San Jose, California, United States: 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.
According to a research report titled ‘Golf Equipment and Consumables: A Global Strategic Business Report’ announced by Global Industry Analysts [GIA] Inc, 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.
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 fibres, and micro fleece fibres.
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 Asian Golf Industry Federation members Acushnet Company, Callaway Golf Company and Nike Inc as well as Aldila Inc, Amer Sports Corporation, Bridgestone Golf, Inc, Dixon Golf, Dunlop Sports Co Ltd, Roger Cleveland Golf Company, Fila Golf, Golfsmith International, TaylorMade-adidas Golf and True Temper Sports, among others.
The GIA research report provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.
The report provides market estimates and projections in US$ for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, United Kingdom, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China and Rest of Asia-Pacific), and Rest of World.
The US market is further analysed by product segments including golf clubs, golf balls, golf bags and golf apparel, and others.
For more details about this comprehensive market research report, please click here