Global Golf Equipment Market Size will Reach $10.12 Billion in 2023

Global Golf Equipment Market Overview

According to Global Market Monitor, the global golf equipment market size will reach $10.12 billion in 2023 with a CAGR of 2.72% from 2023 to 2028.Golf equipment refers to golf clubs and golf shoes related to golf.

The Golf Events are Conducive to the Promotion of Golf.

Based on a survey by the National Golf Foundation in 2021, golf is now played in 206 out of the 251 countries. There are around 38000 golf courses in over 82% of countries worldwide. Globally, millions of people of all ages are attracted to golf, participating in the International Golf Federation's programs and events. Including golf in the Olympic Games has contributed to a sudden increase in golfers worldwide. According to the data of the China Golf Association, from 2013 to 2022, the number of young people registered has increased from more than 400 to more than 100000, and the number of events has increased from more than 30 to 817.

The golf equipment market is competitive.The top three companies are Acushnet Holdings Corp., Callaway, and Bridgestone Golf with a revenue market share of 17.32%,14.25%, and 11.54% in 2022. Players are adopting competitive strategies by investing more to develop new technologies for producing golf equipment. They also focus on differentiating products in design (size and weight) and quality to gain a competitive advantage. Expansions are adopted as their key strategy to broaden their geographical presence and customer base.For instance, in July 2021, Wilson Sporting Goods opened its first-ever retail location in Chicago. The new store offers a curated assortment of sporting goods, including Wilson's high-performance sports equipment, across many sports categories, such as tennis, baseball, football, basketball, and golf.

The golf equipment manufacturers continued to integrate advanced technology into their products, including sensors, GPS, and data analytics to provide golfers with real-time feedback on their performance, club recommendations, and course management tools, making the sport more accessible to beginners and casual players. This leads to the development of more forgiving club sand training aids to help newcomers enjoy the game.

Company Name	Acushnet Holdings Corp.
Website	www.acushnetholdingscorp.com
Established Time	1910
Plants Distribution	Worldwide
Sales Region	Worldwide
Business Overview	Acushnet Holdings Corp. operates as a holding company. The Company, through its subsidiaries, designs, develops, manufactures, and distributes golf products. Acushnet Holdings sells its products primarily to on-course golf pro shops, selected off-course golf specialty and sporting goods stores, and other retailers worldwide.