The global golf equipment market size is expected to reach USD 11.33 billion by 2030, according to a new study by Polaris Market Research. The report “Golf Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Golf Club, Golf Balls, Golf Gear, Golf Bags, Golf Footwear, and Apparel); By Distribution Channel; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The establishment of the new golf courses and rising government financing for golf course infrastructure have increased demand for sports equipment. For instance, in June 2022, with the Victorian Government contributing more than USD 400,000 through “Golf Financing Facility” to golf course infrastructure improvements from Leongatha to Barwon Valley, eight regional golf courses in Victoria will receive significant renovations.
Also, in May 2022, LinksDAO, a non-fungible token (NFT) country club, collaborated with Callaway Golf Company to acquire & run an actual golf course. These collaborations are making more investments in the development of golf courses. Golf equipment sales are on the rise as a result of the opening of miniature golf courses to draw in more players and promote the sport as a healthy form of recreation.
Furthermore, the market is also expected to grow as a result of significant financing provided by governments of various countries to upgrade golf infrastructure, expanding consumer spending power, and simple product availability across e-commerce platforms. In May 2022, Stix Golf invested roughly USD 10 million in infrastructure for equipment purchases. Thus, the rising public and private players' focus on the development of equipment for golf courses is majorly driving the market growth over the forecast period.
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Additionally, over the forecast period, there are expected to be significant potential prospects due to the rising participation of women in golf courses. Numerous steps are being taken to increase the number of women playing golf. For instance, “Women's Golf Day” is a worldwide effort started in 2016 to encourage female golfers to "tee it up" to increase women’s participation in the sport.
Golf Equipment Market Report Highlights
Polaris Market Research has segmented the golf equipment market report based on product, distribution channel, and region:
Golf Equipment, Products Outlook (Revenue - USD Billion, 2018 - 2030)
Golf Equipment, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Golf Equipment, Regional Outlook (Revenue - USD Billion, 2018 - 2030)