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.
Full Research Report On Golf Ball Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/golf-ball-market
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.
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Grand View Research has
segmented the global golf ball market on the basis of product, application, and
region:
Golf Ball Product
Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
- 2-piece
- 3-piece
- 4-piece
Golf Ball
Application Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
- Leisure
- Professional
Golf Ball Regional
Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Spain
- France
- Scotland
- Sweden
- Italy
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- India
- Thailand
- New Zealand
- Singapore
- Hong Kong
- Rest of the World (RoW)
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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