NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global golf clubs market size is estimated to grow by USD 715.32 million from 2022 to 2027. The market is expected to grow at a CAGR of 2.7%. Moreover, the growth momentum will accelerate. North America will account for 38% of the growth of the global market during the forecast period.
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Global golf clubs market - Five forces
The global golf clubs market is fragmented, and the five forces analysis covers –
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
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Global golf clubs market – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global golf clubs market - Segmentation assessment
Technavio has segmented the market based on application (leisure and professional) and product (woods, irons, putters, and wedges).
The leisure segment will grow at a significant rate during the forecast period. The rising popularity of golf is increasing the availability of golf courses in many cities and towns across the world. The expansion of golf courses and efforts by governments to promote golf tourism have also increased the popularity of this sport, which has increased the demand for golf equipment. These factors will drive the growth of the golf clubs segment during the forecast period.
Based on geography, the global golf clubs market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global golf clubs market.
North America is estimated to account for 38% of the growth of the global market during the forecast period. The US and Canada are the key countries in the market in the region. North America is home to more than half of the golf courses available globally, and most of them are located in the US. The increasing interest in golf, especially among Millennials and Baby Boomers, is driving the growth of the golf clubs market in the region. This will positively impact the sales of golf clubs in North America.
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Global golf clubs market – Market dynamics
Key factor driving market growth
Advances in golf technology are driving market growth.
Vendors are developing technologically advanced, customized golf equipment to attract sports enthusiasts and encourage consumers to replace their equipment with upgraded versions.
Many manufacturers are developing and modifying product designs using advanced technologies such as computer-aided design (CAD) and computer-aided manufacturing (CAM).
They are also developing high-end equipment such as golf robots and launch monitors.
Such advances will attract sports enthusiasts and, in turn, drive market growth during the forecast period.
Leading trends influencing the market
The growth of golf tourism is a key trend in the market.
Many experienced and amateur golfers travel to popular golf tourism destinations such as the GCC countries.
Dubai and Abu Dhabi in the UAE are considered among the top 10 destinations for golf tourism.
These cities host many international golf events and competitions, including the Dubai Desert Classic, the Abu Dhabi Golf Championship, and the Qatar Masters.
Countries in Central Europe and Eastern Europe are also focusing on promoting the golf tourism market.
Such factors will support the growth of the golf clubs market during the forecast period.
Major challenges hindering market growth
The rise of alternative sports and leisure activities is challenging the market growth.
The demand for leisure activities and outdoor sports has increased due to the fast-paced lifestyles in urban areas.
The increase in recreational expenditure will increase the popularity of leisure activities and outdoor sports.
Thus, the rise in popularity of adventure activities can pose a risk to the global golf clubs market.
Moreover, golf is considered a time-consuming and expensive sport, which can decrease its popularity.
These factors will limit the growth of the golf clubs market during the forecast period.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!
What are the key data covered in this golf clubs market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the golf clubs market between 2023 and 2027
Precise estimation of the size of the golf clubs market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the golf clubs market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of golf clubs market vendors
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The golf apparel market size is expected to increase by USD 2.91 billion from 2021 to 2026. This report extensively covers segmentation by end-user (men, women, and children), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The American football equipment market in US is estimated to grow at a CAGR of 4.08% between 2022 and 2027. The size of the market is forecasted to increase by USD 209.44 million. This report extensively covers market segmentation by product (protective gear, helmets, cleats, balls, and training equipment) and retail channel (specialty and sports shops, department and discount stores, and online retail).
Golf Clubs Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 2.7%
Market growth 2023-2027
USD 715.32 million
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 38%
US, Canada, China, France, and UK
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled
Acushnet Holdings Corp., Amer Sports Corp., bob burns golf, Bridgestone Golf, Inc., Callaway Golf Co., Cobra Golf, Evergreen Golf, Honma Golf Co. Ltd., Infiniti Golf Inc., Kasco Corp, Nike Inc., Parsons Xtreme Golf LLC, PING Inc., Power Bilt, Roger Cleveland Golf Co. Inc., Taylor Made Golf Co. Inc., Thomas Golf Inc., Yonex Co. Ltd., Hippo Golf, and Mizuno Corp
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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Table of contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global golf clubs market 2017 - 2021
4.2 Application Segment Analysis 2017 - 2021
4.3 Product Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Leisure - Market size and forecast 2022-2027
6.4 Professional - Market size and forecast 2022-2027
6.5 Market opportunity by Application
7 Market Segmentation by Product
7.1 Market segments
7.2 Comparison by Product
7.3 Woods - Market size and forecast 2022-2027
7.4 Irons - Market size and forecast 2022-2027
7.5 Putters - Market size and forecast 2022-2027
7.6 Wedges - Market size and forecast 2022-2027
7.7 Market opportunity by Product
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 APAC - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 UK - Market size and forecast 2022-2027
9.11 France - Market size and forecast 2022-2027
9.12 Canada - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Acushnet Holdings Corp.
12.4 Bridgestone Golf, Inc.
12.5 Callaway Golf Co.
12.6 Cobra Golf
12.7 Evergreen Golf
12.8 Hippo Golf
12.9 Honma Golf Co. Ltd.
12.10 Mizuno Corp
12.11 Nike Inc.
12.12 Parsons Xtreme Golf LLC
12.13 PING Inc.
12.14 Roger Cleveland Golf Co. Inc.
12.15 Taylor Made Golf Co. Inc.
12.16 Thomas Golf Inc.
12.17 Yonex Co. Ltd.
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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