The golf equipment market, which was worth US$7.6 billion in 2022, is projected to post a compound annual growth rate (CAGR) of 4 percent during the period 2023–2028, according to a new report by Research and Markets. The growth will be primarily driven by the increasing popularity of golf, with rising participation rates especially among millennials, combined with a rising number of golf courses and the growing appeal of golf tournaments in various countries. Among the other key trends, product innovations like smart sensors and grips are creating new growth opportunities.
Top players in the golf equipment manufacturers are putting sustainability at center stage. The report highlights, for example, a growing trend in creating golf putters and drivers using recyclable materials. The golf equipment market is further stimulated by governmental investments across the globe in the improvement of golf infrastructures. The accessibility of golf equipment through e-commerce channels is also boosting the market.
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