(MENAFN– EIN Presswire)
The Golf Club and Sets market was valued at $3.4 billion in 2021 and is projected to reach $4.9 billion by 2031, growing at a rate of 3.9% annually from 2022 to 2031.
The market is categorized by type, application, distribution channel, and region. – Allied Market Research (Wilmington, DE, October 21, 2024)
According to Allied Market Research, the Golf Club and Sets market was worth $3.4 billion in 2021 and is expected to grow to $4.9 billion by 2031, with a CAGR of 3.9% from 2022 to 2031.
Golf clubs are used to hit golf balls, traditionally made from wood, with modern clubs focusing on lightweight materials and technology, including smart sensors that connect to smartphone apps.
Hybrids, which combine iron and wood technologies, are increasingly popular among golfers due to their ease of use compared to long irons. The growth in golf’s popularity and its incorporation into hotel recreational offerings are boosting sales.
Golf tourism is another factor, valued over $17 billion in 2018, with the U.S. being the largest market. However, traditional markets like the UK and Japan face stagnation as young people’s interests shift to other sports, while older generations take up golf.
The younger generation’s increasing focus on sports training is driving demand for golf clubs. Schools are providing more sports education, enhancing interest in competitive sports and increasing demand for golf equipment.
Nonetheless, a rise in indoor entertainment and digital media is reducing young people’s participation in sports, negatively impacting sales of sports equipment, including golf clubs.
Many brands are exploring untapped markets by building sports facilities and promoting products. NGOs are also contributing by supporting local sports initiatives.
The Golf Club and Sets Market is segmented by type (woods, irons, hybrids, wedges, putters), application (leisure, professional), distribution channel (specialty stores, online, etc.), and region (North America, Europe, Asia-Pacific, and LAMEA).
During the pandemic, supply chains were disrupted. Although physical stores were closed, online platforms like Amazon kept delivering products. Major players in the market include Acushnet, Callaway, Nike, and Adidas.
Key findings from the study include:
- The iron segment dominated the market in 2021.
- The leisure segment held the largest application share in 2021.
- Specialty stores were the top distribution channel.
- North America led the market in 2021, but Asia-Pacific is expected to grow the fastest moving forward.
For more insights, you can also explore similar reports in the consumer goods sector.
David Correa
Allied Market Research
+1 800-792-5285
email us here
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