The global golf equipment market size is expected to reach USD 7.60 billion by 2025, expanding at a CAGR of 2.2% in the forecast period, according to a new report by Grand View Research, Inc. The market is driven by the adoption of sports for recreational activities by the young population. Increasing income of middle-class economic group and westernization in the developing countries is propelling the product demand.
Golf club accounted for the largest market share of more than 45.0% in 2018 and is expected to continue witnessing a significant growth over the forecast period. Availability of customized and assorted golf clubs and their rising popularity is driving the growth. Golf gears is projected to witness the fastest CAGR of more than 3.5% during the forecast period. Increasing number of professional players and availability of online discounts are among the prominent factor driving the segment growth.
Sports goods retailers is emerged as the leading distribution channel with a market share of more than 55.0% in 2018. Availability of a large variety of products and rising number of golf courses are among the prominent growth drivers. Online retail is expected to register the fastest CAGR of more than 4.0% CAGR over the forecast period. Various schemes such as online discounts, one day delivery, and busy schedules of the working population are anticipated to fuel the segment growth.
North America led the golf equipment market with a share of more than 54.0% in 2018. The changing lifestyle along with increase in disposable income of the middle-class population is among the prominent factors for the regional growth. Asia Pacific is anticipated to register the fastest CAGR of more than 2.5% over the forecast period. The growing adoption of the sport, particularly in china, is anticipated to bode well for the growth.
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https://www.grandviewresearch.com/industry-analysis/golf-equipment-market
Further key finding from the report suggests:
- In terms of revenue,golf gear product type is projected to ascend at a CAGR of 3.2% over the forecast years
- Golf clubs is among the most preferred product and accounted for more than 37.0% share of the golf equipment market in 2018
- Asia Pacific is anticipated to register the fastest CAGR of more than 2.5% over the forecast period due to growing disposable income coupled with the rising popularity of the sport, especially in China.
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