North America Golf Equipment Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

North America golf equipment market is analyzed to reach US$ 8,208.1 Mn by 2031 from US$ 4,408.4 Mn in 2022. The market is projected to grow at a CAGR of 7.2% during 2023-2031. 

Golf is a sport that has gained significant popularity worldwide in recent years. The growth of golf can be attributed to several factors, including its inclusion in the Olympics, which has helped raise the sport's profile and attract new players. In addition, the emergence of new technologies in golf equipment has made the game more accessible and enjoyable to play.

Another significant factor driving the growth of golf equipment market is the increasing participation of women in the sport. According to the National Golf Foundation, in 2020, the number of women playing golf in the US increased by 8%, and the percentage of women who consider themselves avid golfers increased to 24%. This trend is also observed globally, as more women are taking up golf as a leisure activity and a competitive sport.

Furthermore, golf and tourism are closely linked, and together they make up one of the most important segments of the industry. The economic impact of golf tourism is significant, with golf travelers spending an average of 120% more than other travelers. This has led to the development of golf resorts and courses around the world, further driving the growth of the sport.

In terms of financial costs, golf is currently one of the most expensive sports in the world. However, the emergence of more affordable options such as mini-golf, disc golf, and virtual golf simulators has made the golf equipment market more accessible to a wider audience.

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Market Dynamics:

Driver:

Rising Golf Tourism 

Golf tourism is experiencing significant growth worldwide, making it one of the key segments of the tourism market. With the increasing popularity of golf and its related travel, more travelers are opting for golf-themed trips. As a result, golf courses have become a significant draw for tourist destinations, boosting regional competitiveness and employment. Additionally, golf tourists spend more money overall while traveling, offsetting the seasonality of traditional tourism and offering high-quality travel experiences.

The growth of golf tourism has also led to an increase in demand for golf equipment, driving the market forward. Governments and regions worldwide are recognizing the importance of golf tourism and are incorporating golf into their plans for tourism growth. This has led to an increase in golf courses and tournaments, further driving the growth of the market.

Technology has also had a significant impact on the golf equipment market, with the use of devices such as global positioning systems and swing analysis tools to improve the golfing experience. However, the high cost of golf clubs and equipment may act as a hindrance for market growth, especially for casual players.

To capitalize on the growing demand for golf tourism and equipment, companies in the global golf equipment market are focusing on innovation and affordability. They are developing new and affordable golf products that cater to the needs of casual and amateur players. Additionally, the market is witnessing the emergence of rental and subscription-based models, allowing players to access high-quality equipment without the burden of upfront costs. 

Restrain 

High cost of Golf Equipment and Memberships to Hinder North America Golf Equipment Market Growth, Especially for Casual and Amateur Players

The high cost of golf equipment and memberships is a significant challenge to the golf equipment market growth in North America. Golf equipment can be quite expensive, and this cost can act as a barrier for new players who may not want to invest in costly equipment. Similarly, golf club memberships can also be expensive, which may deter potential players from participating in the sport.

According to a report by the National Golf Foundation, the average cost of a new set of golf clubs in the US is around $1,200. This can be a significant expense for casual or amateur players who are not willing to invest that much money in a sport they are not sure they will play often. The cost of golf balls, bags, and other accessories can also add up quickly, making the overall cost of playing golf quite high.

In addition to the cost of equipment, golf club memberships can also be expensive. According to the same report by the National Golf Foundation, the average cost of an annual golf club membership in the US is around $6,000. This cost can be prohibitive for many potential players, especially those who are not yet sure if they want to commit to playing golf regularly.

These high costs may limit the potential growth of the North America Golf Equipment market. To overcome this challenge, manufacturers and retailers can explore more affordable options for golf equipment and accessories, such as pre-owned or refurbished clubs, or entry-level equipment for beginners. Golf courses and clubs can also offer more flexible membership options, such as pay-per-play or discounted rates for new members. By making golf more accessible and affordable, the North America Golf Equipment market can attract new players and continue to grow in the future.

Segmental Analysis:

By Type:

The North America Golf Equipment market is segmented into golf balls, golf clubs, and golf gear. The golf clubs segment holds the highest revenue opportunity, estimated at US$ 1,967.55 Mn during 2023-2031. The increasing popularity of golf and a rise in the number of participants in the sport have led to the opening of new courses worldwide, which, in turn, has driven the demand for golf clubs. Wooden-made golf clubs have higher demand in the market as they are popular for long shots. Moreover, golf clubs have evolved immensely with time and technology. 

