Golf tourism Global Market Report 2024

The golf tourism market size has grown strongly in recent years. It will grow from $5.44 billion in 2023 to $5.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The increase during the historical period can be linked to the global popularity of golf, the development of golf courses, international sporting events, marketing of resorts and destinations, cultural and recreational attractions, and corporate golf events.

The golf tourism market size is expected to see strong growth in the next few years. It will grow to $8.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be ascribed to the emergence of new golf destinations, renovations and upgrades of golf courses, the incorporation of culinary and gastronomic experiences, government support and investment, and the organization of specialized golf events. Key trends expected in the forecast period encompass the integration of technology in golf travel planning, the promotion of sustainable and eco-friendly golf tourism, the provision of customized golf tour packages, collaborations with golf celebrities, and the introduction of golf cruise packages.

The golf tourism market is expected to witness growth, driven by increasing government support for its promotion. Governments are actively promoting golf destinations to attract domestic and international tourists, contributing to additional foreign exchange earnings and economic growth. In Scotland, a Golf Tourism and Visitor Strategy were developed in June 2021 to aid industry recovery from the challenges posed by the COVID-19 pandemic. This highlights the rising government initiatives supporting golf tourism as a key driver of market growth.

The economic status of individuals is driving the growth of the golf tourism market. Higher disposable incomes enable golf enthusiasts to afford travel expenses and luxury experiences associated with golf vacations. In August 2023, the Bureau of Economic Analysis reported a $7.3 billion increase in disposable personal income in July 2021. This economic growth contributes to the increased participation in golf tourism, supporting the market's growth.

Strategic collaborations and partnerships have become a prominent trend in the golf tourism market, with major companies focusing on reinforcing their position through such alliances. In October 2021, Goway, a UK-based golf tourism provider, partnered with Signature Travel Network to expand its reach in the US and enhance its ability to offer vacations globally. Additionally, in May 2021, Golfscape Group collaborated with Golfmanager, a leading European golf technology provider, to feature Golfmanager's client courses in Golfscape's marketplace. This partnership aims to improve the efficiency of the golf course management industry and boost sales through a next-generation booking process.

Major companies are enhancing their focus on developing solutions, such as the inventory management system, to gain a competitive edge. An inventory management system (IMS) is a software application aiding businesses in tracking and managing inventory levels, orders, and sales. For instance, in April 2022, Agra Golf Course, an India-based provider of golf courses, introduced a Tee-Time inventory management system to enhance luxury golf tourism. This system provides the course with improved data on tee time usage, enabling optimization of scheduling and resource allocation, leading to reduced wait times and a more enjoyable experience.

In March 2021, Callaway Golf, a US-based golf equipment manufacturing company, acquired Topgolf for $2.6 billion. Through this acquisition, Callaway aimed to accelerate its growth, create competitive advantages, and establish leadership in the global golf equipment market by integrating Topgolf’s revolutionary technology platform and access to golfers of all abilities. Topgolf is a sports entertainment firm based in the UK.

Major companies operating in the golf tourism market report are Fairway Escapes, Goway Travel, Golfbreaks Ltd., Greenscape Holidays, Par Excellence Getaways, Carr Golf, Premier Golf Tours, Kalos Golf, Celtic Golf, Golfasian Co. Ltd., Direct Golf Holidays, SouthAmerica.travel, Ascot Golf Tours, Chaka Travel, TeeTime Travels, Eagle's View Golf Tours, Golf Tours International, GHW Golf Tours, Perry Travel Inc., Scottish Golf Holidays Inc., The Haversham and Baker Co, GolfHolidays.com, Sophisticated Golfer, Caribbean Golf & Tours, Classic Golf Tours, Golf Plaisir, EasyGolf Worldwide Australia, Asian Tour, Links & Leisure Tours, Birdie Bound Adventures, Driveway Golf Tours, Mulligan Travels, Stroke Savvy Tours.

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

The primary types of golf tourism encompass domestic and international. The international tourism concept refers to the act of traveling to a country other than the tourist's home country for leisure or business, lasting no more than one year. The various services, including personal tours and professional tours, are sold through direct channels and distribution channels. Golf tourism services are availed by both males and females.

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

The golf tourism market includes revenues earned by entities by providing services such as leisure tourism, tournament tourism, and business tourism. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.