Golf Clubs Market Size to grow by USD 715.32 million between 2023-2027
According to a research report “ Golf Clubs Market” by Application (Leisure, Professional) Product (Woods, Irons, Putters, Wedges) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 715.32 million, at a CAGR of over 2.7% during the forecast period. The global trend of urbanization and the prevalence of dual-income households have significantly impacted the golf industry. With over 55% of the world's population now living in urban areas and projected to increase by over 6% by 2050, disposable income has risen exponentially due to the increase in dual-earning households. In developing countries, the percentage of working women has led to a stabilization of per capita disposable income, enabling consumers to invest more in luxury sports and services such as golf. This growing awareness and disposable income have contributed to the expansion and growth of the golf market.
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By Application, the Leisure segment is projected to dominate the market size in 2024
The golf clubs market experiences significant growth due to the increasing consumer expenditure on recreational activities and rising disposable income. Traditional wooden golf clubs have largely been replaced by metal ones since the 1980s. Metal golf clubs, despite being referred to as woods, offer several advantages. They have better perimeter weighting, resulting in a larger sweet spot and a lower center of gravity. This enhances the height and distance of hits. The loft angle of the club face influences the trajectory and distance of the ball, making it a crucial factor in golf club design.
By Product, Woods segment is expected to hold the largest market size for the year 2024
In the golf market, leisure golf clubs hold the largest revenue share in 2022, driven by the widespread availability of golf courses in cities and towns globally. Golf tourism is a burgeoning sector, attracting fans to travel to destinations specifically for playing golf. Scotland, for instance, is a renowned vacation spot with centuries-old courses and a rich historical context. The expansion and development of golf courses, coupled with government initiatives to promote golf tourism, have significantly increased the sport's popularity and demand for associated equipment.
North America is forecasted to hold the largest market size by region in 2024
In North America, which houses over 50% of the world's golf courses, the United States and Canada are the leading markets. With approximately 16,750 golf facilities in operation within the US and over 2,600 in Canada, the region boasts a significant presence in the global golf industry. Notably, 90% of Canadian golf facilities welcome the public, making golfing accessible to a broader audience. As of now, there are 175 golf industry projects under development in North America. Despite a stable golf participation rate, there has been a notable increase in rounds played, with Golfweek reporting a 14% rise in daily rounds in 2020 compared to the previous year.
The Golf Clubs Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The golf clubs market is witnessing significant growth, with consumers in Scotland and beyond showing increased interest in this popular sporting good. Golf's growing acceptance as a recreational activity among younger consumers has led to a surge in demand for golf equipment, including hybrid clubs. Sporting goods retailers are responding by stocking a wider range of products, from hybrid iron clubs to customised clubs made of lightweight materials like carbon fibre. Professional golf tours and golf training programs are also driving demand for advanced golf equipment, with technology-driven golf clubs featuring smart sensors and impact angle analysis becoming increasingly popular among both amateur and professional golfers. Golf simulators and luxury resorts catering to golf tourism are further expanding the market. Callaway Golf, known for its innovative golf clubs, is a key player in this space, offering customised clubs tailored to individual swing speeds and preferences. Overall, the golf clubs market is poised for continued growth as technology and consumer demand converge to transform the game.
Market Research Overview
The golf club market is a superior past time and a well-liked athletic sport that continues to see development and expansion. With the growing acceptance of golf as a game for everyone, from amateur to professional golfers, the market for golf clubs and related equipment is thriving. Manufacturers are constantly innovating, introducing new materials such as tungsten and carbon fiber, and creating millennial-friendly improvements like hybrid clubs and lightweight golf clubs. Seasoned buyers seek out the latest fashionable equipment, while younger consumers are drawn to technology-driven golf clubs with smart sensors and customised clubs. Accommodations and leisure activities are also a significant part of the golf market, with golf courses, hotels, and luxury resorts offering golf training, golf simulators, and golf tourism. Golf advisers help vacationers choose the best golf clubs and facilities, whether private or public, for their needs. Iron clubs, woods, hybrids, and fairway woods all have different lofts, handles, shafts, and club heads, catering to various swing speeds and impact angles. Sporting goods retailers stock a wide range of golf equipment, from sleeved labels to customised clubs, to meet the diverse needs of consumers. Golf is a healthy past time and a source of fun and entertainment for millions of people worldwide. Whether you're a beginner or a seasoned golfer, there's always something new and exciting to discover in the golf club market. From Scotland to professional golf tours, golf equipment sales continue to soar, making golf a game for everyone.
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