The facet of golf sport has transformed from a small time interest into a composite commercial industry. Increasing media exposure to golf events has aided the popularity of sports among the masses, particularly among women and youth. In the recent years, live coverage of golf sport events on television and internet has captured people attention since people spend more time on web browsing or channel surfing. Increased media coverage to golf events encourages the youth to play such sports for fun and sometimes even leads them to take up golf as a career option. This has impelled the sales of sports products such as equipment and apparels among the growing golfer population and has led to the development of large number of golf courses across the world, especially in Asian countries in the last few years.
Asia-Pacific region has a share of 19% in the overall golf facilities in the world. China is one the fasting growing country in the Asia-Pacific region in terms of number of golf courses and recorded a CAGR of 11.4% over a period of 2008-2013 and is likely grow in the similar trend in the next five years from 2014-2018. The reason for the significant growth in the number of golf courses in China was due to rising golfer’s population. The golfer’s population reached close to 1 million golfers in China in 2013. Nowadays, the market trend is towards lightweight, movable weight, adjustable and flight control clubs made by carbon substance than that of steel materials. All these factors are expected to drive the market in the near term.
Asia-Pacific golf equipment and apparels market comprises of 4 geographies which includes Japan, China, Australia and India. The overall market recorded a stagnant CAGR over a period of 2008-2013. However, the future of the golf equipment and apparels market is likely to be favorable as the golf sport awareness and preference for a healthy lifestyle is gaining continuous momentum amongst the people in Asian countries. Asia-Pacific is forecasted to emerge as the fastest growing market for golf equipment and apparels in the world, with an expected CAGR of 4.7% from 2013-2018. The growth in the market will be mainly led by international brands and increasing participation of individuals in golf sporting events due to changing lifestyles, mounting spending power and readiness among the population to spend time on leisure activities.
Australian market is expected to record a negative CAGR of 2.7% for the next five years from 2014-2018.This will be on the account of declining golf participation among people. Japan Golf equipment and apparels market is likely to showcase high interest level among rising health conscious population and thereby market will grow at a CAGR 2.6% from 2014-2018. On the other hand, golf clubs, shoes and gloves are expected to create significant demand in the Asian countries such as India and China. In China, wage growth and domestic consumption expenditure are predicted to propel the demand for golf equipments.
The report titled “Asia-Pacific Golf Industry Outlook to 2018 – Surging Popularity of Golf in China and India to Spur Growth” provides detailed overview on the golf equipment and apparels market in Asia-Pacific region and will aid readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, golf equipment and apparels manufacturing companies, suppliers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.