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Golf Club Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global golf club products market was valued at USD 7.2 billion in 2022 and is projected to expand at a CAGR of 6.2% from 2023 to 2030. The rising popularity of the sport is expected to be a major factor driving the market growth. According to the National Golf Foundation, the number of golfers in the United States increased from 25.7 million in 2017 to 26.5 million in 2020. Furthermore, the growing popularity of professional golf tournaments, such as the Masters Tournament, The Open Championship, and the Ryder Cup, is expected to drive the demand for golf club products.
In addition, the increasing disposable income has enabled consumers to invest in high-end golf clubs, which is driving the market growth. Furthermore, the growing trend of customization in golf clubs is anticipated to support the market growth. The customization of golf clubs has helped the players to select golf clubs based on their individual needs, such as weight, length, and grip size. This has enabled the players to gain an edge over other players. For instance, in January 2021, PING launched the Custom Tuning Portfolio, allowing players to customize their clubs with the help of a PING fitter.
The increasing number of golf courses is further accelerating the demand for golf clubs and related products. According to the National Golf Foundation, the number of golf courses in the United States increased from 15,372 in 2017 to 15,372 in 2020. Furthermore, the increasing number of initiatives by golf associations to promote the game is expected to drive the market growth. For instance, the United States Golf Association (USGA) hosted the inaugural US Women’s Open in 2018. The competition was broadcasted in more than 200 countries, which is expected to increase the popularity of the game.
The rising trend of golf tourism is also expected to support the market growth. According to the World Travel & Tourism Council, the golf tourism market is estimated to reach USD 9 billion by 2025. Furthermore, the increasing number of golf tournaments is expected to create opportunities for the market players. For instance, in October 2021, The European Tour launched the Hero Pro Series, a series of tournaments across Europe and Africa. The tournaments offer players the opportunity to compete at the highest level, while also offering lucrative prize money and European Tour ranking points.
Moreover, the presence of a number of golf equipment manufacturers is expected to drive the market growth. The manufacturers are launching new products to meet the changing demands of customers. For instance, in December 2021, Wilson Staff launched the new Triton golf driver, which features a revolutionary adjustable hosel and sole weight system to optimize launch, spin, and control. The rising trend of technological advancements, such as GPS tracking and Smartphone applications, is also increasing the demand for golf clubs and related products.
Product Insights
The golf club segment accounted for the largest market share of around 58.3% in 2022. Growing popularity of golf as a recreational and professional sport across the world has been driving the demand for golf clubs. According to the National Golf Foundation, in 2020, the U.S. golf industry directly supported 1.9 million jobs and generated $84.1 billion in total economic output. Furthermore, the rising trend of golf tourism and growing participation of women in golf are creating numerous growth opportunities for the golf club market.
The golf ball segment is anticipated to expand at the fastest CAGR of 5.6% over the forecast period. Growing awareness among golfers regarding the benefits of playing with advanced golf balls is driving the demand for golf balls. According to an article published by Golf Digest, in August 2020, the USGA found that golfers who switched to a golf ball with the latest technologies, such as firmer cores and softer outer coverings, could hit their shots farther than ever before. In addition, the growing popularity of golf among the younger population and celebrities is another factor driving the growth of the market.
Distribution Channel Insights
The specialty stores segment held the major share of the market in 2022. The growth of the segment is mainly attributed to the popularity of golf clubs among customers, owing to which they prefer to purchase them from specialty stores that offer a wide variety of clubs, bags, and other golfing accessories. Customers are also likely to get expert advice on the right product and advice on customizing the golf clubs according to their requirements.
The online segment is anticipated to expand at the highest CAGR of 11.2% over the forecast period. The growth of the segment is mainly attributed to the rising penetration of internet and the growing trend of online shopping. Consumers are increasingly shifting towards online platforms for purchasing golf clubs due to the availability of a wide range of products and competitive prices offered by e-commerce websites. Furthermore, the convenience associated with online shopping has also contributed to the growth of the segment.
