The latest market report published by Credence Research, Inc. “Global Professional Golf Market: Growth, Prospects, and Competitive Analysis, 2016 – 2030“. The global professional golf market generated revenue of around USD 645.5 million in 2022 and is anticipated to grow a CAGR of over 4.20% during the forecast period from 2018 to 2030 to reach around USD 860.9 million in 2030.
The growing popularity of the game and its rapid adoption as a popular outdoor activity across the globe are the primary factors driving the professional golf market. Likewise, luxury hotels and resorts are expanding their list of leisure activities they provide, with golf being the most popular. Major contributors to the rise in popularity of professional golf include constructing numerous golf courses to entice more players and advertising golf as a well-liked and healthful pastime activity. In addition, an expanding population of golf enthusiasts—both those who play the sport and those who see it as one of several leisure activities—greatly supports industry growth. Furthermore, over time, golf has gained popularity globally, but it has not yet fully established itself as a significant sport or type of physical activity. So, this factor is expected to restrain the expansion of the world market for professional golf.
The global professional golf market is bifurcated into type, distribution channel and geography. Based on type, the professional golf market is categorized into woods, irons, hybrids, wedges, and putters. Based on application, the professional golf market is categorized into specialty stores, sporting goods chains, on-course shops, online stores and others. Based on geography, the professional golf market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2022, North America is expected to occupy the largest professional golf market share in revenue and sales spurred by the localization of sporting events, which is on the rise. The region’s tight supply chain, which is driving up equipment sales, is causing the professional golf business to grow. The increase, which has resulted in better earnings from North American professional golf tourism-related services, is also attributed to the enormous participation in golf by the United States and Canadian populations. Additional variables anticipated to boost regional market expansion include changing consumer preferences for outdoor leisure activities and rising income levels among people in countries like Mexico and Canada.
Professional golf market drivers refer to a set of factors that influence the growth and development of the professional golf industry. One such driver is an increase in global demand for golf as a form of leisure activity among tourists, which has led to the emergence of new golf destinations worldwide. Additionally, technological advancements have enabled players to improve their skills through data analytics and virtual reality training tools, contributing to the overall improvement in competitiveness and quality of play. Another significant driver is sponsorships, with companies finding value in associating themselves with top-performing players or prestigious tournaments.
Professional Golf Market Key Growth Trends refer to the various factors that are driving the growth of the golf industry around the world. One of the key drivers is technological advancements, which have led to innovations in golf equipment and apparel. The use of high-tech materials and designs has improved performance and created new opportunities for customization. Another trend is globalization, as more countries recognize golf as a mainstream sport and invest in developing courses and facilities. This has expanded the market for players, sponsors, and broadcasters alike. Additionally, there is an increasing focus on sustainability within the industry – from course design to operations – which reflects changing consumer values towards environmental responsibility.
The professional golf market is expected to witness significant growth in the coming years, driven by various factors such as increasing popularity of golf, rising participation of women in the sport, and growing commercialization of the sport.
- One of the key factors driving the growth of the market is the increasing popularity of golf. Golf is one of the most popular sports worldwide, with millions of people playing the sport and watching professional golf tournaments. The growing popularity of the sport is expected to drive the growth of the professional golf market, with more players participating in professional tournaments and more viewers tuning in to watch the tournaments.
- Another factor driving the growth of the market is the rising participation of women in the sport. In recent years, there has been a significant increase in the number of women participating in golf, which has led to the introduction of more women’s golf tournaments and increased media coverage of women’s golf. This trend is expected to continue in the coming years, driving the growth of the professional golf market.
- Moreover, the growing commercialization of the sport is expected to boost the growth of the market. With the increasing popularity of golf, there has been a significant increase in the sponsorship and endorsement deals for professional golfers, which has led to higher prize money and increased media coverage of golf tournaments.
- In addition, the increasing popularity of golf in emerging markets such as Asia and the Middle East is expected to drive the growth of the professional golf market. These regions have seen a significant increase in the number of golf courses and golfers in recent years, which has led to the introduction of more professional golf tournaments and increased media coverage of the sport.
- Overall, the professional golf market is expected to witness significant growth worldwide due to the increasing popularity of golf, rising participation of women in the sport, growing commercialization of the sport, and the increasing popularity of golf in emerging markets.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global professional golf by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global professional golf segmentation based on type, distribution channel and regional integration.
- The global professional golf report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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