a significant share of the target market, owing to the availability of customizable and assorted golf clubs.
- By distribution channel, online retail stores segment is anticipated to witness considerable growth, owing to availability of golf equipment of multiple brands at one place.
- By region, North America market estimated to register significant global market share, owing to growing consumer preference towards luxurious lifestyle. Also, the willingness to pay more for premium products and high disposable income are some other key factors projected to boost the growth of the target market
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The prominent player operating in the global golf equipment market includes Callaway Golf Company, Acushnet Holdings, Adidas Group, Sumitomo Rubber Industries, Nike Inc., Puma SE, Amer Sports, MIZUNO Corporation, Bridgestong Group, and Taylormade Golf Company Inc.
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