Golf Equipment Market to Attain US$ 29.3 Billion at 4.8% CAGR by 2034: Fact.MR Report
Rockville , Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Golf Equipment Market has witnessed a notable uptick, primarily fueled by a combination of factors such as technological advancements, increasing participation rates, and a growing inclination toward leisure activities that promote outdoor engagement. According to a recent market analysis by Fact.MR, a market research and competitive intelligence provider, the market is predicted to advance at a CAGR of 4.8% to reach a size of US$ 29.3 billion by 2034-end.
The golf equipment market has experienced a seismic shift, marked by a surge in demand for advanced, high-performance gear. From cutting-edge clubs engineered for precision and power to technologically sophisticated golf balls optimized for speed and control, manufacturers are pushing boundaries to meet the evolving needs of players at all skill levels.
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Key Segments of Golf Equipment Industry Research Report
| By Product | By Distribution Channel | By Region | By End User |
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The market has witnessed a growing trend toward customization and personalization. Players seek tailor-made solutions that align with their unique swing characteristics and playing style. This shift towards personalized equipment has paved the way for specialized fitting services and bespoke offerings, creating a more personalized and immersive golfing experience.
Key Takeaways from Market Study
- The global golf equipment market is projected to expand at a CAGR of 4.8% through 2034.
- The market is estimated to reach a valuation of US$ 18.34 billion in 2024.
- North America is set to account for 47.1% market share in 2024.
- The golf clubs segment is forecasted to be valued at US$ 11.48 billion by 2034-end and hold a leading share of the global market.
- The amateur golfers segment holds 83.6% market share in 2024 and is projected to expand at 5.1% CAGR through 2034.
- The market in East Asia is predicted to advance at 5.4% CAGR from 2024 to 2034.
“The market continues to expand steadily, offering an array of high-tech solutions adapted to individual preferences, with a focus on improving player performance and experience. The future of golf equipment promises an intriguing blend of history and cutting-edge innovation as the industry surpasses traditional boundaries,” says a Fact.MR analyst.
Global Outreach Facilitating Cultivation of Diverse and Inclusive Golfing Community
Globalization of golf has broadened the business perspective, with emerging markets showing growing interest in the sport. Global outreach within the golf equipment market signifies a transformative shift, marking the transcendence of the sport beyond traditional strongholds and into newer, untapped territories. This shift has led to a strategic repositioning by manufacturers and retailers, aiming to capitalize on the potential of the emerging market.
Events such as international tournaments and exhibitions, which serve as platforms for showcasing the latest equipment and technology, facilitate the globalization of the sport. These events not only foster a sense of community among golf enthusiasts worldwide but also serve as catalysts for introducing the sport to new audiences. The advent of digital platforms and e-commerce has facilitated access to golf equipment globally, allowing enthusiasts from various corners of the world to purchase specialized gear and accessories previously unavailable to them locally.
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| Report Attribute | Details |
| Value Projection (2034) | USD 29.3 Billion |
| Growth Rate (2024-2034) | 4.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Competitive Landscape
The golf equipment market exhibits a dynamic competition among established innovators, emerging players vying for uniqueness, and influential retailers guiding consumer preferences. This diverse competitive environment drives a continuous pursuit of advancements, ensuring golfers of all skill levels access state-of-the-art equipment crafted to enhance their performance on the golf courses.
Key players in the golf equipment market include Callaway Golf Company, TaylorMade Golf Company, Inc., Acushnet Holdings Corp., and Sumitomo Rubber Industries, Ltd.
- In a move catering to female beginners and young players, the Ladies Professional Golf Association (LPGA) introduced affordable golf equipment, accessories, and footwear in May 2023.
- Callaway Golf, known for its pioneering role in golf equipment design and innovation, unveiled the new Paradym Family of Woods and Irons in January 2023.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the golf equipment market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (golf clubs, golf balls, golf bags & accessories, apparel, footwear, others), distribution channel (sporting goods retailers, on-course shops, online), and end user (amateur golfers, professional golfers), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Golf Products Market: The global golf products market is likely to reach a valuation of US$ 9,330.4 million in 2022 and is expected to progress at a CAGR of 3.5% to reach US$ 13,206.9 million by the end of 2032.
Golf Shoes Market: The global golf shoes market is set to enjoy a valuation of US$ 8,584.1 Million in 2022 and further expand at a CAGR of 4.4% to reach US$ 13,331.7 Million by the end of 2032.
Golf Rangefinder Market: The key driving factor of global golf rangefinder market is the increasing popularity of the golf game among people along with the rising demand of smart devices for games and sports to enhance the viewers and players’ experience across the globe.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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