Fact.MR’s latest report projects that the global golf apparel market will surge at a steady CAGR of little under 4% during the forecast period (2017-2026). Over the years, popularity of golf has reached new heights. The youth generation is finding the modern version of the sport quite appealing and trendy. This, in turn, is influencing the participation rate. The number of golf players has grown to a significant extent over the past couple of decades. Rising popularity of golf in various parts of the world is resulting in greater involvement of individuals both in passive viewing and active participation. In addition, growing number of pro-golf tournaments and greater media coverage is playing a crucial role in putting golf in the bracket of prominent sports in the world. Factors as such are expected to drive the demand for golf apparels in the forthcoming years. As per Fact.MR’s report, global market for golf apparel will stand at over US$ 6,600 Mn by 2026-end. Also, development of new courses has provisioned greater access to the sport making it less expensive and exclusionary.
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People in the developing countries are also showing more interest in the sport owing to construction of erection of golf courses, which is enabling the youth population to get a more exclusive golf experience. After a century long absence, golf reappeared in the 2016 summer Olympics held in Rio. The sport has continued to gain traction in recent years, which is also having positive influence on the demand for golf apparel. The 2017 PGA merchandise show held in Orlando saw record attendance which proves which highlights immense market potentials of golf apparels.
In terms of revenue, North America will continue to dominate the global golf apparel market in 2017, and the trend is expected to continue over the next couple of years. Further, the market in the region is projected to exhibit a CAGR of 3.3% over the forecast period.
On the basis of product type, the shoes segment is expected to remain highly lucrative throughout the assessment period. Currently, the segment command for more than one-third share of the market and is projected to expand at a modest rate. The segment is set to increase by US$ 125.6 Mn annually over the course of the forecast period.
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By gender, the men segment in will continue post a relatively higher revenues share over 2022. The segment currently commands for over 65% market share in terms of revenue and is expected to exhibit a steady CAGR between 2017 and 20226.
Base on sales channels, the on-course outlets segment is expected to hold a leading position. The segment is expected to surpass a valuation of US$ 1,200 Mn towards the end of assessment period, reflecting an above-average growth.
On the basis of buyer type, the individual segment is anticipated to retain the top spot over 2026. The segment is projected to soar at 3.9% CAGR during 2017 to 2026 and reach a market valuation in excess of US$ 4,300 Mn.
Fila Korea Co., Ltd., NIKE, Inc., Callaway Golf Company, Amer Sports Corporation, Kering S.A., Adidas AG, Under Armour, Inc., ASICS Corporation, MIZUNO Corporation, and Ralph Lauren Corporation are among the leading market players profiled in the Fact.MR’s report. In order to further strengthen their market position, many of these companies are concentrating on improving product quality and offer customizations based on customer requirements.
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