Manufacturers are now focused on technology-based golf clubs that are also lightweight. The usage of smart sensors aids swings and accuracy and allows the golf club to connect to a smartphone app. Additionally, the golf gear segment has the second-largest market share in the North America Golf Equipment Market. This is due to the increasing popularity of footwear among golfers, as they offer greater comfort and flexibility to the player than conventional shoes.

By Distribution Channel:

The North America Golf Equipment market is bifurcated into online and offline distribution channels. The offline segment holds almost 60% of the segment share in 2022. Within the offline segment, specialty stores hold the highest share, as individuals prefer to go to these stores and buy equipment with certain specifications and ascertain the quality of the equipment. Moreover, these stores are located near golf courses and therefore are the highest sales channel for this equipment. Further, due to the growing e-commerce sector, the online segment is expected to have the highest CAGR during the forecast period. Through online portals and company websites, individuals can buy premium products and equipment and brands that are not easily available at nearby stores. 

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By Country:

The United States held the highest golf equipment market share in 2022 and is projected to maintain its dominance over the forecast period. This is due to the presence of well-established golf equipment manufacturers such as Callaway Golf, Titleist, Wilson, TaylorMade, and many more, which is one of the key factors supporting the North America market growth. In the US, golf became more popular among millennials, with new and young players breaking the stereotype that it is an old person’s sport. There is also a notable change in the demographics of golf, as women are becoming more interested in the sport. Moreover, today, the world and especially the North American countries are experiencing a growth in women golfers. 

This factor is likely to propel the demand for golf equipment in the country. Additionally, in 2019, North America had 51% of the world's golf courses, with the USA boasting 43%, Canada 7%, and Mexico 1%. The United States Golf Association (USGA) is the United States national association of golf courses, clubs, and facilities and the governing body of golf for the U.S. and Mexico. In January 2022, Callaway Golf Company introduced the next generation of Chrome Soft and Chrome Soft X, designed to elevate Tour ball performance to the next level in the North America golf equipment market. The Dual SoftFast core with a 34% larger volume inner core and a thinner, graphene-infused outer core promotes fast ball speed and increased wedge spin.

However, the high cost of golf equipment and memberships may act as a hindrance for the North America Golf Equipment market growth, especially for casual and amateur players. The high cost of golf equipment and memberships may limit the number of people interested in the sport, particularly those who cannot afford expensive equipment and memberships. The affordability issue is a major concern, particularly for new and young players, limiting the growth of the market among the amateur and casual players.

Competitive Landscape:

The market is dominated by a few key players, including Golf Galaxy, Topgolf, Callaway Brands Corp., Acushnet Holding Corp., True Temper, Amer Sports, Nexen Corporation, TaylorMade Golf Company, Inc., Bridgestone Golf, PING, Dixon Golf, Inc., Nike, Inc., and Mizuno USA among others. The combined market share of the top six players is pegged at 73.36%, indicating that the market is oligopolistic in nature.

One of the major drivers of the golf equipment market in North America is the increasing number of golf clubs and courses, especially in the US. According to the National Golf Foundation, there were over 34,000 golf courses worldwide in 2020, with the majority located in the United States. This has led to a growing demand for golf equipment, as players seek to upgrade their gear to improve their game.

Another factor driving the market is the growing popularity of golf as a leisure activity and a competitive sport. Golf is a sport that can be enjoyed by people of all ages and skill levels, making it a popular choice for families, corporate events, and social gatherings. This has led to an increasing number of players, both amateur and professional, purchasing golf equipment.

Furthermore, the golf equipment market is witnessing new product launches and innovations, such as the use of new materials and technologies to improve the performance and durability of golf equipment. For example, Titleist launched its new T-Series irons in 2019, which use a new material called SUP-10 to create a thinner, faster face for increased ball speed and distance.

List of Key Companies Profiled:

• Acushnet Holding Corp.
• Amer Sports
• Bridgestone Golf
• Dixon Golf, Inc.
• Golf Galaxy
• Mizuno USA
• Nexen Corporation
• Nike, Inc.
• PING
• TaylorMade Golf Company, Inc.
• Topgolf Callaway Brands Corp.
• True Temper
• Other Prominent Players

Segmentation Overview:

By Type 

• Golf Balls
• Golf Clubs
  • Woods
  • Irons
  • Wedgers
  • Putters
• Golf Gear
  • Golf Bags
  • Headwear
  • Shoes
  • Apparel
  • Gloves
  • Travel Products
  • Others

By Distribution Channel 

• Online
• Offline
  • Specialty Stores
  • On-course Golf Shops
  • Retailers
  • Others

By Country

• The U.S.
• Canada
• Mexico