Golf clubs and sets market size is worth $4.9 billion globally by 2031
PORTLAND, OREGON, USA, Nov. 3, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Golf Club and Sets Market”, the market size of golf clubs and sets was assessed to $3.4 billion in 2021, and is expected to reach $4.9 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031.
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Golf clubs and sets have seen steady growth even under several troubles such as global uncertainty, weakening global economy, terrorist attacks and others. According to information from CXOs, the other golf club segment is expected to grow significantly, due to the increase in health awareness and sports awareness.
Furthermore, the increase in sporting events sponsored by the government and private organizations to increase the participation of young people from developing regions is driving the growth of the market. Additionally, increase in equipment donations by various organizations is expected to propel the growth of the market. Offline sales segments allowed consumers to purchase exclusive golf clubs and sets with the opportunity to try and experience the products.
Increased spending on sports training and development in children, due to increased awareness of the benefits of participating in sports activities, such as increased concentration and problem-solving ability , fueled demand for sports equipment, including golf clubs and sets. Additionally, the paradigm shift in the education system supports the growth of the sports industry and related industries. Also, the increase in sports education and athletic training in universities has greatly increased the awareness of sports and fitness. Thus, many schools/educational institutions provide training for students, providing them with the opportunity to participate in various sports competitions. In addition, the upsurge of competitions at state, national and international level organized by various governments across the world is resulting in increased participation and growing interest of young people in sports activities. This has led to an increase in the demand for sports training among the children’s segment, which is significantly contributing to the overall market growth.
Increased spending on sports training and development in children, due to increased awareness of the benefits of participating in sports activities, such as increased concentration and problem-solving ability , fueled the market demand for golf clubs and sets. Additionally, the changing paradigm of the education system supports the growth of the sports industry and related industries. Additionally, the increase in sports education and athletic training in universities has greatly increased the awareness of sports and fitness. Thus, many schools/educational institutes provide training for students, providing them with the opportunity to participate in various sports competitions. In addition, an upsurge in competitions at the state, national and international level organized by various governments around the world is leading to increased participation and growing interest among young people in sports activities. This has led to an increase in the demand for golf clubs and sets, which contributes significantly to the overall growth of the golf clubs and sets industry.
The increase in the penetration of the Internet, smart phones, computers and other electronic media and entertainment devices has greatly increased the participation of children and young people in indoor activities. This has led to decreased health and deterioration of skills and abilities in this population, which in turn has reduced interest and participation in sports and reduced sales of sports equipment and apparel. Thus, declining interest of children and youth in sports, including golf, owing to the growing interest in multimedia and entertainment devices, is restraining the growth of the market.
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Various big brands are entering the untapped market where there is a lack of availability of sports facilities and products. These key players set up sports facilities, sports centers and playgrounds, and promote their products accordingly. Similarly, various organizations and NGOs donate sports equipment, build sports facilities, organize free sports competitions and train potential athletes for free. In addition, the development of the interest of the young population in the sport is expected to provide a potential opportunity for the market for golf clubs and sets in the near future. Together, these factors are contributing significantly to the growth of the Golf Club and Sets market in the untapped regions.
The golf clubs and sets market is segmented on the basis of type, application, distribution channel and region. By type, the market is categorized into woods, irons, hybrids, wedges and putters. In terms of application, it is divided into leisure, professional and others. Based on distribution channel, the market is categorized into specialty stores, sporting goods chains, on-course stores, online stores, and others. Regionally, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
According to market participants, the main impediment attributed to the pandemic was supply chain disruption. In addition, all distribution channels were almost closed in the first quarter of the pandemic. However, online channels such as Amazon and Flipkart were delivering the products. Key players included in the Golf Clubs and Sets market analysis are Acushnet Holdings Corp., Adidas AG, Amer Sports, Bridgestone Corporation, Callaway Golf Company, DICK’S Sporting Goods, Inc., Dixon Golf, Inc., Nike, Inc., Sumitomo Rubber Industries, Ltd, Robin golf, Ping, Inc, Bettinardi Golf, Cobra Golf, Pen fold Golf Limited, McGregor Golf, Hippo Golf and Infiniti Golf.
Main results of the study
Based on type, the irons segment held the dominant market share for golf clubs and sets in 2021.
Based on application, the leisure segment had the dominant size of the golf clubs and sets market in 2021.
Based on distribution channel, the specialty store segment dominated the global market in 2021.
Based on region, North America dominated the global market in 2021, however, Asia-Pacific is likely to be the fastest growing region during the forecast period of the market for golf clubs and sets.
Allied Analytics LLP
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