The golf equipment market in Europe is expected to reach $7.9 billion by 2031, at a CAGR of 2.9% during the forecast period 2022-31 | Popgen Tech
WILMINGTON, DE / ACCESSWIRE / December 23, 2022 / The Europe market for golf equipment is projected to grow at a CAGR of 2.9% from 2022 to 2031. Golf equipment such as golf bags, golf balls, towels, golf clubs, club head covers and practice aids are used while playing golf. Since golf is an outdoor game and requires players to move around the golf course, it is essential to carry all the golf equipment with a focus on comfort and style. This increases the demand for golf equipment and thus creates business opportunities for this regional market.
Golf equipment is an integral part of the game as it affects the results of the player’s swing. It is therefore essential to own good quality golf equipment for a satisfying game. Rise in disposable income and the corresponding lifestyle changes have encouraged people to take up golf and other outdoor activities, thus increasing the demand for golf equipment. This is expected to further help in the expansion of the European golf equipment market in the next few years.
According to the TMR report, the European golf equipment market was valued at US$5.9 billion in 2021 and is expected to reach US$7.9 billion between 2022 and 2031. The fact that golf can be played by anyone, regardless of age, is expected to help increase the popularity of the game in the near future. This, in turn, is expected to augur well for the European golf equipment industry during the forecast period.
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Key findings of study
- Health Benefits of Playing Golf Driving Market Growth: Studies show that any kind of physical activity on a regular basis helps to strengthen body immunity and promote mental health. Golf, being a sport that is easy to learn, attracts significant attention from people worldwide. The sport helps to reduce stress levels and generally promotes a healthy lifestyle. This is expected to create new growth opportunities in the European market.
- Increase in active participation in outdoor activities: Rise in disposable income of people and the increase in group activities such as clubhouse outings, picnics and other leisure activities are projected to help in the expansion of the European golf equipment market in the next few years.
- Increase in propensity towards improved lifestyle and prevalence of diseases due to sedentary lifestyle has fueled interest in outdoor activities such as golf, thereby boosting golf equipment market growth.
- Increase in propensity towards health and fitness is likely to help promote outdoor activities such as golf thereby increasing the demand for golf equipment in the European region.
- Government support to promote healthy competitions, tournaments and other activities to promote sports and promote healthy lifestyle is likely to create new growth opportunities for the golf equipment market during the forecast period.
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Regional growth dynamics
- Germany held the largest share of the market due to the presence of a large number of golf professionals and the increasing trend of golf tourism in the country.
- Advances in technology and innovations in the golf sector are projected to help local manufacturers undertake various growth strategies to attract significant revenue in the near future.
- Increase in sales from online distribution channels has a positive effect on the European golf equipment market in the near future.
- UK and Sweden are expected to attract significant revenue in the coming years due to the increase in interest in golf among people in the respective countries.
Major players of the European golf equipment market include TaylorMade Golf, Ltd, Mizuno Golf, Golf Tech Maschinenvertriebs GmbH, Dixon Golf, Inc., Callaway Golf Company, Roger Cleveland Golf Company, Inc., Masters Golf, Forgan St Andrews, Designer Golf Ltd. , and Acushnet Holding Corp .
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Golf Equipment Market Segmentation
- Golf clubs
- Golf balls
- Company owned websites
- E-commerce websites
- North America
- Asian Pacific Ocean
- Middle East and Africa
- Latin America
- Russia and CIS
- In the
- South Africa
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