LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global golf tourism market to grow at a CAGR of more than 14% during the forecast period, according to their latest report.
The research study by Technavio on the global golf tourism market for 2017-2021 provides detailed segmentation based on tour type (domestic and international), distribution channel (direct and indirect), and geography (the Americas, EMEA, and APAC).
| Technavio analysts forecast the global golf tourism market size to reach USD 44.6 billion by 2021. The Americas will be responsible for generating most of this revenue, driven by a large number of golf facilities operating in the region. |
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Technavio analysts highlight the following four factors that are contributing to the growth of the global golf tourism market
- Growing number of golf courses worldwide
- Association initiatives and sponsorship deals
- Launch of low-cost airlines
- Growing popularity of professional golf tournaments
Growing number of golf courses worldwide
In 2015, a total of 34,011 golf courses were identified worldwide. Additionally, many golf courses are under construction, driven by the popularity of the sport among consumers. More than 70% of these courses are accessible to the public, giving plenty of people the opportunity to adopt the sport.
“Nearly 80% of the golf courses that are currently being constructed or planned are concentrated in Asia, Europe, and North America. The developing countries in these regions have a high potential consumer base, which is expected to enable the growth of the sport's tourism market in these regions,” says Brijesh Kumar Choubey, one of the lead analysts at Technavio for retail goods and services research.
Association initiatives and sponsorship deals
The golf industry creates an impact of around USD 70 billion annually. The industry witnesses over 140,000 events with over 12 million footfalls. Post the economic recovery after the global economic recession, businesses worldwide have increased their spending on golf. The majority of sponsorships are offered by the automotive industry. Additionally, charitable proceeds generated from tours organized for the game have also helped build a strong social status for the golf industry. Such advancements bode well for the continued growth of the golf tourism market.
Launch of low-cost airlines
Air travel is the most preferred mode of transport for international travelers due to their comfort, affordability, and low times of travel. With an increasing number of customers, airlines are introducing budget-friendly offers that are appealing to a larger demographic. More budget additions of airlines such as Air Asia and Tiger Airways are likely to happen in the forecast period. This will draw a higher number of people to play golf, thereby driving the growth of the golf tourism market.
Growing popularity of professional golf tournaments
“There has been a steady growth in the participation witnessed in pro-golf tournaments. The Ryder Cup, 2016 Olympics, and other tournaments attracted crowds in millions across varied geographies. Also, the popularity of PGA golf has been increasing, which will drive the golf tourism market,” says Brijesh.
The Professional Golfers’ Association (PGA) has launched initiatives to increase the number of women in the sport. Additionally, the number of golfers aged between 6 and 17 years has witnessed a notable increase, both in the professional and non-professional categories. The increased number of golfers are likely to participate in events held even outside their home turfs, thereby driving the market.
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