The global golf club market size was valued at USD 3.75 billion in 2020 and is expected to reach 4.42 billion at a compound annual growth rate (CAGR) of 2.4% from 2020 to 2027. The market is majorly driven by the growing popularity and adoption of golf as an active sport. Moreover, premium resorts and hotels are incorporating sporting activities in their hospitality facilities, golf being one of them. Establishment of miniature golf courses to increase the inflow of patrons and endorsing it as a healthy leisure activity is contributing to the rising sales of golf clubs. According to a report by the National Golf Foundation (NGF), in 2015, the number of new golf players rose to about 2.5 million, nearly a 14.0% increase. This number was an all-time high, breaking the previous record of 2.4 million in 2000 when Tiger Woods was at the peak of his career. The number of golf enthusiasts has been growing significantly, which included people whose favourite sport or one of their many recreational pursuits was golf.
Most millennial consider golf a game for the elite, and hence it is still considered a very traditional and formal sport, which does not align with the millennial mindset. To keep the spirit of golf alive, it is the need of the hour to reintroduce this game as a game for all. With this basic approach in mind, the sports entertainment company Topgolf has made some millennial-friendly innovations and introduced a platform to attract numerous consumers by making golf more fun and engaging.
In terms of revenue, golf clubs used for leisure dominated the market with a share of 80.3% in 2019. This is attributed to the growing popularity of this sport due to the availability of golf courses in most cities and towns around the world. Golf tourism is gaining much traction among enthusiasts and a number of people travel to specific destinations for the sole purpose of playing golf. Scotland, for instance, is an excellent vacation spot that also offers golfers centuries-old courses and a sense of history playing on these ancient grounds. Development and expansion of golf courses, along with increasing government initiatives to promote golf tourism, have popularized this sport, thereby ramping up the demand for its associated equipment, such as golf equipment.
In terms of revenue, sporting goods retailers dominated the market with a share of 47.2% in 2019. There has been increasing consumer preference for high-end golf clubs, which are generally sold at sporting goods retail stores. These stores offer a rich shopping experience and make it easier for consumers to understand the specifications and quality of golf clubs. These retail stores are usually located at the golf courses, thereby ensuring high visibility and generating maximum revenue. Moreover, discounts are often offered upon taking club membership, which further drives the purchase decision of consumers. In terms of brand preference, consumers have shown an increased preference for Callaway Golf, Titleist, Wilson, TaylorMade, and other trusted brands.
The golf club market is segmented on the basis of application, distribution channel and region. By application the market is divided into Leisure, Professional. By distribution channel the market is divided into Sporting Goods Retailers, Online, Department and Discount Stores.
North America dominated the market for golf clubs with a share of 45.3% in 2019. As per R&A, in North America, 77.0% of the golf facilities are open to fee-paying golfers on a per-round basis, unlike the scenario in private facilities and clubs. This, in turn, increases the number of participants, thereby increasing the scope of golf equipment, such as clubs, in the region. According to the National Golf Foundation, in 2018, 33.5 million Americans aged 6+ have played golf both on-course and off-course.
Asia Pacific is expected to register the fastest CAGR of 3.3% over the forecast period. Asia Pacific offers strong growth potential for golf clubs owing to rising golf-playing population and increasing disposable income of the middle-class population. The sales of golf equipment are mainly driven by the increasing number of golf tournaments and a growing number of participants. While the sport is more commonly played by men, the number of women golfers has increased over the past few years. As per the HSBC Golf Report, Asia holds the highest number of female golfers across the globe, wherein 6 out of the top 10 players hail from Asia.
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.
Most millennial consider golf a game for the elite, and hence it is still considered a very traditional and formal sport, which does not align with the millennial mindset. To keep the spirit of golf alive, it is the need of the hour to reintroduce this game as a game for all. With this basic approach in mind, the sports entertainment company Topgolf has made some millennial-friendly innovations and introduced a platform to attract numerous consumers by making golf more fun and engaging.
In terms of revenue, golf clubs used for leisure dominated the market with a share of 80.3% in 2019. This is attributed to the growing popularity of this sport due to the availability of golf courses in most cities and towns around the world. Golf tourism is gaining much traction among enthusiasts and a number of people travel to specific destinations for the sole purpose of playing golf. Scotland, for instance, is an excellent vacation spot that also offers golfers centuries-old courses and a sense of history playing on these ancient grounds. Development and expansion of golf courses, along with increasing government initiatives to promote golf tourism, have popularized this sport, thereby ramping up the demand for its associated equipment, such as golf equipment.
In terms of revenue, sporting goods retailers dominated the market with a share of 47.2% in 2019. There has been increasing consumer preference for high-end golf clubs, which are generally sold at sporting goods retail stores. These stores offer a rich shopping experience and make it easier for consumers to understand the specifications and quality of golf clubs. These retail stores are usually located at the golf courses, thereby ensuring high visibility and generating maximum revenue. Moreover, discounts are often offered upon taking club membership, which further drives the purchase decision of consumers. In terms of brand preference, consumers have shown an increased preference for Callaway Golf, Titleist, Wilson, TaylorMade, and other trusted brands.
The golf club market is segmented on the basis of application, distribution channel and region. By application the market is divided into Leisure, Professional. By distribution channel the market is divided into Sporting Goods Retailers, Online, Department and Discount Stores.
North America dominated the market for golf clubs with a share of 45.3% in 2019. As per R&A, in North America, 77.0% of the golf facilities are open to fee-paying golfers on a per-round basis, unlike the scenario in private facilities and clubs. This, in turn, increases the number of participants, thereby increasing the scope of golf equipment, such as clubs, in the region. According to the National Golf Foundation, in 2018, 33.5 million Americans aged 6+ have played golf both on-course and off-course.
Asia Pacific is expected to register the fastest CAGR of 3.3% over the forecast period. Asia Pacific offers strong growth potential for golf clubs owing to rising golf-playing population and increasing disposable income of the middle-class population. The sales of golf equipment are mainly driven by the increasing number of golf tournaments and a growing number of participants. While the sport is more commonly played by men, the number of women golfers has increased over the past few years. As per the HSBC Golf Report, Asia holds the highest number of female golfers across the globe, wherein 6 out of the top 10 players hail from Asia.
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.
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