Golf Equipment Market Is Estimated To Witness High Growth
Author : Leena Shedmake | Published On : 25 Jan 2024
Golf equipment consists of objects used, worn, held, or carried for playing the game of golf. This includes golf clubs, balls, bags, gloves, shoes and other accessories. Golf clubs include woods, irons and putters that are used for striking the ball toward the hole on the golf course in the required number of strokes. Golf balls are spherical balls designed to travel long distances when struck with a golf club. Golf bags are used to conveniently transport and carry all golf equipment and accessories needed for playing.
The global golf equipment market is estimated to be valued at US$ 13.37 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing popularity of golf among millenials is driving the growth of the golf equipment market. Millenials represent the future of the sport and their participation rates have increased over the past few years. The number of new, young and diverse golfers signing up for the sport is steadily rising. Various golf organizations and federations are undertaking initiatives to introduce golf to the millennial population and make the sport more appealing and affordable to them. For instance, programs such as Pitch-Putt-Play, Play It Forward, and Golf 2.0 encourage beginners to try the sport through modified games and equipment rental options. Such initiatives are promoting higher participation of millenials in golf which is boosting the demand for golf equipment.
Moreover, technological advancements in golf equipment such as innovative club designs, use of lightweight metals and composite materials and insertion of computer chips are augmenting the experience of modern golfers. State-of-the-art equipment enhances ball striking accuracy, distance and gameplay. These factors are supporting the growth of the global golf equipment market. The rising popularity of sports betting online has also resulted in higher viewership of professional golf tournaments, positively impacting golf equipment sales.
SWOT Analysis
Strength: Golf equipment manufacturers such as Hologic Inc. and Siemens Healthineers offer innovative imaging solutions that provide three-dimensional and high resolution images. This allows clinicians to accurately diagnose and monitor breast conditions. Some equipment offers automated whole breast ultrasound which reduces exam time.
Weakness: Ultrasound technologies have limitations as they cannot image the entire breast at once and interpreter skill is required. Cost of newer 3D imaging solutions is higher compared to conventional 2D ultrasound.
Opportunity: Rising healthcare investments and improving reimbursement policies in developing nations will boost demand. Growing geriatric population which is more prone to breast cancer further expands opportunities. Public awareness programs regarding early detection have increased breast cancer screening rates.
Threats: Economic slowdowns can negatively impact the market. Stringent regulations for new product approval may hinder innovations and technology advancements. The COVID-19 pandemic has also slowed down breast cancer screening rates and equipment procurement.
Key Takeaways
The Global Golf Equipment Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising interest among women and young adults globally.
North America currently dominates the market attributed to sport's deep roots and golf tourism. Asia Pacific is expected to be the fastest growing regional market for golf equipment led by China, Japan and Australia. With rising disposable incomes, golf participation rates have increased manifold in countries like China, India and South Korea presenting lucrative opportunities for key players.
Key players operating in the golf equipment market are Hologic Inc., Siemens Healthineers, GE Healthcare, Fujifilm Holdings Corporation, SonoCine Inc, and Koninklijke Philips N.V. Hologic Inc. is a global leader in breast imaging solutions with over 30 years of experience. It provides 2D and 3D mammography solutions as well as automated whole breast ultrasound systems. Siemens Healthineers offers a range of mammography systems utilizing latest technologies like tomosynthesis that aid in reducing call back rates and improve cancer detection. It aims to expand its product portfolio with AI and augmented reality enabled solutions.
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