Golf Shoes Market

Golf Shoes Market Outlook (2022-2032)

The global golf shoes market is set to enjoy a valuation of US$ 8,584.1 Million in 2022 and further expand at a CAGR of 4.4% to reach US$ 13,331.7 Million by the end of 2032.

The target market has high demand in North America and Europe region owing to the extraordinary fame of golf along with the presence of professional golfers and golf courses. North America and Europe are expected to contribute more than 60% of the global market in the year 2032.

Report Attributes	Details
Golf Shoes Market Size (2021A)	US$ 8,266.7 Million
Estimated Market Value (2022E)	US$ 8,584.1 Million
Forecasted Market Value (2032F)	US$ 13,331.7 Million
Global Market Growth Rate (2022-2032)	4.4% CAGR
North America Market Share (2021)	~28.4%
East Asia Market Growth Rate (2022-2032)	~2.1% CAGR
United States Market Growth Rate (2022-2032)	~2.8% CAGR
Market Share of Top 5 Companies	~18.4%
Key Companies Profiled	ASICS Corporation New Balance INC Skechers INC Amer Sports Corporation NIKE Inc. Adidas AG PUMA SE Under Armour Inc. Acushnet Company Inc. Peter Millar Callaway

Sales Analysis of Golf Shoes (2017-2021) Vs. Market Forecast Outlook (2022-2032)

The global market for golf shoes has expanded at a CAGR of 1.2% over the last five years (2017-2021).

As feet are the only point of contact during a golf swing, golf shoes play a very crucial role to maintain proper interaction between feet and ground to perform body movements. Golf shoes have observed tremendous demand in developed regions like North America and Europe during the historical period and are expected to show a similar trend in the forecast years. The product development by manufacturers owing to prevent the damage of natural turf has provided momentum to the product sale in past years.

Furthermore, growing women's participation in various sports activities along with golf is anticipated to generate huge demand for golf shoes in the coming years. Also, rising per capita spending on sports equipment in developing and emerging economies will become an opportunistic market for the market player to generate expected revenue in the future.

The continuous focus on advancements in shoe designs helps to gather customers’ attention which will further stimulate the sale of golf shoes in the assessment period. Hence, the global target market is predicted to surge ahead at a CAGR of 4.5% by the end of 2032, suggest Fact.MR analyst.

• Short Term (2022 Q2 to 2025): The high popularity of golf in developed regions and advancement in shoes design will propel the sales of golf shoes in short-term forecast period.

• Medium Term (2025-2028): Growing per capita spending on sports equipment and awareness about golf sports in developing and emerging countries will generate a huge customer base for market players during the medium term forecast period.
• Long Term (2028-2032): Escalating availability of golf courses and golf clubs across the globe will provide noteworthy momentum to the market growth during long term forecast period.

Over the 2017-2021 historical period, the global golf shoes market registered a CAGR of 1.2%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.5% CAGR between 2022 and 2032.

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Market share analysis of golf shoes based on product type and region is provided in a nutshell in the above image. Under the product type segment, the spiked or cleated golf shoes sub-segment dominates with 33.1% market share in 2022.

What’s Driving Demand for Golf Shoes?

“Intensifying Participation in Golf from all Demographics led to an Upsurge in the Sale of Golf Shoes”

Golf is becoming one of the most popular sports around the world in the past years. The outbreak of COVID-19 is one of the prominent reason behind the huge participation in golf, as the global population was searching for publically distanced outside activities during the pandemic. For instance, according to National Golf Foundation, in U.S. 24.8 million folks played golf in the year 2020 which increased by 2% from 2019, the major net growth in 17 years. Thus, it is expected to increase over the forecast period which will ultimately speed up the sale of golf shoes in coming years.

Additionally, nowadays the women population is also gaining interest in playing golf due to growing awareness and inspiration through social media and television across the world. For example, the number of female golfers increased by 8% in 2020 which is a major growth from 2015. Hence, the increase in the number of new golf players is anticipated to escalate the demand for golf shoes in upcoming years.

“Technological Advancements in Designing Novel Golf Shoes Will Propel the Market Growth”

Golf shoes have progressed significantly over the past 100 years. The growing number of golfers around the world has created a space for manufacturers to introduce technologically advanced golf shoes in the marketplace. Initially, golf shoes were made with metal spikes which caused damage to the golf turf. In the replacement of metal spikes, non-metal or plastic spikes were introduced to provide better comfort to the golfer and to reduce turf damage.

Furthermore, in recent years, many new materials have commenced being used as protective lining. For instance, special membrane turns into a standard choice of material for winter golf shoes owing to the ability of water-resistance, delivery of high levels of insulation, and breathability. Additionally, polyester linings can be used as the cheapest alternative which is non-porous hence, are not as breathable.

