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According to the golf equipment market analysis, the market is classified on the basis of type, distribution channel, and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, September 15, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Golf equipment Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The global golf equipment market size was valued at $7,041.3 million in 2020, and is projected to reach $10,150.3 million by 2030, registering a CAGR of 3.9% from 2021 to 2030.
Rise in number of professional and amateur female golfers, rise in trend of golf tourism, and growth of the middle-class population drive the growth of the global golf equipment market. However, busy work schedules, expensive golf courses and memberships, and adoption of alternative leisure activities impede the market growth. On the contrary, rise in popularity of online shopping offers new opportunities in the upcoming years.
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Golf equipment include golf balls, golf shoes, golf clubs, and other aids such as wedges and putters. The golf equipment market trends that fuel the market are increasing consumers’ disposable income, growth in professional and amateur female golfers, and trend of golf tourism, owing to setup of golf courses across the world. However, factors such as busy work schedules leading to lack of any leisure activity and high membership costs resulting in lower registrations impede growth in the market.
According to the golf equipment market analysis, the market is classified on the basis of type, distribution channel, and region. By type, the market is segmented into golf clubs, golf balls, golf shoes, and others. The golf clubs segment is expected to dominate the golf equipment market during the forecast period. Assorted and customizable golf clubs are gaining traction among consumers, which is anticipated to increase the demand for golf clubs segment. However, the golf balls segment is expected to generate significant demand among consumers, owing to the recurring requirement of these equipment in golf.
Based on type, the golf clubs segment held the highest market share in 2020, accounting for nearly half of the total share, and is projected to maintain its leadership status during the forecast period. However, the golf shoes segment is estimated to grow at the fastest CAGR of 5.9% from 2021 to 2030.
Based on distribution channel, the specialty stores segment accounted for the largest share in 2020, contributing to nearly half of the global golf equipment market, and is expected to maintain its lead position during the forecast period. However, the online stores segment is projected to portray the highest CAGR of 7.1% from 2021 to 2030.
Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue during golf equipment market forecast and is expected to dominate the market during the forecast period.
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The major players operating in the golf equipment industry are Acushnet Holdings Corp., Roger Cleveland Golf Company, Inc., Golfsmith International Holdings, Inc., Nike, Inc., Amer Sports Corporation, Bridgestone Sports Ltd., Sumitomo Rubber Industries Ltd., Callaway Golf Company, TaylorMade Golf Company, Inc., and PING.
Key findings of the study:
○ The global market size was valued at $7,041.3 million in 2020, and is projected to reach $10,150.3 million by 2030, registering a CAGR of 3.9% from 2021 to 2030. ○ By type, the golf clubs segment was the highest contributor to the market, with $3,336.2 million in 2020, and is estimated to reach $4,484.5 million by 2030, at a CAGR of 3.2% during the forecast period. ○ By distribution channel, the specialty stores segment was the highest contributor to the market, with $3,277.4 million in 2020, and is estimated to reach $4,595.0 million by 2030, at a CAGR of 3.7% during the forecast period. ○ By region, North America was the highest revenue contributor, accounting for $3,541.1 million in 2020, and is estimated to reach $4,750.3 million by 2030, with a CAGR of 3.2%.
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