New Delhi, March 07, 2023 (GLOBE NEWSWIRE) -- The North American golf equipment market is poised for significant growth in the coming years, with analysts projecting a sharp rise from US$ 4,408.4 Mn in 2022 to an estimated US$ 8,208.1 Mn by 2031. This represents a notable CAGR of 7.2% during the forecast period of 2023-2031.
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Several key factors have been driving the growth of the North America golf equipment market. Firstly, the rising popularity of golf as a sport in the region is leading to an increase in the number of golfers, resulting in a surge in demand for golf clubs. In addition, technological advancements in golf club manufacturing, such as the use of lightweight materials and adjustable clubheads, are making the sport more accessible to beginners and casual golfers, which is further boosting demand for golf clubs.
Furthermore, the growing trend of golf tourism in North America is also driving the demand for golf equipment market, particularly in the rental market. Many visitors to the region choose to rent golf clubs rather than bring their own, creating a significant market for rental golf clubs. The increasing cost of purchasing high-quality golf clubs is also contributing to the growth of the rental golf club market, as renting offers an affordable alternative, particularly for occasional or beginner golfers who may not want to make a substantial investment in their own clubs., allowing golfers to test out new clubs before making a purchase decision.
Astute Analytica's latest report has revealed that the golf clubs segment is poised to become a major contributor to the overall revenue market. By 2031, this segment is projected to reach a valuation of an impressive US$ 4,311.18 Mn.
North America Golf Equipment Market: Anticipated Growth and Promising Future Ahead
The future outlook of the market looks promising, with growth opportunities expected to arise in the coming years. Here are some key factors that will shape the future of the market:
- Increasing participation in Golf: Golf is becoming a more popular sport in North America, with more people taking up the sport. This is likely to increase the demand for golf equipment, particularly for casual and amateur players.
- Technological advancements: The golf equipment industry is constantly evolving with the introduction of new technology. Smart sensors, GPS devices, and swing analysis tools are just a few examples of how technology is influencing the golf equipment market. Manufacturers are focused on developing golf clubs that are more lightweight and technologically advanced, which are likely to drive demand in the market.
- Growing e-commerce sector: The e-commerce sector is expected to grow significantly in the coming years, which will increase the availability of golf equipment online. This is likely to result in more players buying equipment through online channels, which will drive growth in the online segment of the market.
- Women's participation in Golf: Women's participation in golf is growing, which is likely to result in increased demand for women's golf equipment. Manufacturers are increasingly focused on developing products specifically for women golfers, which will drive growth in this segment of the market.
Astute Analytica’s Study Reveals Consumers are Slowly Shifting to Online Channel for Buy Golf Equipment in North America Golf Equipment Market
According to Astute Analytica's study, consumers in North America are slowly shifting towards online channels for buying golf equipment. In 2018, the offline segment captured over 62% revenue share, which declined to 59% and is projected to decline further to reach at around 57% in 2031. The study reveals that while brick-and-mortar stores remain the dominant channel for golf equipment sales, the COVID-19 pandemic has accelerated the trend of consumers turning to online channels for purchasing golf equipment.
The study suggests that the convenience and ease of shopping online, coupled with the availability of a wide range of products, competitive pricing, and the ability to compare products and prices, are some of the key factors driving the shift towards online channels. It was also found that social media platforms, such as Instagram and Facebook, are increasingly being used by consumers to research and purchase golf equipment. Influencers and brand ambassadors on these platforms play a significant role in promoting and endorsing golf equipment brands, which helps create awareness and drive sales in the North America golf equipment market.
However, the study notes that traditional retailers still have a key role to play in the golf equipment industry, as many consumers still prefer to see and try out products in person before making a purchase. Therefore, retailers need to adopt a multi-channel approach that includes both online and offline channels to meet the changing needs and preferences of consumers.
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US Generates More than 80% Revenue of North America Golf Equipment Market
According to the latest data and insights, the US market is the largest in North America, generating more than 80% of the region's total revenue. The market is highly competitive, with several key players, including Callaway Golf, Acushnet Holdings Corp. (Titleist), TaylorMade Golf, and Ping Golf, dominating the industry.
One of the key drivers of the US golf equipment market is the increasing popularity of golf among millennials and younger generations. Golf has become more accessible to younger players, with many courses offering affordable rates and equipment rental options. Additionally, the growth of indoor golf simulators and driving ranges has made it easier for people to practice and play the game year-round.
According to the National Golf Foundation, there were 24.8 million golfers in the US in 2020, and the sport saw a surge in popularity during the COVID-19 pandemic as it offered a safe and socially distant outdoor activity. In fact, the number of rounds played in the US increased by 14% in 2021 compared to the previous year, and golf equipment sales rebounded in the second half of the year after an initial dip due to store closures and reduced consumer spending. The US market is highly competitive, with major players such as Callaway Golf, TaylorMade, and Titleist dominating the industry. The popularity of golf among younger generations and the increasing participation of women in the sport are also contributing to the growth of the market.
Another factor contributing to the growth of the US golf equipment market is the increasing participation of women in the sport. Women's golf has seen significant growth in recent years, with more female players taking up the game and participating in tournaments. This has led to an increase in demand for women's golf equipment, including clubs, balls, and apparel.
The COVID-19 pandemic has also had an impact on the US golf equipment market. While the pandemic initially caused a decline in sales due to temporary store closures and reduced consumer spending, the market has since rebounded, with many golfers turning to the sport as a safe and socially distanced activity.
Top 6 Players Account For More than 73% Market Share of North America Golf Equipment Market
The North America market is dominated by a few major players, with a cumulative market share of approximately 73.36%. This indicates a loose oligopoly nature in the market, with a few dominant players exerting significant influence over market dynamics.
The top players in this market include Topgolf Callaway Brands Corp., Acushnet Holding Corp., PING, Nike, Inc, Mizuno USA, Bridgestone Golf, and others. Topgolf Callaway Brands Corp. is the market leader and generates more than 35% revenue share of the North America golf equipment market, followed by Acushnet Holding Corp. which holds a significant market share of around 25%.
Some of the Top Market Players Are:
- Acushnet Holding Corp.
- Amer Sports
- Bridgestone Golf
- Dixon Golf, Inc.
- Golf Galaxy
- Mizuno USA
- Nexen Corporation
- Nike, Inc.
- PING
- TaylorMade Golf Company, Inc.
- Topgolf Callaway Brands Corp.
- True Temper
- Other Prominent Players
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