A recent Fact.MR research report estimates the global golf products market to exhibit a steady rise during the forecast period, 2017 to 2026. Sales of golf products across the globe are poised to account for approximately US$ 11,000 Mn revenues by 2026-end.
Launching new golf products in the global market has always prevailed as a daunting task for manufacturers, who make certain in taking calculated steps for ensuring success. Rise in golf tourism, leveraging social media platform for spreading awareness about the sport, and provision of customer-friendly online reservation portals are key trends influencing sales of golf products across the globe. The golf tourism industry has witnessed tremendous rise over the past few years, which in turn has provided an impetus to the golf products manufacturers. An influx of new regions adhering to golf as a sport is being witnessed recently, for example – the Caribbean and GCC countries have gained popularity in golf tourism owing to high availability of state-of-art facilities. These countries are making enormous investments for enhancing their infrastructure associated with golf, and hosting several international golf events & competitions. A key trend gaining immense popularity in the market is rising number of amateur as well as professional female golfers. This further offers opportunities for golf equipment manufacturers with regard to product innovations.
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Modern lifestyle of the population in North America have led them to spend more on leisure activities and golf has become the most attractive sport among the region’s citizens. In addition, governments in the region are taking several initiatives for promoting the region-based golf tourism, which has further led toward growing participation in the sport. North America is expected to be the most remunerative market for golf products during 2017 to 2026, followed by Europe.
On the basis of product type, clubs (set) are likely to remain dominant in the market, in terms of revenues. Clubs that are made of wood are witnessing high demand among golf players worldwide, mainly because of their durability and specifications, which help golfers to hone and develop their skills. Golf products manufacturers are making significant investments in design and development of clubs, making them user-specific as requirement for club style varies from player to player.
In terms of revenues, Sports variety stores are anticipated to spearhead the market, based on sales channel. The provision of products manufactured from popular brands has made sports variety stores an attractive sopping destination for golf players. In addition the ease and convenience of shopping online has made players to opt for third party online channels, which offer discounts on various brands of golf equipment. This sales channel will also remain major revenue contributor to the gold products market.
Based on buyer type, individual buyers will account for the largest market revenue share during the forecast period, followed by institutional buyer. Revenues from promotional buyers will continue to be sluggish in the market.
Manufacturers of gold products such as golf shoes and apparel are concentrating on developing advanced fabrics by using lightweight, micro fleece fibers and breathable micro fibers. New models of shoes being launched are multi-functional and lighter, in a bid to facilitate utilization even outside golf courses. Competition in the global golf products market is intense and players constantly emphasize on distinguishing their products & services through formulation of a unique and clear value proposition.
Businesses in the golf products market are likely to focus on continuous development of upgraded and new products. Companies that actively support expansion of the global golf products market include Epon Golf, Honma Golf Co., Ltd., Bridgestone Sports Co., Ltd., Parsons Xtreme Golf, LLC, Roger Cleveland Golf Company, Inc., Acushnet Holdings Corp., TaylorMade Golf Company, Inc., MIZUNO Corporation, Amer Sports Corporation, and Callaway Golf Company.
6 Key Takeaways from Fact.MR’s Report on Golf Products Market for Forecast Period 2017-2026
North America and Europe will continue to be most lucrative markets for golf products, with revenues from the market in North America estimated to remain almost double than those from Europe.
Sales expansion of golf products are projected to remain relatively faster in Japan as well as in Asia-Pacific excluding Japan (APEJ). Revenues from the markets in Japan and APEJ will also hold major market shares during the forecast period.
Based on product type, clubs are anticipated to dominate the global golf products market, in terms of revenues. Sales of golf balls are projected to register a relatively faster expansion than that of clubs, to become the second most lucrative product in the market by 2026-end.
Sports variety stores and third party online channels are expected to account for the largest market revenue shares during the forecast period. Revenues from golf product sales in on-course outlets and modern trade channel will also account for major market revenue shares during 2017 to 2026.
Direct to customer online channel will continue to be the fast-expanding sales channel in the global golf products market, followed by on-course outlets.
Revenues from individual buyers of golf products are expected to remain larger than those of institutional and promotional buyers combined. Individual buyers will account for over half market revenue share by 2026-end.
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