The rising popularity as well as acceptance of golf as an energetic activity is likely to drive growth of the global golf clubs market in the near future. Furthermore, luxury hotels and resorts are adding to their athletic activities, such as golf, within their hospitality amenities. The development of miniature golf courses to enhance patronage and promote it as a healthy leisure activity is helping to boost golf club sales. As per the National Golf Foundation (NGF), the number of new golf players increased by about 14.0 % to around 2.5 Million in 2015. This was a new record, surpassing the former high of 2.4 million set in 2000, when Tiger Woods was at the top of his highly illustrious career. The number of golf fans has been steadily increasing, including individuals who consider golf to be their favorite sport or one of their numerous recreational activities.
This study from Transparency Market Research (TMR) provides a complete insight of the global golf clubs market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
Acushnet Holdings Corp. released the new Titleist Tour Speed golf ball in 2020. It is a thermoplastic urethane-covered, multilayer golf ball offering excellent long-game distance and pinpoint short-game handling.
The noted players that are operational in the global golf clubs market are Sumitomo Rubber Industries, Ltd., Callaway Golf Company, Ben Hogan Golf Equipment Company, MIZUNO Corporation, Acushnet Holdings Corp., and Bridgestone Corporation.
Below-mentioned market trends and opportunities mark the global golf clubs market:
Golf is still regarded as a highly conventional and formal activity by most millennials, and so it is still regarded as a very formal and structured sport, which does not match with the millennial attitude. It is critical to reestablish golf as a game for everybody in order to keep the spirit of the game alive. Topgolf, a sports entertainment business, has created some millennial-friendly improvements and launched a platform to attract a large number of customers by making golf more enjoyable and engaging.
Young people like to acquire fashionable items, whilst older people are more concerned with the equipment's technical specifications. For example, choosing the correct clubs has always been critical in pushing the game to the next level. When buying a club, most professional players are mainly concerned with the location of the centre of the gravity and the materials used. It is also crucial to choose the right materials. For example, the combination of extremely light carbon fiber and highly heavy Tungsten allows for novel methods to modify centre of gravity positions.
In 2019, North America dominated the global golf club market and the region is likely to lead the market over the forecast period, from 2021 to 2031. Unlike clubs and private facilities, 77 % of golf facilities in North America are available to fee-paying golfers on a per-round basis, according to the R&A. As a result, the number of players grows, as does the range of golf equipment available in the region, such as clubs. As per the National Golf Foundation, around 33.5 million Americans aged 6 years and above played golf on and off the course in 2018.
Asia Pacific is predicted to have the expand at a rapid pace over the forecast period, from 2021 to 2031. Golf clubs in Asia Pacific have a lot of room to develop, thanks to an expanding golf-playing population as well as rising middle-class disposable income. Golf equipment sales are primarily driven by an increase in the number of golf events and the number of participants. Despite the fact that males dominate the sport, the number of female golfers has risen in recent years.
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