Apr 28, 2020
Golf Apparel Market to Witness Modest 4% Growth, Demand Upheld from the Men’s Segment, Concludes Fact.MR
by Team Fact.MR
The soaring popularity of golf as a sport and the construction of new facilities around the globe are set to trigger demand for golf apparel in the foreseeable future. Governments around the globe, especially in Asia Pacific, where a large number of new golf courses are in the development phase, are combining golf with tourism and economic development, which shall add value to sales during the forecast period. The new facilities also include a high percentage of publicly accessible courses, which is poised to attract new fans to the sport. These factors are projected to propel the growth of market at 4% growth during the forecast period 2020-2030.
Key Takeaways of the Golf Apparel Market Study
- North America accounts for more than one third share in the golf apparel market, and the demand in the region is expected to show an upward trend during the forecast period.
- Bottom wear is expected to experience high growth in comparison with top wear owing to diversified portfolio comprising of bottom wear such as pants and shorts.
- Men’s segment in golf apparel market is expected to dominate the market and is projected to grow 1.3X during the forecast period.
- Individuals are expected to be the fastest growing buyer type for golf apparel, growing 1.5X during forecast period.
- Sales through sports variety stores are expected to remain prominent, while branded golf stores are expected to catch up.
“The global golf apparel market is poised to showcase sluggish growth in 2020, owing to the COVID-19 pandemic. However, companies are anticipating lucrative opportunities post pandemic as well as over the next five year forecast period”, says the Fact.MR analyst.
Expansion of Retail Chain to Give Leading Players an Upper Hand
Many golf apparel designers are planning to work in close collaboration with local craftspeople and artisans to develop exclusive golf apparel lines. For instance, in the year 2020, Asher golf brand expanded its product line head-to-toe with more than 45 new hat styles for golf. The Ladies Professional Golf Association unveiled its first retail store in South Korea in association with a Korean company. The company hopes that their golf apparel line will fuel the popularity of golf not only in Korea but also across the broader APEJ region. The company has set itself a target of 100 stores across the country by the year 2019 and is anticipated to enter China as well. Expansion of retail chains is projected to propel the golf apparel sales during forecast period.
Find More Valuable Insights on Golf Apparel Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global golf apparel market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the golf apparel market on the basis of product type (top wear, bottom wear, hats, shoes, and other accessories), gender (men, women, kids), sales channel (sports variety stores, on-course outlets, branded golf stores, others) and buyer type (individual, institutional, and promotional) across six major regions.
>>> To Get more insights on golf apparel market, visit- https://www.factmr.com/report/333/golf-apparel-market
About the Retail and Consumer Goods Division at Fact.MR
Being a consortium of large number of sub-industries, not many market research companies are being able to fulfil the requirements of consumer product clients. Though, Fact.MR retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio. For more sports domain insights, visit here.