The global golf equipment market consists of equipment such as golf balls, golf clubs, golf shoes, and golf apparel. Golf equipment aids in improving a golfer's performance and playing ability. With the rising popularity of golf as a sport, the demand for technologically advanced equipment is increasing. This helps in improving accuracy and reducing errors.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for technologically advanced golf equipment is one of the key trends being witnessed in the global golf equipment market. Manufacturers are focusing on manufacturing equipment embedded with the latest technologies to assist golfers. For instance, golf balls are being embedded with advanced features such as gyroscopic effects and aerodynamic designs that help in improving distance and accuracy. Similarly, golf clubs are being equipped with details such as clubface technology and shaft features that elevate the overall performance. This rising demand is boosting the growth of the golf equipment market.
Segment Analysis
The global golf equipment market is dominated by golf balls sub segment. Golf balls accounts for over 30% market share in terms of revenue. Golf balls segment is dominating as golf balls needs to be frequently replaced unlike other equipment like golf clubs and golf bags which are reused for long term.
Key Takeaways
The Global Golf Equipment Market Demand is expected to witness high growth till 2031.
The North American region currently holds over 40% of market share in the global golf equipment market. Countries like United States and Canada are driving the growth in north america region owing to high popularity of golf sport among middle age population along with institutional programs to promote golf.
Key players operating in the golf equipment market are Hologic Inc., Siemens Healthineers AG, Fujifilm Holdings Corporation, Koninklijke Philips N.V. and General Electric Company. Hologic Inc. accounts for highest revenue share of over 15% in global golf equipment market. The company majorly focuses on advancing golf ball and club manufacturing technology. Similarly, Siemens Healthineers AG focuses on developing precision range finders and other equipment through constant innovation.
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