Reportlinker.com announced the release of the report “Golf Gloves Market: Market Segments: By Product ; By Material ; By Distribution Channel ; and Region – Global Analysis by Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030”
Market Highlights
Golf Gloves Market is expected to project a notable CAGR of 3.2% in 2030.
Golf Gloves Market to surpass USD 850.2 Million by 2030 from USD 300 million in 2019 in terms of value growing at a CAGR of 3.2% throughout the forecast period, i.e., 2021-30. Amateur golf players, business staff, and country clubs are gaining popularity among the key drivers of global demand for golf gloves, growing the number of golf courses worldwide, inventions such as fabrics used for the manufacturing of golf gloves, water-resistant golf gloves, and golfers’ knowledge of finger and palm protection against blisters. Recent game technologies, such as the use of GPS and Bluetooth-enabled gloves, have also increased the popularity of the sport, attracting more participation. The GPS system enables shot distance measurement for a comfortable and highly accurate shot. By growing their delivery network, retailers have concentrated on expanding their distribution network.
Golf Gloves Market: Segments
Promotional golf gloves segment to grow with the highest CAGR during 2021-30
Golf Gloves Market is segmented by product as Individual Golf Gloves, Institutional Golf Gloves, and Promotional Golf Gloves. The individual golf gloves segment is estimated to lead the market with a share of over 52.3% in 2019 individual golf gloves are designed for individual golfers. Until recently, gloves were regarded as just a piece of practical golf equipment. Individual golf gloves have evolved into a fashionable accessory, with a preference for individuality gradually being embraced by the sport. In the near term, multiple companies are expected to capitalize on this growing trend. Individual golf gloves are made predominantly from leather and come in a wide variety of colors and sizes. During the forecast era, the promotional golf gloves segment is expected to grow at the fastest CAGR. Hybrid versions that are usually personalized are promotional golf gloves.
Online Segment to grow with the highest CAGR during 2021-30
Golf Gloves Market is segmented by distribution channel into Offline and Online segments. The offline segment accounted for the largest revenue share of 74.8% in 2019 owing to the rising presence of sporting goods retailers worldwide will increase the product’s visibility in the near term. Development Like opening new outlets are likely to strengthen the position of the offline segment in the near term. The online segment is expected to expand at the fastest CAGR over the forecast period. Major players are implementing numerous strategies to attract new customers. In the near future, more offline retailers are likely to focus on distributing their products through the online platform.
Golf Gloves Market: Market Dynamics
Drivers
Increase in the Rate of Urbanization
Recent game technologies, such as the use of GPS and Bluetooth-enabled gloves, have increased the popularity of the sport, attracting more participation. The GPS system enables shot distance measurement for a comfortable and highly accurate shot. Retailers have been focusing on growing their distribution network by increasing the number of outlets. The hospitality industry typically focuses on expanding and improving its facilities to attract more visitors. In this respect, hotels in Western countries are increasingly concentrating on promoting various sports activities, including golf. The demand for innovative golf accessories, including gloves, has been driven by the growing popularity of golf in Asian and European countries. Noting a growing demand for the brand, prominent market players have concentrated on developing gloves with a breathable design and improved grip.
Restrain
High costs associated with maintaining physical stores
The price of the Golf Gloves, a low preference of Golf Gloves among professional players as they prefer the feeling of their hands directly on the golf club, is some of the key factors hindering the global Golf Gloves industry. Compared to the advertised Golf Gloves, the existence of clone versions of the Golf Gloves on the market that are comparatively cheaper poses as a restraint to the actual manufacturers, thus hindering the global market for golf gloves. The recent economic crisis had a detrimental effect on sales of Golf Gloves worldwide. Currency fluctuations and less brand outlets in emerging regions could be demand limiting variables. In the Golf Gloves sector, raw materials also play a critical role and their prices have risen dramatically in the past few years.
Golf Gloves Market: Regions
Golf Gloves Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa
Golf Gloves Market in North America led the market with a lion share of more than 56.2% in 2019 and is projected to maintain its lead over the forecast period. One of the key factors driving the growth of the regional market is the increasing consumer interest in golf as a sport, coupled with the presence of proven infrastructure in developed countries, such as the U.S. Over the projected period, Asia Pacific is expected to grow at the quickest CAGR. In this area, the demand for the product is mainly driven by its rising availability and affordability in countries such as Japan and India. China has historically been regarded as a lucrative market by foreign golf glove manufacturers, given the relatively low production costs and availability of cheap labor within the country.
Competitive Landscape:
The Golf Gloves market, which is highly competitive, consists of several major players such as Callaway Golf Company, Acushnet Holdings Corp., Mizuno Corporation hold a substantial market share in the Golf Gloves market. Other players analyzed in this report are NIKE, Inc., Adidas AG, Amer Sports Corporation, and 3M Company among others
