6 Key Future Prospects of Golf Products Market for Forecast Period 2017 - 2026
Published : 12 Feb 2018 Industry: Sports
Fact.MR has published a new research report on the global golf products market and offers forecast on the market for the period between 2017 and 2026. The report projects the market to ride on a steady CAGR through 2026. Revenues from worldwide sales of golf products are estimated to close in approximately US$ 11,000 Mn by 2026-end.
Robust rise in the golf tourism industry is driving the market for golf products significantly around the world. Currently, preferred destinations for the golf tourism include Ireland, Morocco, Scotland, the UAE, Portugal, and the United States. Digital technology has been radically making transformations in the golf industry since the recent past in developed as well as developing nations. Utilization of social media platforms by golf products manufacturers has increased, in order to promote awareness and enable online bookings. This is another key trend impacting the golf products market considerably. Some of the other major factors boosting sales of golf products include increasing global economic vigour, resurgence in tourism and travel, facilitating accessibility to new golf courses, proliferated participation, and developments in online booking & marketing of golf products. In addition, rising participation, on the back of growing living standards of population, along with increasing discretionary income and higher willingness to pay for leisure pursuits are further expected to favor sales expansion of golf products worldwide. Emergence of online booking portals that are customer-friendly and easy-to-use has been playing an indispensable role in bolstering number of participants in golf.
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.
Leading players in the golf products market are emphasizing on use of advanced fabrics for production of golf apparel and shoes. Some of the advanced fabrics include micro fleece fibers, and lightweight breathable micro fibers. In addition, new shoes models that are launched are light in weight and multifunctional, and enable players to use it on non-golf courses as well. Major vendors in the market are competing in terms of efficiency in customer service, pricing, product performance, technological innovations and quality. Key market players supporting the market expansion significantly include Callaway Golf Company, Amer Sports Corporation, MIZUNO Corporation, TaylorMade Golf Company, Inc., Acushnet Holdings Corp., Roger Cleveland Golf Company, Inc., Parsons Xtreme Golf, LLC, Bridgestone Sports Co., Ltd., Honma Golf Co., Ltd., and Epon Golf.