LONDON--(BUSINESS WIRE)--The golf apparel, footwear, and accessories market is expected to grow by USD 2.82 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic. growth according to the latest market research report by Technavio. Request a free sample report
Experienced and amateur golfers often invest a significant amount of their time in popular golf tourism destinations. Many new regions have adopted golf as an important sport, thereby investing heavily in infrastructural enhancements pertaining to the game. For example, the GCC and Caribbean countries have become popular for golf tourism, driven by the availability of state-of-the-art facilities. Dubai and Abu Dhabi rank among the top 10 favorable destinations for golf tourism. They host many international golf events and competitions, including the MENA Golf Tour, Dubai Desert Classic, the Abu Dhabi Golf Championship, and the Qatar Masters. Apart from these developing countries, the US stands as one of the fastest-growing destinations for golf tour operators. Currently, the most popular golf tourism destinations are Spain, North America, and Portugal. Hence, the growth of the golf tourism industry is expected to boost the growth of the global golf apparel, footwear, and accessories market during the forecast period.
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As per Technavio, the rise in popularity of pro-golf tournaments will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Golf Apparel, Footwear, And Accessories Market: Rise in Popularity of Pro-golf Tournaments
The growing popularity of golf as a championship game can be attributed to the streaming of pro-golf events. The Ryder Cup, held in 2019, witnessed a 23% growth in viewership in 2019 as compared to 2014. Golf tournaments are further propelled by technological advances which have enabled the easy and convenient sharing of video content across various platforms, which include the social media. The European Tour has penetration in about 180 territories so far, with about 60 untapped territories. Superior distribution technology along with production techniques enables the increased visibility of different pro-golf tours around the world. Moreover, many young golfers of the age group between 6 years to 17 years also participated in the game. Thus, the rise in popularity of pro-golf tournaments is expected to drive the growth of the market.
“Factors such as better promotional strategies and growing social media presence, along with the rising demand for eco-friendly products will have a significant impact on the growth of the golf apparel, footwear, and accessories market during the forecast period,” says a senior analyst at Technavio.
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Golf Apparel, Footwear, And Accessories Market: Segmentation Analysis
This market research report segments the golf apparel, footwear, and accessories market by distribution channel (offline and online), end-user (men, women, and children), product (apparel, footwear, and accessories), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the golf apparel, footwear, and accessories market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the growing prominence of golf tourism.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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