Golf equipment: Key market research findings
- Endorsements and sponsorships fuel market growth
- Golf clubs account for a majority of the market’s revenue
- Key vendors –Bridgestone Golf, Callaway, Cleveland Golf, Nike, and TaylorMade Golf
Technavio’s market research analysts predict the global market for golf equipment to grow at a CAGR of around 2% between 2016 and 2020. Substantial association initiatives and sponsor deals is augmenting the demand for golf equipment across the globe. With the economic recovery, businesses worldwide are increasing their spending on golf. In 2014, the contributions from large corporations accounted close to $2 billion. Majority of the sponsorships were from automotive industry, followed by the banking and beverage industries. The most active sponsor of golf sponsorship events in the world in 2014 was BMW. During 2015, the global golf equipment market was dominated by North America with a market share of around 58%. The market in this region will be positively influenced by factors such as the growing interest among millennials to play golf and increase in the number of rounds played by baby boomers during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the golf equipment segments based on the product.
“A new hybrid sport, called the FootGolf has gained popularity in the US and in many Western European countries, and has rather adversely affected the sport. FootGolf is a kind of golf, which is played with a football and the foot, instead of golf balls and heavy clubs. The only modification in this sport is that the FootGolf holes need to be 21 inches in diameter. The sport’s governing body, the Federation for International FootGolf (FIFG) has 25 members, which include the UK as well,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
Our research analysts expect the golf clubs segment to account for almost 48% of the overall market share and continue its dominance over the global market during the forecast period. Wood is the largest segment of the global gold club market. They are in high demand because of their durability and specifications that help golfers develop skills. Standard and durable golf clubs are manufactured with steel, titanium alloys, and carbon fibers. Manufacturers in the market are now designing golf clubs according to the needs of both male and female golfers owing to an upsurge in the number of female golfers.
The key vendors in the global golf equipment market include Bridgestone Golf, Callaway, Cleveland Golf, Nike, and TaylorMade Golf. Leading vendors consistently track the performance of the market, and evaluate their position by referring to industry trends and consumer reviews cited in leading industry research publications. Intense competition, rapid advances in technology, and constant changes in consumer preferences are the major challenges faced by market vendors. In addition, increased competition will lead to market consolidation. Vendors need to distinguish their products and services by formulating a clear and unique value proposition to survive in the highly competitive environment.
A more detailed analysis is available in the Technavio report, Global Golf Equipment Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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