Hence, the continuous development of advanced and fashionable golf shoes will garner a strong customer base and provide commendable market growth in the forthcoming years.

What Do Golf Shoes Manufacturers Need to Watch Out for?

“Lowering Purchasing Power due to Rising Inflation May Restrict the Market Growth”

As the entire world is facing the challenge of inflation, market growth for golf shoes may also be hampered in some economies owing to a reduction in purchasing power of potential customers. For instance, in Europe, the inflation rate was 9.1% in August 2022. As, Europe is the prominent region behind the market expansion of golf shoes, the growth in inflation rate in that region may show a significant negative impact on the market growth.

Hence, the rise in inflation will decrease product affordability and will lower the sale of golf shoes.

Country-wise Insights

Will the Popularity of Golf in Europe Drive High Demand for Golf Shoes?

The Europe golf shoes market is currently estimated at US$ 2,664.8 Million in 2022 and is expected to grow with a CAGR of 7.4% during 2022 to 2032.

Golf is a widely popular sport in Europe for several decades under which Ireland and the UK are the prominent countries that direct tremendous market growth for golf shoes in that region. The presence of proficient golfers and greatest golf courses in Ireland makes it a profitable market for the market players. This factor supports generating the popularity of golf shoes in Europe. Also, intensifying golf tourism sector in Europe will encourage the request for golf shoes during the forecast period.

Moreover, the strong presence of key market players is also one of the prominent reasons behind the high market share of Europe on a global scale.

Why is Asia Pacific Golf Shoes Market Expected to Be Highly Lucrative?

During the forecast period, the market in the Asia Pacific region is anticipated to grow at a faster pace by comprising East Asia and South Asia & Oceania. In which Japan is a prominent country that will support the sales of golf shoes in the Asia Pacific region.

Moreover, in Japan, there are more than 2,000 golf courses available across more than 6,000 islands comprising four key islands. Thus, the availability of a number of golf courses and rising participation in golf will provide an opportunity for golf shoes market players to grow in that country.

Apart from Japan, other Asian countries will also become a lucrative market for various market players owing to rising awareness about golf and growing per capita spending on sports equipment.

By the end of 2022, the Asia Pacific golf shoes market is anticipated grow with a CAGR of 6.6% during the assessment period.

Category-wise Insights

Which Product Type Will Generate the High Revenue Growth?

The golf shoes market under product type is categorized into spiked or cleated golf shoes, spikeless golf shoes, golf boots, and golf sandals. Among these, spiked or cleated golf shoes are high in popularity. As per Fact.MR analysis, spiked or cleated golf shoes accounts for a major share of the total sales and is expected to be worth US$ 4,533 Million by the end of 2032.

The high preference for spiked or cleated golf shoes is because it provides extra grip to the feet and helps from slipping during a swing. Moreover, spikes can be replaceable that delivering more adjacent stability while golfing swings on the club.

Will Participation of Women in Golf Backing the Sale of Golf Shoes?

Golf is highly dominated by men over the past years however, the growing women's involvement in sports activities across the world have pushed their participation in golf. Additionally, in 2020, women's participation in golf grew by 8% which has significantly increased from the past 10 years.

Moreover, the rising awareness and promotion regarding female participation in golf from social media and television will support the involvement of women in future years. This factor will upsurge the demand for golf shoes during the forecast period 2022 to 2032.

Competitive Landscape

Prominent golf shoes manufacturers are ASICS Corporation, New Balance INC, Skechers INC, Amer Sports Corporation, NIKE Inc., Adidas AG, PUMA SE, Under Armour Inc., Acushnet Company Inc., Peter Millar, Callaway.

Key manufacturers of the golf shoes market are predominantly focusing on product improvisation to provide proper stability and comfort to the customer. Also, they are concentrating on the development of appropriate branding to maintain their position in the marketplace.

The adoption of acquisition and partnerships will provide growth opportunities to the market players in the forecast period.

• In Oct 2022, Peak Performance continues its robust expansion and move into the Chinese market by introducing its first physical store in Beijing. The expansion will provide huge growth opportunities to the company.

Fact.MR has provided detailed information about the price points of key manufacturers of golf shoes positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Golf Shoes Industry Research

• By Product Type:

  • Spiked or Cleated Golf Shoes
  • Spikeless Golf Shoes
  • Golf Boot
  • Golf Sandal

• By Distribution Channel:

  • Modern Trade
  •  Departmental Stores
  •  Specialty Stores
  •  Online Retail
  •  Sport Stores
  •  Others

• By Price Based:

  • Economy
  •  Mid
  •  Premium
  •  Super-premium

• By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA