The global golf products market was valued at USD 10.3 billion in 2021 and is projected to expand at a CAGR of 6.2% from 2022 to 2030. The growing number of golf courses, increasing participation in golf events, and rising popularity of golf as a recreational sport are key factors driving the market growth. Additionally, supportive government policies and initiatives to promote the game of golf are further contributing to market growth. For instance, in March 2021, the Indian government announced a ₹100 crore (USD 14 million) budget for the development of golf courses and promotion of the sport.

The market is mainly driven by the increasing demand for golf clubs, which accounted for over 40.0% of the total revenue in 2021. The growing popularity of golf clubs among the younger generation is driving the market growth. Furthermore, the introduction of high-tech golf clubs with new features such as distance tracking, rangefinder, and adjustable weights is further propelling the demand for golf clubs. For instance, in October 2021, TaylorMade Golf Company launched its new SIM Max Irons with Speed Bridge technology, which is designed to provide greater distance and forgiveness.

In addition, the growing popularity of golf balls is also driving the golf products market. The rising demand for golf balls, driven by advances in technology, is expected to contribute to the market growth. For instance, in December 2021, Titleist launched its new Pro V1 & Pro V1x golf balls, which are designed with a new cover technology and a reformulated core formulation for improved performance. Furthermore, the launch of several golf balls, designed for different swing speeds, will also drive the market growth.

The rising trend of golf tourism is also driving the golf products market. The increasing number of tourists visiting golf courses, golf holidays, and golf resorts around the world is expected to contribute to the growth of the market. Furthermore, the increasing corporate sponsorship of golf events and tournaments is driving the demand for golf products. For instance, in January 2021, the PGA TOUR and Mastercard announced a multi-year global partnership to support golfers and golf organizations worldwide.

Moreover, the increasing focus on promoting golf as a sport among the younger population is also driving the golf products market. Several initiatives and schemes are being implemented by various governments and golf associations to promote the sport among the younger generation. For instance, in February 2021, the European Tour launched the ‘GolfCub Academy’ program, which enables children to learn the basics of golf in a fun and engaging environment.

The golf clubs segment is expected to account for the largest share of the market in 2022. Golf clubs are the essential equipment used to play the game of golf. The demand for golf clubs is driven by the increasing popularity of golf, especially in countries such as the United States, Japan, and Canada. According to the National Golf Foundation, in 2019, the number of golfers in the United States rose to 23.8 million, an increase of 1.4% from 2018.

The golf balls segment is expected to expand at the fastest CAGR over the forecast period. The rising popularity of golf as a professional sport and recreational activity has led to an increase in demand for golf balls. Moreover, technological advancements in the golf balls are expected to drive the market growth. For instance, in December 2019, Titleist launched a new golf ball, the Titleist Pro V1, which is designed to provide maximum distance and improved accuracy.

The retail stores segment dominated the golf equipment market in 2022 with a market share of over 43.5%. Golf equipment is available to consumers through retail stores, such as specialty golf shops, discount stores, sporting goods stores, and department stores. These stores offer a wide range of golf products, including golf clubs, golf balls, golf bags, golf apparel, and golf shoes. The presence of these stores in large numbers, especially in the developed markets, such as the U.S. and the U.K. provides an easy access to end-users for purchasing golf equipment.

The online segment is anticipated to expand at the highest CAGR of 11.4% over the forecast period. The growing number of online stores, such as Golf Town and GlobalGolf, offers a wide range of golf equipment and accessories to end-users. In addition, the availability of discounts and promotional offers on golf equipment on these portals is likely to fuel the segment growth over the forecast period. Moreover, the convenience of shopping online has expanded the customer base of the online stores, which is likely to drive the segment growth over the forecast period.

The golf clubs segment is expected to account for the largest revenue share of 58.2% in the year 2022. The advancements in golf clubs such as lightweight, better performance, and enhanced durability have contributed significantly to the growth of the segment. Manufacturers are focusing on product development and launching new products to enhance their product portfolio and increase their customer base. For instance, in April 2021, Callaway Golf Company, a U.S. based company, launched a golf club series called Mavrik. The company has launched three models in the series, such as Mavrik Max, Mavrik Standard, and Mavrik Sub Zero.

