This market research report presents a detailed segmentation of the global golf clubs market by product (woods, irons, putters, and wedgers), by distribution channel (sports goods stores, specialty sports shops, discount stores, pro shops, online stores, department stores, and others), and by geography (APAC, Europe, North America, and ROW). The key vendors in this market include Bridgestone Golf, Callaway, Nike, and TaylorMade Golf.
Technavio’s market research analysts estimate the global golf clubs market to grow at a CAGR of over 2% between 2016 and 2020. The increasing awareness about the sport and purchasing power is the primary driver for the golf clubs market. Initiatives taken by vendors such as various marketing strategies, celebrity endorsements, and social media to influence consumer preferences and improve brand equity are also expected to contribute to the growth of the market. At present, the global golf clubs market is dominated by North America, accounting for over 45% of the overall market share. The stable increase in the participation rate and golfer activity is expected to propel the golf clubs market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the golf club segments by product.
“The increase in the number of ultra-high net worth individuals (HNI) is expected to have a positive influence on the growth of the market as the individuals belonging to this group tend to spend heavily on leisure activities. Besides, golf tourism is evolving as a billion-dollar industry. The number of golf cooperation countries (GCC) investing more in the promotion of golf to attract international golfers are also on the rise,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The woods segment dominated the global golf clubs market, accounting for over 50% of the overall market value in 2015. Much of this market’s growth can be attributed to various innovations in terms of the structure to provide improved ball speed. For instance, Callaway, one of the leading golf club providers, has introduced Great Big Bertha fairway woods in 3, 5, 7, Heaven Wood, and Divine Nine models. The Great Big Bertha clubs are slightly larger than other typical fairway woods (180 cc) and feature a forged cup face that provides faster ball speeds and distance across a larger area of the clubface.
The key vendors in the global golf clubs market include Bridgestone Golf, Callaway, Nike, and TaylorMade Golf. The market is highly competitive with the key players competing for the market leadership. Vendors compete on the basis of quality, technological innovations, product performance, efficiency in customer service, and pricing. The market is expected to witness consolidation during the forecast period owing to increasing competition. To gain a competitive edge, vendors are focusing on developing new products with a clear and unique value proposition.
A more detailed analysis is available on the Technavio report, Global Golf Clubs Market 2016-2020.
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