by The Golf Equipment Market comprises products such as golf balls, golf shoes, golf equipment, golf wear and golf gear/accessories that are used to play the sport of golf. Premium quality golf equipment provide improved durability, control and distance which enhances the golf playing experience. Advancements in material sciences have led to development of stronger, lighter and high performance golf equipment. The growing popularity of golf as a recreational sport and tourism activity worldwide has fueled demand for innovative golf equipment and accessories.
The Global Golf Equipment Market is estimated to be valued at US$ 13.37 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031
Key Takeaways
Key Players: Key players operating in the Golf Equipment Market are Hologic Inc., Siemens Healthcare GmbH, Shimadzu Medical, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Carestream Health, Canon Medical Systems Corporation, General Electric Company (GE Healthcare), and ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.). These players are focusing on launching advanced golf equipment and accessories to cater to the changing preferences of golfers.
Growing Demand: Rising interest of people in golf as a recreational sport across countries has significantly driven the demand for Golf Equipment Market Demand and accessories. Additionally, growth in tourism centered around golf is further fueling the sales of golf gear.
Global Expansion: Leading golf equipment manufacturers are expanding their presence globally especially in developing economies of Asia Pacific and Latin America to tap the potential of developing markets. Partnerships with golf tournaments and academies is another strategy being adopted.
Market Key Trends: Introduction of lightweight and enhanced performance golf equipment using advanced materials like titanium, carbon fiber is a key trend. Use of technologies like artificial intelligence and sensors for precision and accuracy is also gaining traction. Adoption of sustainable practices by equipment brands to reduce environmental impact is another notable trend in the market.
Porter’s Analysis
Threat of new entrants: It is moderate as massive capital requirements and regulatory barriers exist for establishing manufacturing facilities.
Bargaining power of buyers: It is high because of the availability of substitutes and buyers tend to negotiate on pricing.
Bargaining power of suppliers: It is moderate as raw material suppliers have few available substitutes and differentiated products create supplier switching costs.
Threat of new substitutes: It is moderate as equipment from various brands is available in the market and buyers can substitute based on their preferences.
Competitive rivalry: It is high because of the availability of numerous global and regional players offering differentiated products.
The geographical region where the golf equipment market is concentrated in terms of value is North America. The United States holds a majority share in the North American golf equipment market owing to factors such as strong professional golf infrastructure, high participation rates, and rising female involvement in the sport.
The Asia Pacific region is expected to be the fastest growing geographical region for the golf equipment market during the forecast period. Countries such as China, Japan, India, and South Korea are witnessing rising interest in golf among their populations, driving higher equipment sales. Additionally, initiatives focused on promoting golf tourism will support the market growth in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
