The global golf club market is expected to witness a CAGR of 10.2%, according to the new report by Grand View Research, Inc. Factor like the growing popularity of golf as an actively played sport is majorly contributing to market expansion. Moreover, premium hotels and resorts are incorporating sports as a part of their hospitality facilities. Development of miniature golf courses to increase endorsements and inflow of patrons as a healthy leisure activity is booming sales. According to a 2015 report by the National Golf Foundation (NGF), the number of market players rose to about 2.5 million, which is nearly a 14.0% surge in rate.
Considering the ongoing economic conditions and increasing COVID-19 cases, countries are undertaking the necessary precautionary measures to restrict the spread of disease. For instance, Scottish Golf has swiftly moved to clarify in what way the country’s golf clubs will be adapting regulatory norms in the wake of tightening COVID-19 lockdown restrictions. Firs Minister Nicola Sturgeon recently announced that fewer people allowed to meet up in gardens, households, pubs, golf clubs, and restaurants within the country over the accelerating pandemic concerns.
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The International Federation of PGA Tours in September 2020 announced the cancellation of HSBC Champions World Golf Championships tournament that was to be held in China. The event was scheduled from October 29 to November 1 at Shanghai’s Sheshan International Golf Club. In the wake of coronavirus pandemic, the Chinese government in July 2020 announced the country’s plan to not host any international sports tournament for the rest of 2020. Both the South Korean Zozo Championship and the CJ Cup at Shadow Creek, which is anticipated to return to Asia in 2021.
A significant number of golf players have been tested positive for COVID-19 has hampered the further market growth. During the COVID-19 crisis the Astellas PGA TOUR sponsorship has honored volunteerism to the golf course by providing more than 16,800 backpacks packed with essential supplies and nutritional food called “Blessings in a Backpack” to support children who are in need of meal support and has mobilized communities, resources, and individuals provide food for elementary school children across the U.S.
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Further findings from the report suggest:
The golf clubs used for leisure segment dominated the market by accounting a share of more than 80.0% in 2019. This growth can be attributed to the popularity of golf as an active sport and availability of golf courses in major cities, across the world.
Sporting goods retailers segment accounted for the highest revenue share in 2019. Rise in consumer preference for high-end sport clubs that offer a rich shopping experience is driving golf club market expansion.
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Callaway Golf Company
Acushnet Holdings Corp
Sumitomo Rubber Industries, Ltd.
TAYLORMADE GOLF COMPANY, INC.
Ben Hogan Golf Equipment Company
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