The golf clubs market is estimated to grow at a CAGR of 2.7% between 2022 and 2027. The size of the market is forecast to increase by USD 715.32 million. The growth of the market depends on several factors, including advances in golf technology, the influence of social media, and increased disposable income.
This report extensively covers market segmentation by application (leisure and professional), product (woods, irons, putters, and wedges), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Golf Clubs Market: Key Drivers, Trends, Challenges, and Customer Landscape
The advances in golf technology are notably driving the market growth, although factors such as the rise of alternative sports and leisure activities may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Golf Clubs Market Driver
The advances in golf technology are notably driving the market growth. Vendors are making continuous efforts to develop technologically advanced, customized golf equipment to attract sports enthusiasts and motivate consumers to replace their equipment with upgraded versions. Moreover, players prefer using equipment with the latest technologies, which helps them gain a better understanding of their movements while striking the ball and monitor the interaction between the golf club and the ball. Through the use of advanced monitoring mechanisms, they can ensure high precision while striking the ball.
Many leading manufacturers are developing and modifying product designs using advanced technologies, such as computer-aided design (CAD) and computer-aided manufacturing (CAM). They are also developing high-end equipment, such as golf robots and launch monitors. These customizations and technological advancements will attract sports enthusiasts and will drive market growth during the forecast period.
Major Golf Clubs Market Challenge
The rise of alternative sports and leisure activities is the major challenge impeding market growth. The increasing need to de-stress from the current fast-paced lifestyle among the global population is contributing to the demand for leisure activities and outdoor sports. More and more consumers are turning to nature-based outdoor adventures to take a break from overcrowded cities, fast-paced lifestyles, and polluted environments. The increase in recreational expenditure, expected over the forecast period, will also add to the popularity of leisure activities and outdoor sports.
Thus, the rise in adventure activities among youth can pose a risk to the global golf clubs market. As golf is considered to be time-consuming and expensive, the youth population hesitates to play golf exclusively. This has led to reduced golf trips and lower expenditure on golf equipment.
What is the Fastest-Growing Segment in the Golf Clubs Market?
The market share growth of the leisure segment will be significant during the forecast period. In terms of revenue, leisure golf clubs dominate the market with the highest share in 2022. The availability of golf courses in most cities and towns around the world is credited with this sport rising popularity. Golf tourism is becoming increasingly popular among fans, and many individuals visit locations just to play golf.
Which are the Key Regions for the Golf Clubs Market?
North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is home to more than 50% of the golf course, with most of them located in the US. US and Canada are the key countries that accounted for the highest share of the market in North America. The stable increase in the participation rate and golfer activity is an encouraging sign for the golf industry and, in turn, for the golf clubs market. The growing interest among millennials to play golf and the increased number of rounds played by baby boomers indicate growing participation in golf playing, which will positively impact the sales of golf clubs in North America.
The market in focus was severely impacted by the COVID-19 pandemic, as the sales of golf clubs declined substantially in the region, which affected the regional market growth. However, sports tournaments were also carried out with proper social distancing during COVID-19 in 2021. Thus, all these are expected to boost the growth of the market in the region during the forecast period.
