Portland, OR -- (SBWIRE) -- 06/22/2018 -- Golf equipment market has witnessed growth owing to increase in golf tourism. According to the International Association of Golfing Tour Operators (IAGTO), the global golf tourism market was valued more than $12 billion in 2012, out of which the U.S. is reported to be the largest market in terms of golf as a sport. However, the rising middle-class population and investments in infrastructure in Asia-Pacific drive the golf sector, thereby supplementing the global golf equipment market.
The Global Golf Equipment Market size was valued at $8,156 million in 2016, and is expected to reach $9,666 million by 2023, registering a CAGR of 2.6% from 2017 to 2023, according to the latest report published by Allied Market Research.
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Golf is a sport activity popular among business individuals as it is used as a means to offer closure of business deals. Golf equipment consists of various items that are essential to play the sport of golf, and are also crucial in providing an enriched experience to the player. Golf equipment include golf balls, golf shoes, golf clubs, and other aids such as wedges and putters. The key factors that fuel the golf equipment market are increasing consumers disposable income, growth in professional and amateur female golfers, and trend of golf tourism, owing to setup of golf courses across the world. However, factors such as busy work schedules leading to lack of any leisure activity and high membership costs resulting in lower registrations impede growth in the global golf equipment market.
The golf clubs segment is expected to dominate the golf equipment industry during the forecast period. Assorted and customizable golf clubs are gaining traction among consumers, which is anticipated to increase the demand for golf clubs segment. However, the golf balls segment is expected to generate significant demand among consumers, owing to the recurring requirement of these equipment in golf.
The golf equipment market is restricted by the economic condition of a region and specific consumer base; as a result, the distribution channels are also limited in number. The specialty stores segment leads the market, in terms of sales of golf equipment, while on-course stores segment is outperforming sales of equipment compared to online stores.
Key findings of the Golf Equipment Market:
- In terms of value, the golf clubs segment is expected to grow at a CAGR of 1.7% from 2017 to 2023.
- North America is expected to dominate the golf equipment market in the future, registering CAGR of 1.7%, in terms of value, while Asia-Pacific is projected to show consistent growth throughout 2023, growing at a CAGR of 5.2%, in terms of value.
- The specialty store segment accounted for more than 45% share of the total market in 2016.
- Japan, China, and are collectively accounted for more than half of the total Asia-Pacific golf equipment market in 2016.
- China is expected to grow at a CAGR of 10.8%, in terms of value.
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Major players operating in the global golf equipment market are Acushnet Holdings Corp. (U.S.), Roger Cleveland Golf Company, Inc. (U.S.), Golfsmith International Holdings, Inc. (U.S.), Nike, Inc. (U.S.), Amer Sports Corporation(Finland), Bridgestone Sports Ltd (U.S.), Sumitomo Rubber Industries Ltd.(Japan), Callaway Golf Company (U.S.), TaylorMade Golf Company (U.S.), and PING (U.S.),
Other golf equipment brands in the value chain include Ben Hogan Golf Equipment Company (U.S.), Dunlop Sport (UK), and MAMIYA-OP CO., LTD. (Japan)