Categories: Market Research

Golf Equipment Market Size, Share, Growth, Forcast 2023-2032 | Acushnet Holdings Corp., Callaway Golf Company, TaylorMade Golf Company, Nike Inc., Bridgestone Corporation

The Golf Equipment Global Market Report 2023 by The Business Research Company, provides golf equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Golf Equipment Global Market Report 2023, the global golf equipment market size is expected to grow from $8.37 billion in 2022 to $8.74 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of golf equipment is expected to grow to $9.91 billion in 2027 at a compound annual growth rate (CAGR) of 3.2%.

The increase in golf tourism and government support is expected to drive the growth of the golf equipment market. Governments are promoting golf resorts to local and international tourists to generate additional foreign exchange through the development of golf tourism and thereby contributing to economic progress. Golf tourism will enhance the sales and demand for golf equipment.

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The golf equipment market is segmented:

1) By Product Type: Golf Clubs, Golf Balls, Golf Bags And Accessories, Apparel, Footwear

2) By Distribution Channel: Specialty Stores, Sporting Goods Chain, On-Course Shops, Online Stores, Other Distribution Channels

3) By End-User: Amateurs, Professionals

Technology advancementss are shaping the golf equipment market. Companies are creating products with enhanced technologies to satisfy the market need for superior golf equipment. For instance, in January 2020, TaylorMade Golf, a US-based leader in innovation and technology launched the second generation of the high-visibility line of pix golf balls. For the first time, pixTM, a new visual technology created in collaboration with Rickie Fowler, will be available in both the TP5 and TP5x models. The TP5/TP5x stamp is used to create the company’s new ClearPath AlignmentTM, which is the main feature of the company’s logo. ClearPath not only aids in alignment but also provides rapid feedback on the roll’s quality. The golfer can see a clearing in the center of the ball on a well-struck putt where the ball is rolling end-over-end, which provides two critical pieces of information, the launching of the golf ball down the intended path and about a good putt.

The golf equipment market report table of contents includes: