The Global Market for Golf Equipment and Consumables is Projected to Reach about US$15 Billion by 2020
Rise in Golf Participation Rates Drives the Global
Golf Equipment and Consumables Market, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Golf Equipment and Consumables.
The
global market for Golf Equipment and Consumables is projected to reach about
US$15 billion by 2020, driven by the rise in golf participation rates
Despite the slowdown in demand in Europe, the United States and Japan,
the global golf equipment and consumables market is expected to remain steady
in the short to medium term period. Growth in the market will be driven by the
establishment of new golf courses and recommencement of stalled projects. Golf,
as a sport, is moving beyond the confines of the traditional male customer
cluster. Increasing numbers of female golfers, both professional and amateurs,
are lending significant traction to market growth. Emerging markets, which are
witnessing a strong growth in the number of high net worth individuals, are
expected to drive demand in the coming years.
The growing base of wealthy people in Saudi Arabia, Egypt and UAE,
especially bodes well for market growth, given the propensity of the rich to take up golf as a leisure pursuit.
The rise in golf
tourism represents a key trend spurring growth in the market. Preferred
destinations for golf tourism include the United States, Portugal, the UAE,
Scotland, Morocco, and Ireland. Digital technology is radically transforming
the golf industry in both developing and developed countries. Use of social
media platforms for promoting awareness and enabling online bookings, for
instance, is a key trend. Other major factors driving growth in the market
include improvement in the world economic climate, resurgence in travel and
tourism, easy access to new golf courses, increased participation and
developments in marketing and online booking. Easy customer friendly online
booking portals are especially playing an important role in increasing the
number of visitors to golf courses.
Manufacturers
of golf apparel and shoes are focusing on the development of advanced fabrics made
from lightweight, breathable micro fibers, and micro fleece fibers. The newer
models of shoes launched in the market are lighter and are multi-functional to
facilitate use even outside the golf course. Boat shoes, skater shoes and
tennis shoes represent major design influences for golf shoes. Fully adjustable
golf drivers, rescue clubs and fairway woods along with significant
improvements in putters represent other advancements that are expected to
benefit the market in the near term.
As stated by
the new market research report on Golf
Equipment and Consumables, the United States represents the largest market
worldwide. Asia-Pacific is projected to emerge as the fastest growing market
with a CAGR of 6.8% over the analysis period. Rising participation due to increasing
standard of living, growing discretionary income and greater willingness to
spend on leisure pursuits, represent key growth drivers in the region.
Key players covered
in the report include Acushnet Company, Aldila Inc., Amer Sports Corporation, Bridgestone
Golf, Inc., Callaway Golf Company, Dixon Golf, Dunlop Sports Co. Ltd., Roger
Cleveland Golf Company, Fila Golf, Golfsmith International, Nike, Inc., TaylorMade-adidas
Golf, and True Temper Sports, among others.
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