Golf equipment includes various items, which are used to play the sport of golf. These include golf balls, shoes, bags, golf gloves, golf gear, and golf wear, club, club head cover, cart, towels, tees, ball markers, wedges, putters, and other devices that help golfers in various ways. The target market for golf equipment is skill based dedicated golfers, as these golfers are the most consistent purchasers of golf equipment. Among golf equipment, the golf ball is the most important, as it is used by every player in every shot. There are a variety of golf clubs available such as wood, hybrids, fairways, and iron. To know which golf club to use for a particular shot, a golfer needs to know the average distance of hitting a ball with each golf club in the set. The distance varies with each type of golf club.
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Growing popularity of golf across the world amongst older people and spur in golf tourism is driving the growth of the golf equipment market. The physical activity that golf provides is expected to be helpful. Furthermore, among golfers, mental and physical well being, together with improved performance and socializing are common motivations for playing the sport. There is a spur in golf tourism mainly due to the growing number of golf courses across the world, and increasing popularity of golf tournaments. Various countries are taking initiatives to drive golf tourism in their region. For instance, the tourism minister in India announced that the government would support efforts to entice more foreign golfers to the country’s approximately 220 golf courses.
The declining number of golfers across the world might hamper the growth of the golf equipment market. According to the National Golf Foundation (NGF) the players who played golf on an actual golf course in 2016 fell by a significant number compared to 2015. However, the NGF reported the number of golfers who are beginners increased to a significant extent over 2015. Furthermore, the NGF reported that the number of dedicated golfers also grew in numbers. Dedicated golfers include those who call golf one of their several recreational pursuits or a favorite activity.
Technology advancement in golf clubs and balls is expected to bring novel opportunity for the golf equipment market. Technologically advanced golf clubs and balls allow golfers to hit the ball at a much larger distance with ease. For instance, the company named Bridgestone introduced technically advanced e6 ball series. The e6 series ball has multiple layers that provide low spin on full shots and a sharp angle on short ones.
Golf equipment is segmented on the basis of product type and region. By product type, the market is classified as golf balls, clubs, shoes, and others. Golf balls are further bifurcated into practice balls, advanced balls, and others. Further, golf clubs are further bifurcated into iron, hybrid, wood, and others.
Geographically, the golf equipment market can be segmented into North America, Europe, Middle East & Africa, Asia Pacific, and South America. North America and Europe are expected to lead the golf equipment market owing to the presence of established golf equipment manufacturers. However, the growing popularity of the golf across countries such as India and China is expected to propel the growth of the golf equipment market in Asia Pacific.
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Some of the key players in the golf equipment market are Acushnet Company, Amer Sports, Callway Golf Company, Dixon Golf, Inc., Roger Cleveland Golf Company, Inc., Fila Golf, Golfsmith International Holdings Inc., True Temper, Cobragolf.com, and TaylorMade Golf Company, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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