Increasing Global Demand For Golf Club Market With Rising CAGR Forecast Till 2027|Grand View Research, Inc.

 

The global golf club market size is anticipated to reach USD 4.45 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.5% from 2020 to 2027. The market is anticipated to be driven by the growing popularity of golf as a sport in various countries as well as among various classes of the population. A substantial rise in the demand for golf clubs can be attributed to increasing income levels of the middle-class population and the growing number of female golfers over the last few years.

Golf is considered to be a status symbol in several countries. As a result, a large number of people from high-income groups participate in this sport to maintain their status in society. Inclusion of golf in the Olympics and the increasing number of tournaments have been encouraging people to participate in this sport. Governments of several countries are promoting the sport by providing facilities for it. For example, after the Commonwealth Games 2010, the Ministry of Tourism, Government of India, has been focusing on the development of golf tourism in the country. As of 2018, the country had more than 200 courses across the nation. These initiatives are expected to boost the popularity of the game in these nations, thereby driving the professional demand for golf clubs.

Like every other sport, golf is also witnessing a few positive dynamics as well as facing its own set of challenges. However, golf as a game has a significant international reach, wherein an array of youngsters, especially females, are contributing to its growth. TaylorMade has been flooding the market with a number of new products, whereas Titleist aims to control the inventory and increase demand by only announcing new drivers in odd years and irons in even ones.

Adoption of extensive marketing strategies, along with different endorsement events and campaigns by companies, impacts consumer preferences for various golf products. These events also aid in growing consumer attention towards various brand offerings in the entire golf equipment market, which also includes clubs as one of the essentials. A combination of the golf associations and promotion of the sport for the public, supported by the government, is also expected to offer potential opportunities for the global market. Moreover, as per the National Golf Foundation (NGF), online purchases of various golf equipment continue to hold a higher percentage of total merchandise sales. More than one-third of golfers bought golf merchandise online in 2017, wherein balls and apparel contributed the majority of the sales. Numerous factors such as increasing participation and popularity of golf tournaments and events are expected to contribute to the sales of golf gear. However, strengthening of the U.S. economy and the golf sport attaining new participants through non-conventional means are likely to lead the way in the future.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/golf-club-market/request/rs1

Some of the key players operating in the market are focusing on acquisitions to diversify their product offerings and strengthen their position in the global market. For instance, in January 2020, Callaway Golf Company acquired JW Stargazer Holding GmbH, the owner of the international premium outdoor apparel, footwear, and equipment brand Jack Wolfskin. This acquisition expanded the former’s lifestyle product category. This move is expected to provide growth opportunities for Callaway Golf Company in active outdoor and urban outdoor categories.

Golf Club Market Report Highlights

• The leisure application segment dominated the market with a share of 80.3% in 2020 and is foreseen to remain at the forefront in the forthcoming years
• Sporting goods retailers emerged as the dominant distribution channel segment and accounted for a share of 47.2%, in terms of revenue, in 2020
• Asia Pacific is foreseen to expand at the fastest CAGR of 3.3% over the forecast period.

Most millennials consider golf a game for the elite, and hence it is still considered a very traditional and formal sport, which does not align with the millennial mindset. To keep the spirit of golf alive, it is the need of the hour to reintroduce this game as a game for all. With this basic approach in mind, the sports entertainment company Topgolf has made some millennial-friendly innovations and introduced a platform to attract numerous consumers by making golf more fun and engaging.

Young consumers prefer buying trendy equipment whereas the experienced ones only look for the technical specification of the equipment. For instance, the selection of the right clubs has always been important for taking the game to another level. Most professional players only look for the placement of the center of gravity and materials while purchasing any club. Material selection is also important. For instance, very heavy Tungsten material and extremely lightweight carbon fiber lead to new ways to manipulate the center of gravity placements.

The market is characterized by the presence of several well-established players. These players account for a significant market share and have diverse product portfolios and a strong presence across the globe. The market also comprises small to midsized players that offer a selected range of golf clubs and mostly serve regional customers. The impact of leading players on the market is rather high as a majority of them have vast distribution networks across the globe to reach out to their large customer base. Key players operating in the market are focusing on strategic initiatives, such as new product launches, acquisitions, and partnerships, in order to drive revenue growth and reinforce their position in the global market. Some of the prominent players in the golf club market include:

• Callaway Golf Company
• Acushnet Holdings Corp
• PING
• Sumitomo Rubber Industries, Ltd.
• TAYLORMADE GOLF COMPANY, INC.
• MIZUNO Corporation
• Amer Sports
• Bridgestone Corporation
• Studio B
• Ben Hogan Golf Equipment Company

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com