According to the Market Statsville Group (MSG), the global golf apparel, footwear, and accessories market size was valued at USD 4,466.2 million in 2021 which is expected to reach USD 7,691.4 million by 2030, growing at a CAGR of 6.4% from 2022 to 2030. Golf apparel, footwear, and accessories are the clothes, shoes, and accessories that are worn while playing golf. Major golf apparel brands have been successful in positioning their products to a broader target audience by using the 'lifestyle clothing' approach. Though millennials in non-target countries are yet to take up the game, they have been seen wearing golf apparel as a fashion statement.
Increased participation of women, rising popularity of pro-golf tournaments around the world, rising prevalence of improved distribution channels, rising levels of disposable income among people, and rising development of new golf courses around the world are some of the major and vital factors that will likely augment the growth of the golf apparel, footwear, and accessories market. The Asia-Pacific region's emerging economies, such as India and China, present lucrative opportunities for market participants. Rising disposable incomes and rising health awareness among individuals have fueled the region's market growth. Global brands are aggressively expanding in the region to capitalize on the region's untapped opportunities.
COVID-19 turned the international sports world on its head almost overnight, resulting in a significant market shock for sports. For the first time, the COVID-19 pandemic is putting global sports on hold in 2020, and it will almost certainly lead to a global economic crisis, according to preliminary data. The COVID-19 pandemic has harmed a variety of industries, including sports. It is expected to have a negative impact on retail goods, particularly golf apparel. Companies worldwide have ceased production due to decreased demand and stringent lockdowns. Furthermore, demand and supply are expected to fluctuate during the COVID-19 pandemic. The golf apparel market is expected to recover by the fourth quarter of 2020, while golf apparel demand is expected to increase.
Golf tourism is growing into a multibillion-dollar industry. Many professional and recreational golfers devote a significant amount of time in famous golf tourism destinations. Many new regions have embraced golf as an essential sport, investing heavily in golf-related infrastructure improvements. Golf tourism has grown in popularity in the Gulf Cooperation Council (GCC) and Caribbean countries, owing to the availability of cutting-edge facilities. The GCC countries have also made significant strides in golf promotion in order to attract international golfers. Dubai and Abu Dhabi are two of the top ten golf tourism destinations in the world. Furthermore, IAGTO, the global tourism organisation, established the COVID-19 Recovery Hub to assist all golf courses and golf resorts worldwide in their recovery.
Golf's declining popularity can be attributed to the economy as well as the rules and nature of the game, which make it extremely uneconomical. The sport's game time is unrestricted, and its facilities takes up a lot of space. Golf has also demonstrated gender bias in only certain regions of the Americas. Furthermore, it is common in many countries such as Saudi Arabia, affecting the participation rate of female golfers and thus limiting market growth. Golf is less popular since it does not help the player's fitness. Most golfers use golf cars to get from one place to another, which defeats the purpose of the game, which many fitness enthusiasts enjoy playing.
Women's participation in outdoor sports such as golf has risen significantly in recent years. The PGA and England Golf actively support the 'This Girl Golfs' campaign, which is dedicated to increasing the number of female golfers. Furthermore, female golfers have loads of opportunities to make a strong impression. The Ladies Professional Golf Association (LPGA) is one of the earliest women's professional sports organizations dedicated to raising women's awareness of the sport. The LPGA Foundation also organises numerous scholarship programmes, assisting both young men and women in continuing to play the sport.
The study categorizes the golf apparel, footwear, and accessories market based on product, distribution channel and end-user area at the regional and global levels.
Based on the product, the market is bifurcated into clothing, shoes and accessories. The clothing segment accounted for a larger revenue share in 2021. Golf clothing sales have increased due to a rise in fitness enthusiasts in countries such as India, the United Kingdom, and others. Furthermore, the growing interest of consumers, particularly youths, in golf is contributing to the rise in trend of golf tourism. This, in turn, has increased demand for golf apparel among golfers, contributing to the market's growth in terms of value sales. Many golf apparel manufacturers intend to create exclusive golf apparel lines in close partnership with local craftsmen and artisans. For instance, in the year 2020, the Asher golf brand expanded its product line from head to toe with more than 45 new golf hat styles. In collaboration with a Korean company, the Ladies Professional Golf Association opened its first retail store in South Korea. The company plans that their golf apparel line will increase golf's popularity not only in Korea, but also throughout the APEJ region.
Based on the regions, the global golf apparel, footwear, and accessories market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2021. To attract more tourists, the hospitality industry is constantly improving and expanding its amenities. Hotels in Western countries are emphasizing sports marketing, including golf. Mexico has long been the most popular tourist destination in North America, which has resulted in a slew of new hotel construction projects. Given the popularity of golf as a recreational sport, it is expected that future hotel construction projects will include golf courses for visitors. For example, Atelier & Estudio Playa Mujeres intends to construct an 18-hole golf course as well as several hotel options on its property. Similarly, an 18-hole golf course is being built at the Four Seasons Resort Los Cabos in Costa Palmas.
Moreover, Europe is projected to grow significantly during the forecast period. The growing working population, lifestyle changes, and shifts in consumer preferences are all likely to contribute to increased demand for golf apparel, footwear, and accessories. Furthermore, due to the high number of golfers in Germany, the European golf equipment and apparel market is expected to expand in the country. New product launches are also expected to offer lucrative opportunities for European players in the golf apparel, footwear and accessories markets.
The golf apparel, footwear, and accessories market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.
Report Attribute | Details |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Study Period | 2017-2030 |
CAGR (2022-2030) | 6.4% |
Quantitative units | Revenue in USD million, CAGR, and Growth rate from 2022 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Product, Distribution Channel, End User |
Key companies profiled | Adidas AG, Amer Sports Corp., ASICS Corp., Callaway Golf Co., MIZUNO Corp., Nike Inc., PUMA SE, Ralph Lauren Corp., Sumitomo Rubber Industries Ltd., and Under Armour Inc. |
Customization scope | Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country & segment scope. |
Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
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