Rising Golf Participation in Developing Countries Drives Demand for Golf Equipment and Consumables, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Golf Equipment and Consumables markets. Global market for Golf Equipment and Consumables is projected to reach US$14.4 billion by 2018, driven by rising participation in the sport in emerging countries.

Golf Equipment and Consumables: A Global Strategic Business Report

Follow us on LinkedIn – Golf industry witnessed tremendous development during the past several decades and continues to evolve. Increased accessibility and affordability has drawn significant number of golf participants over the years and has attracted wider demographic clusters beyond just the upper echelon. Participation of women and individuals in the middle-income group has increased significantly and represents a key opportunity for growth in the future. While many perceive golf as a leisure pursuit, an increasing number of individuals also see golf as a requisite business skill and a sport that serves as an effective business development and social networking tool. In developing nations, Golf is still considered a nascent industry with lucrative potential for future growth, given the levels of economic growth and tourism development. Although popularity of golf has risen in recent decades, golf participation has been relatively sluggish since the year 2000, owing to the amount of time required to play the sport. To encourage participation, various efforts are being made, with the major one being the introduction of shorter formats of the game, which requires relatively lesser amount of time.

Demand in the Golf Equipment and Consumables market largely depends on the economic health of a nation. Sales are hugely dictated by golf participation rates, which in turn are controlled by macro-economic factors such as per-capita income and discretionary consumer spending. The market for golf balls is characterized by product overcrowding, as a result of the influx of golf club manufacturers.

The 2007-2009 economic recession resulted in marked declines in sales of golf equipment and consumables. Demand for products like golf clubs, balls, apparel and footwear came under severe pressure, as participation rates of the sport dwindled due to low income levels and lack of leisure time among golfers. Golfers, particularly corporate golfers and those who play the sport as a hobby opted for less expensive activities and leisure pursuits. Golf club membership dwindled as golfers cut back on typically high annual membership fees. While the frequency of playing the sport reduced drastically, the number of rounds played also declined dramatically across the board, thus lowering the need for purchasing new equipment. However, the market recovered and even posted encouraging growth in revenue in the year 2010.

Golf is emerging to be a global game, with new markets developing in Asia, the Middle East, Eastern Europe and Latin America. While the game is gaining increasing popularity among the affluent, it is also witnessing rising uptake among the middle class, particularly in China. Growing urbanization is also auguring well for the sport, as it is driving development of golf courses across the regions. Unlike in the Western regions, the younger generation is emerging to be major participants driven by the perception of the sport being a fitness routine.

Golf tourism emerged into a booming industry by itself and is providing significant impetus to the market for golf equipment and consumables. Apart from a gradual change in demographic composition, a shift is also being witnessed in terms of the ‘preferred destinations’, as emerging locations are gradually gaining eminence over traditional locations.

As stated by the new market research report on Golf Equipment and Consumables, the United States continues to be the largest market worldwide. Asia-Pacific is projected to emerge as the fastest growing market with a CAGR of 3.6% over the analysis period. Growth in the region is led by rising participation due to increasing standard of living, rising purchasing power and greater willingness among the population to spend on leisure activities.

Major players covered in the report include Aldila Inc., Amer Sports Corporation, Bridgestone Golf, Callaway Golf, Roger Cleveland Golf Company, Fila Golf, Golfsmith International, Nike, Inc., Taylor Made Golf Company Inc., and True Temper Sports, among others.

The research report titled “Golf Equipment and Consumables: A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, company profiles, product launches and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China and Rest of Asia-Pacific), and Rest of World. The US market is further analyzed by product segments including Golf Clubs, Golf Balls, and Golf Bags & Golf Apparel, among others.

For more details about this comprehensive market research report, please visit
http://www.strategyr.com/Golf_Equipment_Market_Report.asp

About Global Industry Analysts, Inc.

Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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