Dec 19, 2019
Golf Apparel Sales to Soar to US$7.6 Bn by 2027, Exponential Growth in Number of Women Golfers Creating New Growth Avenues, Finds Fact.MR
by Team Fact.MR
Fact.MR projects the global golf apparel market to cumulate an absolute dollar opportunity of over US$ 2 Bn between 2019 and 2027, with revenue contribution of women’s segment being double that of men’s segment. The proliferation of golfing tournaments and communities specifically for women have inadvertently surged demand for golf apparel and has created a multi-million dollar opportunity for the golf apparel market in the recent past.
Key Takeaways of the Golf Apparel Market
- North America accounts for over 40% share in golf apparel market and is expected to witness a steady revenue growth during the forecast period.
- Excluding Japan, Asia Pacific is expected to present nearly 2X growth in terms of value between 2019 and 2027. The region also stands lucrative for golf apparel as there are large number of golfing facility constructions underway.
- Golf shoes and tops, together, accounted for over 60% of the global golf apparel revenue in 2018. The bottom wear segment is expected to garner the fastest growth during the forecast period. Golf shoes segment has been witnessing new product launches and is following a positive growth trajectory
- Individual buyers will continue to lead in the golf apparel market; revenue shares from these buyers is also projected to garner higher growth as compared to other segments.
- Global golf apparel market is characterized by the equal presence of large multinational corporations as well as small regional suppliers. Matured markets, primarily Western European and American markets are predominantly represented by big brands, whereas Asian and Latin markets also seeing a spurt in the growth of local and domestic suppliers.
“Gradual mainstreaming of golf is being observed, as the number of golfers have swelled by 5.4% between 2008 and 2019. Furthermore, inclusion of golf in the 2020 Summer Olympics, scheduled to be held in Tokyo, is expected to provide an opportunity to gain visibility and hype of golf apparel ”, says the Fact.MR analyst
Engaging Key Players for Brand Endorsement Stands as Prime Strategy
Golf apparel consumers are known to follow their golfing stars closely in terms of their style statement and the products they use. Market leaders having significant global presence and have been engaging top players to endorse their brands.
- In October 2019, Callaway signed Stephen Curry, a NBA superstar for the Multi-year agreement. Earlier, Curry was associated with Under Armour. Under this newly signed contract he will use Callaway gear which will promote the company’s brand in a big way.
- In May 2019, Ralph Lauren Corporation partnered with pro golfer Justin Thomas to promote the new capsule collection of golf apparel.
Find More Valuable Insights on Golf apparels Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global golf apparels market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the golf apparel market on the basis of product type (topwear, bottomwear, hats, shoes, and other accessories), consumer orientation (men, women, and kids), buyer type (individual, institutional, promotional), sales channel (sports variety stores, on-course outlets, branded golf stores, and others) across six major regions.
>>> To Get more insights on Golf Apparel Market, Visit- https://www.factmr.com/report/333/golf-apparel-market
About the Sports Division at Fact.MR
Fact.MR assesses the sports industry in categories including apparel, equipment, accessories, and services. Analysts have been separately tracking products that are a subset of consumer products and sports, such as athleisure apparel. An exhaustive database (which is periodically updated) of sports facilities, sports participation rate, and new investments, enables Fact.MR analysts to closely relate to the market under study with these statistics. While revenue performance of large multinationals are constantly tracked under Fact.MR’s sports domain, emerging companies that have recently gained a strong foothold in their regional markets are also studied separately.