According to a recent 171-page report by Technavio, titled “Global Golf Equipment Market 2023-2027,” the global golf equipment market is forecasted to grow by US$1,418.41 million from 2022 to 2027. While the market size is growing, however, the growth momentum will decelerate during this forecast period, with a decline of nearly 2.77 percent CAGR. By product, the report includes golf clubs, golf balls, golf shoes, and golf bags. The golf clubs segment will account for a significant share of the market’s growth during the forecast period. By geography, North America will account for 40 percent of the market’s growth, driven by the launch of customized golf equipment and the widespread use of online shopping sites to buy golf equipment.
Among the key factors driving the global golf equipment market growth in the 2022-2027 period are the increasing focus on healthy lifestyles and the growing popularity of FootGolf, a hybrid sport played with a football instead of golf balls and heavy clubs. FootGolf is gaining popularity in the U.S. and in many Western European countries, according to the report. The game can be played by men, women and children alike. Among the major challenges to the market’s growth are operational inefficiency, the fact that golf can only be played for a specific time period during the year due to weather constraints, and other seasonal issues like rain or fog, which can lower the visibility and precision of golfers.