The golf balls segment is projected to register the highest CAGR of 7.7% over the forecast period. Increasing awareness about the importance of golf balls in improving golf performance has contributed significantly to the growth of the segment. Manufacturers are focusing on the development of new golf ball technologies such as soft core and multi-layer construction to improve performance. For instance, in April 2021, Titleist, a brand of Acushnet Company, launched a golf ball series called ProV1, which is designed with a soft core and multi-layer construction technology. The series is marketed as the most advanced golf ball ever launched by the company.

Europe held the largest market share of over 36.7% in 2022 majorly due to the presence of several prominent players in the region such as Callaway Golf, Acushnet, and TaylorMade. The region is also witnessing an increasing number of golfers, owing to the increasing prominence of the sport in the region. The golf awareness clubs and associations in the region are encouraging people to play golf and are offering discounts and other benefits to the members. This factor is expected to drive the market growth in the region.

In North America, the market is expected to witness the second-fastest growth in the coming years. The presence of several golf courses, growth in the popularity of the game, and increasing investments by companies in the region are some of the factors driving the market growth in the region. For instance, in April 2021, Callaway Golf announced an investment of USD 10 million in the U.S. to promote the sport in the region.

In this part of the golf equipment 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 business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a golf equipment products business comes from the sale of golf equipment, apparel, and accessories. Other sources of income might include green fees, memberships, and tournaments.

Projecting Expenses

In this section, all the regular expenses related to keeping the golf equipment products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, expenses related to golf course maintenance and improvement, such as golf cart and equipment rental, may be included in the projections.

Some of the key companies operating in the golf equipment 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 June 2022, Callaway Golf Company launched the Epic Max driver, which is the longest and most accurate driver the company has ever produced.

– In August 2022, TaylorMade Golf Company launched the SIM2 driver, which is the most powerful and forgiving driver ever produced.

– In October 2022, PING Golf introduced the G425 Max driver, which is designed to provide improved launch and accuracy.

Some of the prominent players in the golf equipment market include:

– Callaway Golf Company
– TaylorMade Golf Company
– PING Golf
– Acushnet Company
– Mizuno Corporation
– Srixon Sports Co., Ltd.
– Bridgestone Corporation
– Wilson Sporting Goods Company
– Cleveland Golf
– Titleist

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 equipment products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Balls
– Clubs
– Shoes
– Bags
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Online
– Offline

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Major Market Trends in the Golf Equipment Market?
[A]: The major market trends in the golf equipment market include the increasing demand for technologically advanced equipment, the rising number of professional golfers and the growing popularity of golf tourism. Furthermore, manufacturers are focusing on developing innovative golf equipment to cater to the different needs of professional and amateur golfers.

[Q]: Who are the Key Players in the Golf Equipment Market?
[A]: The key players in the golf equipment market include Acushnet Holdings Corporation, Callaway Golf Company, Taylor Made Golf Company, Inc., Titleist, Bridgestone Corporation, and Srixon Sports Co., Ltd.

[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is rapidly gaining importance in the golf equipment market. Companies are focusing on developing technologically advanced golf equipment that can help improve the accuracy and range of the shots. Additionally, manufacturers are introducing lightweight and adjustable golf clubs to meet the requirements of professional and amateur golfers.

[Q]: What are the Growth Drivers of the Golf Equipment Market?
[A]: Factors such as the increasing popularity of golf tourism, the rising number of golf courses in the world, the growing number of professional golfers, and the emergence of advanced golf equipment that can help improve accuracy and range of shots are driving the growth of the golf equipment market.

[Q]: Which Region Offers the Largest Opportunity for Sales of Golf Equipment?
[A]: North America is expected to offer the largest opportunity for sales of golf equipment, followed by Europe and Asia-Pacific. The rise in the number of professional golfers in the region and the increasing popularity of golf tourism are expected to drive the growth of the golf equipment market in North America.