Market Trends of Golf Equipment Industry
The Golf Club Segment Dominates the Market
The golf club segment is driven by the growing popularity and adoption of golf as an active sport. Many luxury resorts and hotels are integrating sports activities into their amenities, with golf being a prominent choice. Introducing miniature golf courses to attract more customers and endorse it as a healthy leisure activity contributes to the sales of golf clubs. For instance, according to the National Golf Foundation (NGF), the number of new golf players increased by 15% in 2023 compared to 2020.
There have been substantial changes in golf clubs due to the development of technology and time. Club manufacturers are concentrating on creating technologically advanced and lightweight golf clubs. These clubs incorporate smart sensor technology, which aids in improving swings and accuracy and allows connectivity with smartphone applications. Also, there is a growing demand for hybrid clubs among consumers. A hybrid is a new type of club that is a mixture of fairway wood and iron. Several golfers prefer this over long irons since hybrids are easier to hit than their corresponding long irons.
The Asia-Pacific Market is Anticipated to Grow During the Forecast Period
Due to the rapid economic growth in countries such as China, South Korea, and Japan, there is a growing middle class with disposable income to spend on leisure activities such as golf. Moreover, with an increased focus on health and wellness, many individuals are turning to golf as a way to stay active and spend time outdoors. Golf provides opportunities for physical exercise, mental stimulation, and social interaction, making it an attractive option for those looking to maintain a healthy lifestyle. For instance, in 2023, Asia was at the forefront in terms of the total count of 9 and 18-hole golfers, boasting 16.1 million participants. Over the medium term, the popularity of golf is expected to increase owing to increasing economic growth, infrastructure development, government initiatives, and media exposure, driving market growth.
The governments of various countries in the region, such as India and Thailand, are launching various initiatives to acknowledge the importance of golf and encourage participants. For instance, the Indian Golf Union (IGU), an affiliate member of the Confederation of Professional Golf (CPG), an association of National PGAs, spread its activities through 'Training the Trainers' and 'Growing the Game' initiatives in May 2024. It brought an international trainer to have special sessions with teaching professionals and coaches.
