WILMINGTON, DE / ACCESSWIRE / December 23, 2022 / The Europe golf equipment market 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 training aids, are used while playing golf. As 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 ease and style. This augments the demand for golf equipment, thereby creating 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. Thus, it is essential to possess good quality golf equipment for a satisfactory game. Rise in disposable income and the corresponding lifestyle changes have encouraged people to adopt golf and other outdoor activities, thereby boosting the demand for golf equipment. This is further expected to aid in the Europe golf equipment market expansion in the next few years.
According to the TMR report, the Europe golf equipment market was valued at US$ 5.9 Bn in 2021 and is anticipated to reach US$ 7.9 Bn between 2022 and 2031. The fact that golf can be played by anyone regardless of age is projected to help increase the popularity of the game in the near future. This in turn is anticipated to bode well for the Europe golf equipment industry during the forecast period.
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Key Findings of Study
- Health Benefits of Playing Golf Propelling Market Growth: Studies show that any kind of physical activity on a regular basis helps to boost body immunity and promotes mental health. Golf, being an easy to learn sport, is garnering significant attention from people globally. The sport helps in lowering stress levels and overall promotes a healthy lifestyle. This is projected to create new growth opportunities in the European market.
- Rise in Active Participation in Outdoor Activities: Rise in disposable income of people and the surge in group activities such as clubhouse outings, picnics, and other recreational pursuits are projected to aid in expansion of the Europe golf equipment market in the next few years.
Key Drivers
- Rise in inclination towards upgraded lifestyle and prevalence of diseases as a result of sedentary lifestyle has propelled interest in outdoor activities such as golf, thereby boosting market growth of golf equipment.
- Rise in inclination toward health and fitness is likely to help promote outdoor activities such as golf, thereby augmenting the demand for golf equipment in the European region.
- Government support to promote healthy competitions, tournaments, and other activities to boost sports and promote healthy lifestyles are 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 owing to presence of large number of golf professionals and rising trend of golf tourism in the country.
- Advancement in technology and innovations in the golf sector are projected to help regional manufacturers undertake multiple growth strategies to attract significant revenues in the near future.
- Rise in sales from online distribution channels is positively impacting the Europe golf equipment market in the near future.
- UK and Sweden are projected to attract notable revenues in the coming years owing to the rise in interest in golf amongst people in the respective nations.
Key Players
Significant players of the Europe 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
Type
- Golf Clubs
- Woods
- Irons
- Putters
- Wedges
- Others
- Golf Balls
- Others
Price
- Low
- Medium
- High/Premium
End-user
- Men
- Women
- Children
Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Specialty Stores
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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