North America Golf Equipment Market to Witness a Rise in Revenue of US$ 8,208.1 Million by 2031
Request Sample Report @ https://www.astuteanalytica.com/request-sample/north-america-golf-equipment-market
The rise in female participation in the sport and rising golf tourism is a crucial factors fueling the expansion of the golf equipment market. According to the data given by National Golf Foundation, the percentage of women who consider themselves passionate golfers climbed to 24%, while the number of women playing golf in the US increased by 8% in 2020. Golf tourism is one of the important categories of the tourism market and is expanding significantly on a global scale. Additionally, there are many connections between golf and tourism, and when combined, they represent one of the most significant sectors of the economy. Golf tourists spend on average 120% more than other travelers, which has a substantial economic impact. In addition, in August 2022, the RBC Canadian Open and CP Women's Open are two professional golf competitions in which Golf Canada has invested US$ 4.4 million to increase golf participation, provide significant economic advantages, and draw tourists from all over the world.
Golf Club is Gaining Popularity Among the Players
The golf club segment is likely to generate an opportunity of US$ 1,967.55 Mn from 2023 to 2031. More golf courses have opened up all over the world due to the sport's rising popularity and participation, which has also increased demand for golf clubs. The development of technologically advanced, lightweight golf clubs is currently the focus of manufacturers. Smart sensors are used to improve swings and accuracy and enable a connection between the golf club and a smartphone app.
Consumers are Gradually Shifting to Online Channels to Purchase Golf Equipment
According to a report by Astute Analytica, consumers in North America are gradually moving their golf equipment purchases online. In 2018, the offline segment generated a revenue of over 62%, but that number dropped to 59% in 2019 and is estimated to drop even more to around 57% in 2031. The survey finds that while brick-and-mortar shops continue to be the primary outlet for selling golf equipment, consumers are increasingly turning to online retailers to make their purchases. This COVID-19 pandemic has hastened this tendency.
According to the report, one of the main elements influencing the move to online channels is the comfort and ease of online shopping, which is accompanied by the accessibility of a wide range of goods, competitive pricing, and the capacity to compare goods and prices. Additionally, it was shown that consumers are increasingly using social media sites like Facebook and Instagram to look up and buy golf equipment. The promotion and support of golf equipment brands by influencers and brand ambassadors on these platforms significantly contribute to raising consumer awareness and boosting sales in the North American golf equipment market.
US Attain 80% of the Market Revenue Share
The US market is the largest in North America, accounting for more than 80% of the overall income for the area, according to the most recent data and insights. The business is dominated by a few major firms, notably Callaway Golf, Acushnet Holdings Corp. (Titleist), TaylorMade Golf, and Ping Golf. The market is fiercely competitive.
The rising popularity of golf among millennials and other younger generations is one of the major factors driving the US golf equipment market. Younger players now have easier access to golf because of the abundance of facilities that provide reasonable prices and equipment rental choices. Additionally, it is now simpler for individuals to practice and play the game all year round due to the expansion of indoor driving ranges and golf simulators.
There were 24.8 million golfers in the US in 2020, according to the National Golf Foundation, and the sport had a growth in popularity during the COVID-19 pandemic since it provided a secure and socially isolating outdoor pastime. In fact, the number of rounds played in the US climbed by 14% in 2021 compared to the previous year, and after initially declining as a result of store closures and decreased consumer spending, sales of golf equipment recovered in the second half of the year. Major brands like Callaway Golf, TaylorMade, and Titleist dominate the US market, which is very competitive. The rise of the golf industry is also being fueled by the sport's appeal among younger generations and the rising number of women who play the game.
Browse Detailed Summary of Research Report: https://www.astuteanalytica.com/industry-report/north-america-golf-equipment-market
Top 6 Players Account for More than 73% Revenue Share of the North America Golf Equipment Market
Few major players dominate the North America market, with a cumulative market share of approximately 73.36%. This indicates a loose oligopoly nature in the market, with a few dominant players exerting significant influence over market dynamics.
Topgolf Callaway Brands Corp., Acushnet Holding Corp., PING, Nike, Inc, Mizuno USA, Bridgestone Golf, and others are the leading players. Topgolf Callaway Brands Corp. is the market leader and generates more than 35% revenue share of the North America golf equipment market, followed by Acushnet Holding Corp., which holds a significant market share of around 25%.
Some of the prominent companies profiled in the North America golf equipment market are:
Acushnet Holding Corp.
Dixon Golf, Inc.
Bridgestone Golf
Amer Sports
Mizuno USA
Golf Galaxy
Nike, Inc.
Nexen Corporation
TaylorMade Golf Company, Inc.
PING
True Temper
Topgolf Callaway Brands Corp.
Other Prominent Players
Segmentation Outline
North America golf equipment market segmentation focuses on Type, Distribution Channel, and Country.
By Type
Golf Balls
Golf Clubs
Woods
Irons
Wedges
Putters
Golf Gear
Golf Bags
Headwear
Shoes
Apparel
Gloves
Travel Products
Others
By Distribution Channel
Online
Offline
Specialty Stores
On-course Golf Shops
Retailers
Others
By Country
The U.S.
Canada
Mexico
Looking For Customization: https://www.astuteanalytica.com/ask-for-customization/north-america-golf-equipment-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
+1 888-429-6757
email us here
Visit us on social media:
Twitter
LinkedIn
