Golf Equipment Market Will Be Driven by the Specialty and Sports Shops with a Market Share of Almost 48% Between 2016 to 2020, Predicts Technavio

LONDON--()--According to the latest market study released by Technavio, the global golf equipment market is expected to grow at a slow but steady growth with a CAGR of nearly 2%.

This research report titled ‘Global Golf Equipment Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report has taken into consideration the revenue generated from the retail sales of golf equipment to individual consumers.

Large specialty and sports shops offer popular brands of golf equipment, making them attractive shopping destinations. The specialty and sports shops segment dominated the global golf equipment market in 2015, with a share of 46.32%. Exclusive Nike and Callaway stores are examples of specialty and sports shops.

Request sample report: http://goo.gl/WzPeZk

Technavio’s analysts categorizes the global golf equipment market into three major product segments. They are:

  • Golf clubs
  • Golf balls
  • Golf bags
  • Golf shoes

Global golf equipment market by product type (2020)

Product       Market Share (%)
Golf clubs 49.79%
Golf shoes 21.57%
Golf balls 20.04%
Golf bags 8.60%

Source: Technavio

The top three segments of the golf equipment market by products are:

Global golf clubs market

In 2015, golf clubs occupied the largest share of the global golf equipment market with a share of over 49%. Woods are in high demand because of their durability and specifications that help golfers develop skills. However, the extended durability of irons can considerably affect the product repurchase cycle.

Leading golf equipment manufacturers design and develop innovative golf equipment according to the rules set by the Royal and Ancient Golf Club (R&A), the global ruling authority on golf, and other regional golf associations. Standard and durable golf clubs are manufactured with steel, titanium alloys, and carbon fibers. Large vendors can balance the cost, due to their strong production efficiency programs, while small vendors are forced to charge higher prices, which reduces their market presence compared with established players.

According to Mantri Charan Kumar, a lead outdoor gear analyst from Technavio, “The participation of women in golf is also witnessing an increase, constituting nearly 25% of the golfing population. Manufacturers design golf clubs according to the needs of both male and female golfers. Since their body types and mechanics generally differ, male and female golfers require different club styles and designs to enhance their performance.”

Global golf balls market

Golf balls accounted for almost 20% share of the global golf equipment market in 2015. The balls have a short life cycle as they are often lost in water bodies or woods near golf courses during the course of the game. However, this short product life cycle of the product increases the frequency of purchase. About 200 million golf balls are sold per year in the US alone.

Acushnet Titleist and Callaway were among the top vendors for golf balls in 2015. Acushnet has a strong market position in the US as it represents almost half of the golf balls market in the country. “There are a number of innovations being brought in, in the manufacturing components of golf balls. For example, Nike Golf is currently focusing on the production of its new RZN line of golf balls. The major component which separates RZN golf balls from other golf balls, are that these golf balls are made of resin instead of a traditional rubber core,” says Mantri.

Global golf shoes market

The golf shoes segment occupied about 23% of the global golf equipment market and is expected to be growing at a CAGR of almost 1% during the forecast period. Consumers are also looking forward to the adoption of lightweight golf shoes. Oakley's Cipher and Cipher 2 are two of the lightest golf shoes available today. Sophisticated traction designs have also helped solidify the market for lightweight golf shoes. Nike, for instance, studied different pressure points of a golfer during a swing and then came up with a design in which the nubs on the sole vary in size and density accordingly. Such advances in technology and manufacturing are expected to boost the golf shoes market for future growth.

In 2016, spike-less shoes, the ones without any replaceable spikes and hybrid shoes, which have a mix of molded spikes and replaceable spikes are expected to be covering over 45%-50% of all golf shoe sales. Nubs, molded cleats, and traction lugs are now taking over the plastic spikes. Currently, Nike has over five different spike-less golf shoe models. Foot Joy, Adidas, and ECCO are also releasing many different kinds of spike-less golf shoes. These spike-less golf shoes being much more comfortable to wear, stand as a popular choice among recreational golfers.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Bridgestone Golf
  • Callaway
  • Cleveland Golf
  • Nike
  • TaylorMade

Browse Related Reports:

Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.

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.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

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

Release Summary

According to the latest market study released by Technavio, the global golf equipment market is expected to grow at a slow but steady growth with a CAGR of nearly 2%.

$Cashtags

Contacts

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