August 29, 2022 15:10 ET | Source: Straits Research Straits Research
New York, United States, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Golf is a recreational activity in which the participant hits a ball from a tee into a hole with a club. Golf clubs, which are long, thin metal sticks with a piece of metal or wood at one end, are used to hit the ball. The objective is to get the ball into the hole with the fewest number of swings or club strokes feasible. Golf is a trendy sport that appeals to people of all ages. Golf can be played for fun and to enjoy the outdoors, even though it is typically played in a competitive environment. Golf clubs have seen significant modification as time and technology have improved. Club manufacturers are increasingly concentrating on creating highly sophisticated, lightweight golf clubs. Smart sensor technology enables the golf club to be connected to a smartphone app and aids in swing and accuracy. Golf customization is another technology technique that examines thousands of potential combinations. It examines player movement, including swing speed and impact angle.
The primary variables influencing the market importance are golf's rising popularity and acceptance as an athletic sport. Golf has become increasingly popular due to the expansion and building of new courses and growing government initiatives to encourage golf tourism, raising the demand for the necessary equipment. High-end resorts and hotels are expanding their list of recreational activities to include golf. Golf clubs have become increasingly popular due to the creation of miniature golf courses to attract more players and market it as a fun, healthy pastime.
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Increased Number of Golfers and Trend of Building Golf Courses by Hotels Drive the Market Demand
In 2017, the number of new golfers increased for the fourth consecutive year, according to the National Golf Foundation's Golf Industry Report. The report's findings indicate that in 2017, around 23.8 million golfers played on golf courses. Golf is becoming more popular over time, with approximately 35% of new players being women and 26% being non-White. This circumstance has contributed to the expansion of the golf club market in recent years. Since clubs are such a crucial piece of equipment for golfers, the demand for these items increases as the sport gains popularity.
Recent data indicates 24.2 million people aged six or older played golf in 2018. The number of golfers who play off-course climbed by approximately 10% in the same year, with 23 million players anticipated at golf courses, other golf entertainment venues like Topgolf and Drive Shack, and independent golf ranges. The bulk of off-course golfers, or about 12 million people, play at fields, despite numerous golf entertainment places becoming increasingly popular. These statistics show more golfers than ever, which is expected to increase demand for golf clubs in the upcoming years.
Additionally, the hospitality sector is constantly enhancing and expanding its amenities to increase tourists. Hotels in western countries are emphasizing the marketing of several sports, including golf. Mexico has long been North America's most popular tourist destination, which has resulted in numerous recent hotel construction projects. Given the popularity of golf as a leisure sport, it is predicted that the upcoming hotel construction plans will include golf fields for its visitors. For instance, Atelier & Estudio Playa Mujeres plans to build an 18-hole golf course and several hotel alternatives on its property. Similarly, the Four Seasons Resort Los Cabos in Costa Palmas is also constructing an 18-hole golf course. The market for golf clubs is expected to grow due to these improvements.
Improved Enthusiasm for Golf Creates Tremendous Market Opportunities
Golf, like every other sport, is going through some positive changes as well as its own set of challenges. However, golf has a sizable following worldwide, and a variety of young people—particularly women—are aiding in its growth. Various business endorsement initiatives and campaigns and the employment of comprehensive marketing strategies all impact consumer preferences for golf-related products. These events also help raise consumer knowledge of different brand products across the golf equipment market, including clubs as one of the necessities. Additionally, it is projected that a mix of golf associations and public sports marketing initiatives funded by the government will present chances for the global industry.
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North America will command the leading market position, expanding at a CAGR of 2.7% over the forecast period. Due to the expansion of golf facilities and the growing popularity of golf as a sport, the market for golf clubs is predicted to grow. Over time, demand for golf clubs is anticipated to rise as consumers appreciate distinctive and customized clubs. The need for cutting-edge clubs, like hybrid clubs composed of higher-lofted wood and iron, is increasing due to their growing popularity with clients. The demand for golf clubs is also driven by increased consumer interest in sports, particularly among women and children over the age of 10, strong economic growth, and improved consumer spending power.
Europe will expand at a CAGR of 2.3% and hold USD 1,105 million. The region's accessibility to public golf facilities boosts the sport's popularity, so golf clubs are in higher demand. In 2017, there were 1,487 private facilities and 5,746 public ones in Europe, according to a study on golf from the European Commission. According to a generally held assumption in the region, golf is growing more and more popular among baby boomers. After retirement, many people pick up golf. Having the right club is crucial for ensuring a precise shot and increasing your chances of winning the game. It is expected that there will be a rise in demand for golf clubs.
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Global Golf Clubs Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/golf-clubs-market/toc
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