Market Overview:
Golf equipment refers to items that are used to participate in the sport of golf. This includes golf clubs, golf balls, golf shoes, and golf apparel. Advancements in material science and manufacturing technologies have led to the development of high-performance products that provide enhanced playing characteristics.
Market key trends:
One of the major trend being observed in the golf equipment market is growing popularity of fitness equipment segment. Golf being a sports activity requires significant physical strength and flexibility. In order to maintain physical fitness needed for golf, players are incorporating exercise equipment specifically designed for golf fitness into their training regimens. These include products like weighted golf clubs, strength training equipment targeted at muscles used for golf swing, balance boards, and resistance bands. This growing focus on physical conditioning is expected to drive demand for fitness equipment segment in the coming years.
Segment Analysis
The global golf equipment market is dominated by golf clubs segment, which accounts for more than one-third of the total market share. Rising number of professional and amateur golf players across the globe is the primary factor driving demand for various types of golf clubs such as drivers, fairway woods, hybrids, irons, and wedges. Within clubs segment, irons sub-segment holds the major share as irons shots are an integral part of a golfer's game and considered the most fundamental club in a player's bag.
Key Takeaways
The Global Golf Equipment Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing number of golf courses and rising popularity of golf as a recreational sport among middle-aged individuals.
Regional analysis
Regionally, North America dominates the global golf equipment market and is expected to continue its dominance throughout the forecast period. The US accounts for the major share of the North American golf equipment market due to the presence of a large number of avid golfers and high participation in golf championships. Asia Pacific is projected to be the fastest growing regional market stimulated by growing interest in golf as a sport in countries like China, Japan and India.
Key players
Key players operating in the golf equipment market are Callaway Golf Company, Sumitomo Rubber Industries, Nike Inc., Acushnet Holdings, Mizuno Corporation, Taylormade Golf Company Inc., Adidas Group, Bridgestone Corporation, Puma SE, PING, and Anta Sports Products Limited (Amer Sports). Callaway Golf Company leads the market with their wide range of high-quality golf clubs, balls and accessories.
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