Demand for Golf Products expected to Rise as the Increase in Participation of Recreational Activity, States Fact.MR

FACT.MR
FACT.MR

The global golf product market is currently valued at around US$ 9,330.4 million, and is anticipated to progress at a CAGR of 3.5% to reach US$ 13,206.9 million by 2032.

Rockville, Nov. 28, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global golf products market is likely to achieve figures of US$ 9,330.6 million in 2022. It is expected to expand at a CAGR of 3.5% during the forecast years of 2022-2032. The market is expected to grow due to a surge in participation in sports activity and recreational activity sports participation.

Growing health consciousness has opened up new industry opportunities and changed how people view sports and exercise. E-commerce has thrived as consumers shop online despite quality issues or duplicate product offerings. Due to the rising popularity of digital forms of individual or group physical activity, sporting goods firms now have more opportunities for growth than before.

As a result of the pandemic, public awareness of sustainability has increased more swiftly, and demand for ecologically friendly products has risen. Rising customer expectations in this area make it more challenging for companies to differentiate themselves from the competition. Leading companies will continue to emphasise eco-friendly goods, circular business models, and helping clients make decisions that are consistent with their beliefs.

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Due to the aforementioned cause, the demand for sports accessories is expected to be very profitable in the upcoming year. This will occur through the direct-to-consumer (D2C) channel, which will open up a wide range of opportunities to reach out directly to consumers all over the world. Another factor driving up demand is people's growing awareness of their own health.

Key Takeaways from the Golf Products Market Study

  • The global golf products market is projected to grow 3.5% and reach US$ 13,206.9 million by 2032.

  • The market witnessed a 3.4% CAGR between 2017 and 2021.

  • Golf products dominate the market with US$ 9,330.6 million valuations in 2022.

  • North America dominated the market with a 40.9% market share in 2022.

  • Together, Europe and East Asia are likely to represent 43.1% market share in 2022.

“Rising golf tournaments increase the demand for golf products leading to higher sales,” says a Fact.MR analyst.

Segmentation of Golf Products Market Industry Research

  • Golf Products Market by Product Type:

    • Golf Ball

    • Clubs

    • Individual Club

    • Golf Shoes

    • Golf Bags

  • Golf Products Market by Sales Channel:

    • Sports Variety Store

    • On Coarse Outlet

    • Branded Golf Stores

    • Third Party Online

    • Direct to Customer Online Channel

    • Modern Trade Channel

  • Golf Products Market by Buyer Type:

    • Individual

    • Institution

    • Promotional

  • Golf Products Market by Region:

    • North Americas

    • Latin America

    • Europe

    • East Asia

    • South Asia & Oceania

    • Middle East & Africa

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Market Development

Manufacturers in the golf products market consistently invest in R&D to diversify their product offerings and look for chances to develop specialized, client-specific products that may be applied in various contexts. This enables the company to control product pricing effectively and to target several markets with a single product. Manufacturers should focus on longer product rides to increase customer pleasure and golf product sales.

Key Company Profiled

  • Callaway Golf Company

  • Amer Sports Corporation

  • Mizuno Corporation

  • Taylormade Golf Company Inc.

  • Acushnet Holdings Corp.

  • Parsons Xtreme Golf, LLC

  • Honma Golf Co. Ltd.

  • Bridgestone Sports Co. Ltd.

  • Endo Manufacturing Co. Ltd.

  • Dixon Golf, Inc.

  • Dunlop Sports Co. Ltd

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global golf products market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the market on the basis of product type (Golf Ball, Clubs, Individual Club, Golf Shoes, Golf Bags), by sales channel (Sports Variety Store, On Coarse Outlet, Branded Golf Stores, Third Party Online, Direct to Customer Online Channel, Modern Trade Channel), by buyer type (Individual, Institution, Promotional), across key regions namely (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).

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