Type Insights
The golf clubs segment accounted for the majority of the revenue share of 63.2% in the year 2022. Golf clubs are the most important gear for playing golf and it is essential for golfers to have the right set of clubs for their game. The commercialization of golf and increasing number of golf clubs and courses in the U.S., Europe and other countries are propelling the demand for golf clubs. Professional golfers are also influencing the demand for the golf clubs segment. Furthermore, the increasing demand for custom-made clubs with advanced features such as light-weighted clubs and graphite shafts is driving the market growth.
The golf balls segment is expected to expand at the highest CAGR of 8.1% over the forecast period. The rising awareness among consumers regarding golf performance and the development of golf balls with advanced features such as graphite core and dimple structure are driving the demand for golf balls. The growing popularity of golf among millennials and the development of golf ball technology are also propelling the golf balls segment. For instance, in February 2021, Bridgestone Golf launched the Tour B XS golf balls, which feature a new core design and a new soft and fast cover.
Regional Insights
Europe held the largest share in the global golf club market in 2022, owing to the presence of a large number of golf courses and golfers in the region. In addition, the growing popularity of luxury golf club products in the region is expected to drive the market. For instance, in August 2021, Callaway Golf launched its new range of Apex MB irons in the European market.
North America is expected to witness the fastest growth in the market over the forecast period. The region is home to some of the world’s best golf courses, which is driving the number of golfers in the region. In addition, the increasing focus of golf equipment manufacturers on enhancing their online presence is expected to further drive the market. For instance, in April 2022, PING launched an online store in the U.S. to offer its products to a larger number of golfers.
Financial Projections
In this part of the golf club products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the golf club products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a golf club products business comes from sales of golf clubs, golf balls, golf apparel and accessories, as well as green fees and memberships. Here you will find a list with a description of each of them and other possible sources of profit such as rental fees for golf carts, food and beverage sales, and the sale of merchandise.
Projecting Expenses
In this section, all the regular expenses related to keeping the golf club products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the golf club market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, TaylorMade Golf Company launched the SIM2 drivers, fairways, and hybrids.
– In July 2022, Callaway Golf Company launched the Epic Speed irons and drivers.
– In August 2022, Titleist Golf Company launched the T-Series irons and drivers.
Some of the prominent players in the golf club market include:
– TaylorMade Golf Company
– Callaway Golf Company
– Titleist Golf Company
– Ping Golf Company
– Mizuno Golf Company
– Srixon Golf Company
– Cobra Golf Company
– Wilson Golf Company
– Bridgestone Golf Company
– Tour Edge Golf Company
Global Golf Club Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global golf club products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Drivers
– Woods
– Irons
– Putters
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Offline
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Market Outlook for Golf Club Products?
[A]: The global golf club products market is estimated to reach a CAGR of 5.8% during the forecast period (2021-2026). The increasing popularity of golf clubs, as a recreational activity, is driving the market growth. The increasing disposable income of people is creating an additional demand for golf clubs and golf equipment. The demand for technologically advanced golf clubs is creating opportunities for the golf club products market.
[Q]: Who are the Key Players in the Golf Club Products Market?
[A]: Key players in the golf club products market include Titleist, Callaway Golf, TaylorMade Golf, Honma, PING, Wilson Sporting Goods, Srixon, Mizuno, Yamaha Golf, and Cleveland Golf.
[Q]: What are the Factors Driving the Golf Club Products Market?
[A]: Factors driving the golf club products market include the increasing popularity of golf as a recreational activity and the growing disposable income of people. Additionally, the increasing demand for technologically advanced golf clubs and golf equipment is expected to propel the market growth.
[Q]: What are the Major Types of Golf Clubs Available in the Market?
[A]: The major types of golf clubs available in the market include woods, irons, wedges, hybrids, and putters. Woods are used for long shots, while irons are used for medium and short shots. Wedges are used for short and precise shots, while hybrids are used for long shots with a higher degree of accuracy. Putters are used for shots on and around the green.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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