Golf Club Global Market Report 2024

The golf club market size has grown steadily in recent years. It will grow from $6.82 billion in 2023 to $7.12 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth observed in the historical period can be ascribed to factors such as the expansion of golf courses and facilities in emerging markets, the heightened popularity of golf as a fitness activity, a growing interest in golf as a networking tool, an increased number of golf tournaments and events, and a rising inclination towards golf as a leisure activity.

The golf club market size is expected to see steady growth in the next few years. It will grow to $8.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be credited to factors such as the rising demand for personalized golf clubs, the expansion of golf courses and facilities, and an increase in disposable income. Key trends expected in the forecast period include partnerships and collaborations, the introduction of innovative solutions, technological advancements in the design of golf clubs, and the expansion of the market in key regions.

The anticipated growth in the golf club market is expected to be propelled by increasing government initiatives aimed at promoting golf tourism. Golf tourism involves activities where playing golf is a primary focus during a vacation or business trip. Golf clubs play a crucial role in facilitating golf tourism by serving as essential equipment and the fundamental infrastructure for golfing experiences. Government initiatives contribute to the growth of the golf industry by fostering a positive environment and collaborating with national and international golf organizations. For instance, in August 2022, the federal government of Canada invested $4.4 million in the RBC Canadian Open and CP Women's Open, professional golf tournaments based in Canada, to generate significant economic benefits and attract tourists to the region. Therefore, the rising government initiatives to promote golf tourism are steering the growth of the golf club market.

The growth of the golf club market is expected to be fueled by an increase in the number of golfers in the coming years. Golfers, individuals who engage in the sport of golf, encompass a diverse range of ages, genders, and backgrounds, contributing to the sport's widespread appeal. The surge in the number of golfers reflects the continuous popularity and expansion of the sport, resulting in a heightened demand for golf clubs. For example, according to Golf Australia, the governing body for golf sports in Australia, 3.5 million Australians participated in golf during the 2022–23 period, constituting 17.6 percent of the adult population, up from 2.7 million in 2021–22. Thus, the increasing number of golfers is propelling the golf club market.


Product innovation stands out as a prominent trend gaining traction in the golf club market. Leading companies in the golf club market are actively engaged in developing inventive products to maintain their competitive positions. An illustrative example is Titleist, a US-based golf equipment manufacturer, which, in January 2023, launched the TSR 2 and TSR 3 hybrids featuring advanced face designs. The TSR2 hybrid, characterized by a slightly increased blade length and a conventional design, delivers forgiving speed and performance. On the other hand, the TSR3 hybrid is designed to offer heightened precision and workability, featuring an iron-such as hybrid profile inspired by well-received predecessors.

Major players in the golf club market are embracing a strategic partnership approach to formulate comprehensive strategic plans. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. A notable instance is Hazeltine National Golf Club, a US-based golf club, which, in August 2023, announced a partnership with Love Golf Design, a US-based architectural firm. This collaboration encompasses a year-long process involving research, interaction, and interviews with top architects across the country. Love Golf Design has been entrusted with inspecting and designing various aspects of Hazeltine, including greens, bunkers, paths, playing distances, water supply, drainage, vegetation, and routing plans. The master plan will also outline infrastructure enhancements needed to maintain championship-level playing conditions consistently.

In May 2021, Centriod Investment Partners, a South Korea-based private equity firm, completed the acquisition of TaylorMade Golf Company for 1.8 trillion won ($1.7 billion). This strategic move is expected to enable Centroid Investment Partners to expand its footprint and create significant value in the golf market. TaylorMade Golf Company, based in the United States, is renowned for manufacturing golf equipment and balls.

Major companies operating in the golf club market report are Adams Golf Inc., Nike Inc., Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Callaway Golf Inc., Topgolf Callaway Brands Corp., Amer Sports Oy, Acushnet Holdings Corp., Mizuno Corporation, TaylorMade Golf Company Inc., Wilson Sporting Goods Co., Ping Inc., Cobra Golf Inc., Cleveland Golf Company Inc., Honma Golf Ltd., Krank Golf, Srixon Ltd., Miura Golf LP, U.S. Kids Golf LLC, Ben Hogan Golf Equipment Company, Tour Edge Golf Inc., Lynx Golf Limited, Parsons Xtreme Golf LLC, Evnroll, Bettinardi Golf, Sub 70 Golf Ltd., Vega Golf, Piretti Golf Inc., Fourteen Golf.

North America was the largest region in the golf club market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the golf club market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the golf club market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of golf clubs include woods, hybrids, irons, wedges, and putters. A wood golf club is a specific type of golf club characterized by longer shafts and rounder heads, intended for hitting the ball over greater distances compared to other club types. These clubs are available in both left-hand and right-hand orientations, and they come with varying price ranges, such as premium or high-end, economy or mid-range. Distribution channels include supermarkets, hypermarkets, specialty stores, online retail, and others, catering to both leisure and professional applications.

The golf club research report is one of a series of new reports that provides golf club market statistics, including the golf club industry's global market size, regional shares, competitors with golf club market share, detailed golf club market segments, market trends and opportunities, and any further data you may need to thrive in the golf club industry. This golf club market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The golf club market consists of sales of shafts, grips, and clubheads. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.