Introduction of New Technology Predicted to Drive the Global Golf Club Market Through 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global golf club market is expected to surpass annual revenue of over USD 5 billion by 2020.

In this report, Technavio covers the present scenario and growth prospects of the global golf club market for 2016-2020. To arrive at the market size, Technavio researchers have considered revenues generated from the sale of the following golf clubs:

  • Woods
  • Irons
  • Wedges
  • Putters

“Golf equipment manufacturers are making continuous efforts to develop technologically advanced equipment to attract sports enthusiasts. Vendors are developing modern, customized golf equipment for motivating consumers to replace existing equipment with upgraded versions. For instance, TaylorMade Golf has developed RocketBallz, which is the first fairway wood that offers a coefficient of restitution of 0.83. This indicates, when the club head comes in contact with the golf ball, 83% of the energy is transferred to it,” said Abhay Sinha one of Technavio’s lead industry analysts for outdoor gear research.

“Players prefer using golf clubs equipped with latest technologies to help gain a better understanding of their movements while striking the ball and monitoring the resultant effect. Through the use of advanced monitoring mechanisms, players can be sure of high precision while striking the ball,” added Abhay.

Global golf clubs market segmentation by geography 2015

  • North America 60.83%
  • APAC 29.35%
  • Europe 20.46%
  • ROW 5.29%

Source: Technavio research

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Golf clubs market in North America: largest region

The golf clubs market in North America was valued at USD 2.31 billion in 2015. North America is home to more than 50% of the world’s golf course suppliers, with the majority of them located in the US. The US and Canada are the key countries that account for the highest share of the market in North America. Currently, there are 15,372 golf facilities operating in the US, while Canada has 2,363 golf facilities, and 90% of these are open to the public. There are 153 projects under development in the US, and 37 projects are under development in Canada. Although the participation rate has remained stable, the number of rounds played has increased. It is also estimated that the number of new players has increased, with close to nearly half of the 4 million players that entered the game in 2014 falling in the beginner category.

Golf clubs market in APAC: second largest region

The golf clubs market in APAC was valued at USD 1.51 billion in 2015. The market in APAC has been growing steadily because of increased consumer awareness about golf and growth of the corporate sector in countries like India and China.

In APAC, Japan, Australia, China, and India are the four key markets for golf equipment, and it is likely to result in a steady demand for golf clubs during the forecast period. In 2014, Japan held the second largest share of the global golf equipment market after the US. The growing interest in this sport among the youth helps the country retain its spot as the highest golf revenue contributor in APAC.

China is home to one of the fastest growing golf industries and has 473 facilities. Over the past decade, the country has registered a considerable increase in market size and recorded the highest CAGR among APAC countries, with over 9% from 2008-2015. During this period, an average annual growth rate of over 11% was observed in the number of golf courses in the country. The development of this market is expected to give further impetus to vendors for venturing in APAC.

Golf clubs market in Europe

The golf clubs market in Europe was valued at USD 1.05 billion in 2015. In 2015, Europe contributed 22% to the world’s total golf equipment supply. Europe has 7,403 golf facilities across 40 countries. Out of the 40 golfing countries in Europe, 30 countries have golf courses under development. The region has a total of 159 courses under construction or in the planning stage.

In 2015, Germany, the Netherlands and France exhibited the highest demand for golf equipment. These countries are popular tourist destinations, and an increase in the number of golf courses acts as an added attraction to tourists. The Czech Republic and Poland emerged as the largest golf markets in Central and Eastern European countries in 2015. Emerging markets of Lithuania, Serbia, and Bulgaria also report high participation rates. With initiatives like European Tour organized by golf federations in the region and the junior golf initiatives, countries like Switzerland, Belgium, and Scotland have also managed to attract new golfers. These developments are expected to positively impact the market during the forecast period.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global golf club market is expected to surpass annual revenue of over USD 5 billion by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com