(MENAFN– EIN Presswire)
The Golf Club and Sets market was valued at $3.4 billion in 2021 and is expected to reach $4.9 billion by 2031, with a growth rate of 3.9% from 2022 to 2031.
The market is categorized by type, application, distribution channel, and region. – Allied Market Research. WILMINGTON, DE, UNITED STATES, October 21, 2024 /EINPresswire / — A new report reveals the market size for Golf Clubs and Sets is projected to grow significantly over the coming years.
Golf clubs are used to hit balls and are primarily made from wood. Recent advancements focus on lightweight clubs with smart technology for enhanced performance. Hybrid clubs, combining wood and iron features, are increasingly popular due to their ease of use.
The popularity of golf is rising, with hotels and resorts adding golf to their recreational offerings, and more mini-golf courses being established. Golf tourism was valued at over $17 billion in 2018, with the U.S. being the largest market. However, traditional interest has stagnated in some regions, while Asia and the Middle East are seeing rapid growth due to a rising middle class and improved infrastructure.
Increased sports participation among youth, driven by educational initiatives and community support, has boosted demand for golf clubs. However, rising interest in indoor digital activities is seen as a challenge for sports participation, including golf.
Major brands are expanding into new markets, establishing sports facilities, and supporting local talent through free training and competitions. This presents opportunities for growth in untapped regions of the golf club market.
The market is divided into types (woods, irons, hybrids, wedges, putters), applications (leisure, professional), and distribution channels (specialty stores, online, and others), across regions like North America, Europe, and Asia-Pacific.
During the pandemic, supply chains were disrupted, affecting distribution, but online sales remained strong. Key market players include Acushnet, Callaway, Nike, and others.
Key Findings:
- Irons led market share in 2021.
- Leisure applications made up the largest market segment.
- Specialty stores dominated distribution.
- North America had the largest market, while Asia-Pacific is expected to grow rapidly.
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