The global golf ball market size is estimated to reach USD 1.38 billion by the end of 2025 and is projected to grow at a CAGR of 2.7% during the forecast period 2018 to 2025, according to a new report by Million Insights. Technological advancement along with golf tourism development is projected to surge market growth. Moreover, various government authorities and golf associations are taking several initiatives like press trips, workshops, destination conventions and familiarization trips. These factors are projected to proliferate market growth.
Increasing demand for golf courses and rising middle-class population is also boosting the market growth. Furthermore, the growing trend of golf as a leisure sport is supporting the market growth.
Rising trend of recreational activities with focus on outdoor sport, golf is now becoming an integral part of the sports and leisure activities. For example, Royal Copenhagen Golf Club in Jagersborg Animal Park wherein beside golf, there are various other games including cycling, jigging and horse-riding.
Apart from leisure activities, golf sports also offer sporting competition. Changing lifestyle, increasing consumer spending especially among younger adults with golf sport as part of their leisure activity. These mentioned factors are anticipated to bolster the demand for golf balls.
In U.S., and Europe, golf sports are very popular. On the other hand, in developing regions like Hong Kong, India and Singapore, this is not so extensive. However, increasing trend of leisure activities is expected to positively impact the growth of golf sport.
Moreover, rising income levels and growing focus on enhancing living standards is anticipated to bolster golf ball market growth. However, in countries like the U.S, and Canada, there has been a decline in the number of golfers. Golf sport requires a longer time span to complete the game. These factors may restrain the market growth.
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Further key findings from the report suggest:
• 2-piece golf ball type segment is projected to register fastest CAGR during the forecasted period, mainly owing to its low prices and high durability.
• Based on application, professional segment contributed to market share of more than 60.0% in the overall market.
• In 2017, North America dominated the market with share of more than 30.0% due to rising number of golf tournaments.
• The market is heavily competitive in nature and is characterized by the presence of established players in game of golf sports.
Million Insights has segmented the global golf ball market based on product, application and region:
Golf Ball Product Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Golf Ball Application Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Golf Ball Regional Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• New Zealand
• Hong Kong
• Rest of the World (RoW)