The global golf ball market size is expected to reach USD 1.38 billion by 2025, according to a study by Grand View Research Inc. It is projected to expand at a CAGR of 2.7% over the forecast period. The market is anticipated to be driven by the development of golf tourism and technological advancements. Moreover, several golf associations and governments are undertaking initiatives such as organizing workshops, press trips, familiarization trips, and destination conventions as part of their efforts to promote the sport. This is expected to further propel market growth.
Golf ball market is predominantly driven by rise in middle-class population, proliferation of golf tourism, and demand for golf courses worldwide. In recent times, endorsement of golf as a leisure sport is increasing due to the rising disposable income among consumers.
Golf is used not only as an outlet for sport and recreational activities but it has also become a substantial part promoting growth of community and regional infrastructure. For instance, in the Royal Copenhagen Golf Club located inside the Jagersborg Animal Park, apart from playing golf, the golfers can experience horse-riding, jogging, walking, and cycling among other activities of recreation.
It presents a sense of competition and an avenue for physical exercise apart from being a source of entertainment. Factors such as rise in spending capacity and evolving lifestyle among millennials are expected to popularize the sport, which, in turn, is expected to boost growth of the golf ball market.
Golf, as a sport, has witnessed high penetration in Europe and U.S. However, its market penetration in developing countries such as India, Hong Kong, and Singapore is not extensive. In recent years, adoption of golf as a sport as well as a leisure activity is increasing across emerging markets, especially in Asian countries.
Rise in disposable income and improved standard of living with a subsequent emphasis on leisure activities is expected to propel the market growth. However, the golf industry has witnessed a decline in terms of rounds played, adoption, and number of golfers over past few years; especially in countries such as Canada, U.S., and parts of Europe. This decline can be attributed to the declining interest of the youth in the sport, health concerns among elderly golfers, and the long timespan required to complete a single round are. Such factors are expected to hinder the market growth over the forecast period.
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Further key findings from the study suggest that:
- The 2-piece golf ball segment is expected to expand at the highest CAGR over the forecast period on account of the lower price, greater durability, and reduced spin offered by 2-piece golf balls
- Professional application segment accounted for over 60% of the overall market share in terms of revenue in 2017.Golf, as a professional sport, receives sizeable investment capital from governments, golf associations, investors, and other related organizations.
- North America held the leading market share of over 30% in 2017, owing to the presence of maximum number of golf courses and major professional tournaments
- The highly competitive nature of this market is ascribable to the presence of several established players such as Callaway Golf Company; Dixon Golf, Inc.; Mizuno Corporation; Bridgestone Golf, Inc.; Sumitomo Rubber Industries, Ltd.; TaylorMade Golf Company, Inc.; and Acushnet Holdings Corp. among others.