Market Size of Golf Equipment Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 11.40 Billion |
| Market Size (2029) | USD 13.06 Billion |
| CAGR (2024 - 2029) | 2.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Golf Equipment Market Analysis
The Golf Equipment Market size is estimated at USD 11.40 billion in 2024, and is expected to reach USD 13.06 billion by 2029, growing at a CAGR of 2.60% during the forecast period (2024-2029).
The global popularity of golf is on the rise due to its transformation into a sport of professionalism and refinement. As people become more health-conscious, golf is increasingly viewed as a recreational activity that provides both physical exercise and mental relaxation. Its reputation as a gentle and comprehensive sport suitable for people of all ages and fitness abilities attracts a wide range of enthusiasts. As a result, the demand for golf equipment such as bags, clothing, footwear, and many other products is increasing. The market players are providing different types of golf equipment worldwide to cater to the growing demand.
The golf industry has made remarkable advances in technology, particularly in equipment design and equipment performance. Companies are constantly working to create innovative clubs and balls that offer better performance, forgiveness, and distance. Many golfers are eager to purchase these latest products to improve their skills on the course. Some governments and associations have recognized the economic and social benefits of golf and have taken steps to promote the sport through policies and initiatives such as tax incentives for golf course developers and subsidies for golf programs. According to the US Golf Association data from 2022, a GPS tracker was provided to players to track their movement on the field. Over the medium term, the popularity of golf is expected to increase, which is expected to boost market growth.
Golf Equipment Industry Segmentation
Golf is a precision ball sport where players, using clubs, aim to hit balls into a series of holes on a course in as few strokes as possible. It combines skill, strategy, and sportsmanship, attracting enthusiasts worldwide.
The golf equipment market is segmented by product type, distribution channel, and geography. Based on the product type, the market is segmented into golf clubs, golf balls, golf bags and accessories, apparel, and footwear. The market is segmented by distribution channel into offline and online retail stores. The market also covers the global-level analysis of major regions, such as North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts were made based on value (USD million).
| Product Type | |
| Golf Clubs | |
| Golf Balls | |
| Golf Bags and Accessories | |
| Apparel | |
| Footwear |
| Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| Geography | |||||||||
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Golf Equipment Market Size Summary
The golf equipment market is experiencing a notable expansion, driven by the sport's growing popularity and the increasing interest in health and wellness. Golf is being embraced as a sophisticated recreational activity that offers both physical exercise and mental relaxation, appealing to a diverse range of participants across various age groups and fitness levels. This rising interest has led to a surge in demand for golf-related products such as bags, apparel, and footwear. Market players are responding by introducing innovative equipment, like Adidas's Tour360 golf shoe collection, to meet the evolving needs of golfers. The influence of professional golfers and their achievements is also encouraging younger demographics to engage with the sport, further fueling market growth.
Technological advancements in golf equipment design and materials are enhancing performance, making golfers more inclined to invest in new products. The market is also benefiting from government and association initiatives that promote golf through economic incentives and infrastructure development, particularly in regions like Asia Pacific. The increasing disposable income in countries such as China, South Korea, and Japan is making golf more accessible, with new courses and facilities being developed. The competitive landscape is marked by key players like Acushnet Holdings Corp., Topgolf Callaway Brands Corp, and Nike Inc., who are focusing on technological innovation and product differentiation to maintain their market positions. These dynamics, coupled with strategic expansions and product launches, are expected to sustain the market's growth trajectory over the forecast period.
Golf Equipment Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Drivers
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1.1.1 Popularity of Sports Tourism
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1.1.2 Escalated Golf Participation Rates
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1.2 Market Restraints
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1.2.1 Inclination Toward Adventure Sports Activities
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Golf Clubs
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2.1.2 Golf Balls
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2.1.3 Golf Bags and Accessories
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2.1.4 Apparel
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2.1.5 Footwear
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2.2 Distribution Channel
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2.2.1 Offline Retail Stores
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2.2.2 Online Retail Stores
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Austria
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 South Korea
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East and Africa
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Golf Equipment Market Size FAQs
How big is the Golf Equipment Market?
The Golf Equipment Market size is expected to reach USD 11.40 billion in 2024 and grow at a CAGR of 2.60% to reach USD 13.06 billion by 2029.
What is the current Golf Equipment Market size?
In 2024, the Golf Equipment Market size is expected to reach USD 11.40 billion.
