The global golf equipment market size is projected to grow at a compound annual growth rate (CAGR) of nearly 3 percent during the 2024-2028 forecast period, according to a new report by research and advisory firm Technavio. The golf equipment market encompasses a wide range of products, including golf clubs, balls, apparel, and accessories, as well as advanced technology such as GPS, sensors and data analytics, which are increasingly being integrated into golf equipment to enhance performance and personalization.
The key countries for the golf equipment market are the US, Japan, South Korea, the UK and China, according to the report. In Europe and the US, the market is being revitalized by footgolf, the hybrid sport played with a soccer ball instead of golf balls, which is attracting a wider and younger demographic. The growing popularity of footgolf is expected to boost sales in the golf equipment sector during the forecast period. The use of advanced technology in golf equipment, such as apps and sensors, is also on the rise, and so is the consumer’s attraction to eco-friendly and sustainable golf equipment.
Meanwhile, seasonal climate conditions are posing a challenge to the golf equipment market in various regions of the planet. Global warming leads to increasing demand for irrigation water during summer, which is an issue, especially for regions with water scarcity. Other challenges come from today’s business environment, including the high cost of technology in golf clubs and balls, such as those with advanced materials and sensors and materials. Competition from casual play equipment and other leisure activities is also challenging the golf equipment market. Furthermore, the global supply chain disruptions due to the pandemic have generally affected the availability and pricing of golf equipment.
