The global golf clubs market size was worth USD 3,762 million in 2021. It is expected to reach USD 4,692 million by 2030, growing at a CAGR of 2.8% during the forecast period (2022–2030). North America will command the leading market position, expanding at a CAGR of 2.7% over the forecast period.
In 2017, the number of new golfers increased for the fourth consecutive year, according to the National Golf Foundation’s Golf Industry Report. The report’s findings indicate that in 2017, around 23.8 million golfers played on golf courses. Golf is becoming more popular over time, with approximately 35% of new players being women and 26% being non-White. This circumstance has contributed to the expansion of the golf club market in recent years. Since clubs are such a crucial piece of equipment for golfers, the demand for these items increases as the sport gains popularity.
Recent data indicates 24.2 million people aged six or older played golf in 2018. The number of golfers who play off-course climbed by approximately 10% in the same year, with 23 million players anticipated at golf courses, other golf entertainment venues like Topgolf and Drive Shack, and independent golf ranges. The bulk of off-course golfers, or about 12 million people, play at fields, despite numerous golf entertainment places becoming increasingly popular. These statistics show more golfers than ever, which is expected to increase demand for golf clubs in the upcoming years.
Additionally, the hospitality sector is constantly enhancing and expanding its amenities to increase tourists. Hotels in western countries are emphasizing the marketing of several sports, including golf. Mexico has long been North America’s most popular tourist destination, which has resulted in numerous recent hotel construction projects. Given the popularity of golf as a leisure sport, it is predicted that the upcoming hotel construction plans will include golf fields for its visitors. For instance, Atelier & Estudio Playa Mujeres plans to build an 18-hole golf course and several hotel alternatives on its property. Similarly, the Four Seasons Resort Los Cabos in Costa Palmas is also constructing an 18-hole golf course. The market for golf clubs is expected to grow due to these improvements.
Improved Enthusiasm for Golf Creates Tremendous Market Opportunities
Golf, like every other sport, is going through some positive changes as well as its own set of challenges. However, golf has a sizable following worldwide, and a variety of young people—particularly women—are aiding in its growth. Various business endorsement initiatives and campaigns and the employment of comprehensive marketing strategies all impact consumer preferences for golf-related products. These events also help raise consumer knowledge of different brand products across the golf equipment market, including clubs as one of the necessities. Additionally, it is projected that a mix of golf associations and public sports marketing initiatives funded by the government will present chances for the global industry.
Regional Insights
North America will command the leading market position, expanding at a CAGR of 2.7% over the forecast period. Due to the expansion of golf facilities and the growing popularity of golf as a sport, the market for golf clubs is predicted to grow. Over time, demand for golf clubs is anticipated to rise as consumers appreciate distinctive and customized clubs. The need for cutting-edge clubs, like hybrid clubs composed of higher-lofted wood and iron, is increasing due to their growing popularity with clients. The demand for golf clubs is also driven by increased consumer interest in sports, particularly among women and children over the age of 10, strong economic growth, and improved consumer spending power.
Europe will expand at a CAGR of 2.3% and hold USD 1,105 million. The region’s accessibility to public golf facilities boosts the sport’s popularity, so golf clubs are in higher demand. In 2017, there were 1,487 private facilities and 5,746 public ones in Europe, according to a study on golf from the European Commission. According to a generally held assumption in the region, golf is growing more and more popular among baby boomers. After retirement, many people pick up golf. Having the right club is crucial for ensuring a precise shot and increasing your chances of winning the game. It is expected that there will be a rise in demand for golf clubs.
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