New York, April 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Golf Equipment Global Market Report 2023" - https://www.reportlinker.com/p06316488/?utm_source=GNW
, Adidas AG, Wilson Sporting Goods, Roger Cleveland Golf Company Inc., Golfsmith International Holdings Inc., Titleist, SRI Sports Limited, Dixon Golf Inc., Dick’s Sporting Goods Inc., Cobra Golf, Parsons Xtreme Golf, Mizuna USA Inc., Cleveland Golf, True Temper, and Dunlop Sports Co. Ltd.
The global golf equipment market is expected to grow from $8.37 billion in 2022 to $8.74 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The golf equipment market is expected to grow to $9.91 billion in 2027 at a compound annual growth rate (CAGR) of 3.2%.
The golf equipment market consists of sales of woods, sticks, wedges, putters, and rubber material.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Golf equipment refer to equipment and items that are designed to play the sport, protect the course, enhance the game, and provide a better overall game experience for all golf players. The golf ball, golf clubs, alignment sticks, ball markers, ball retrievers, and devices that aid in the golf sport are the examples of golf equipment.
North America was the largest region in the golf equipment market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in golf equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of golf equipment are golf clubs, golf balls, golf bags and accessories, apparel, and footwear.Golf clubs are is used to whack a golf ball during a game of golf.
A shaft with a grip and a club head makes up each club.These golf clubs are made up of woods, hybrids, and irons.
The products are distributed through specialty stores, sporting goods chains, on-course shops, online stores, and other distribution channels that are used by amateurs and professionals.
The increase in golf tourism and government support is expected to drive the growth of the golf equipment market.Governments are promoting golf resorts to local and international tourists to generate additional foreign exchange through the development of golf tourism and thereby contributing to economic progress.
Golf tourism will enhance the sales and demand for golf equipment.For instance, in June 2021, Scotland established a new Golf Tourism and Visitor Strategy, with an emphasis on destination development, community participation, education, and health.
Therefore, the increase in golf tourism and government support drives the growth of the market.
Technology advancementss are shaping the golf equipment market.Companies are creating products with enhanced technologies to satisfy the market need for superior golf equipment.
For instance, in January 2020, TaylorMade Golf, a US-based leader in innovation and technology launched the second generation of the high-visibility line of pix golf balls.For the first time, pixTM, a new visual technology created in collaboration with Rickie Fowler, will be available in both the TP5 and TP5x models.
The TP5/TP5x stamp is used to create the company’s new ClearPath AlignmentTM, which is the main feature of the company’s logo.ClearPath not only aids in alignment but also provides rapid feedback on the roll’s quality.
The golfer can see a clearing in the center of the ball on a well-struck putt where the ball is rolling end-over-end, which provides two critical pieces of information, the launching of the golf ball down the intended path and about a good putt.
In May 2021, Centroid Investment Partners, a South Korea-based private equity firm acquired TaylorMade for 1.8 trillion won ($1.7 billion). With this acquisition, Centroid Investment aimed to boost its market share in Asia, while expanding clothing and other businesses. TaylorMade is a US-based sports equipment manufacturing company.
The countries covered in the golf equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The golf equipment market research report is one of a series of new reports that provides golf equipment market statistics, including golf equipment industry global market size, regional shares, competitors with a golf equipment market share, detailed golf equipment market segments, market trends and opportunities, and any further data you may need to thrive in the golf equipment industry. This golf equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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