The global golf apparel market is estimated to rise at a moderate 4% CAGR between 2020 and 2030. As per a recent report, the coronavirus outbreak has adversely impacted the golf apparel industry, with major disruptions to production facility operations, supply chains, and distribution networks. Lockdown restrictions encompass golfing activities, which will hurt sales prospects for golf apparel in the short term.
"There has been a surge in golf tourism programs, aided primarily by the rising number of golf courses around the globe, and rising public interest in professional golfing events. A number of countries have also taken up initiatives to bolster revenues from golf tourism, which will aid the golf apparel market to spread in previously untapped markets," says the FACT.MR study.
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Golf Apparel Market- Key Takeaways
- Bottom wear and shoes for golfing are critical to market revenue, aided by wider range of product options.
- Men's apparel are the highest selling products owing to the higher participation of men in the sport in comparison to other demographics.
- North America remains the leading market for golf apparel, due to the presence of major professional golfing facilities, and events.
Golf Apparel Market- Driving Factors
- Growing interest in golf among the elderly demographic with high disposable incomes is a key growth factor.
- The promotion of golf apparel as a style statement is boosting adoption among non-golfing populations.
- Investments into material and design improvements will generate key growth opportunities.
Golf Apparel Market- Key Restraints
- A steady decline in the golfing population is a key factor which will hinder market growth.
- High costs associated with golfing equipment hinders sales and adoption.
COVID-19 Impact on Golf Apparel Market
The coronavirus outbreak has resulted in governments around the world imposing lockdown measures. These restrictions have hit supply chains and production facilities for golf apparel manufacturers. Also, the suspension of golfing activities during the pandemic has generated a short-term downturn in the sales of golf apparel. Recovery of the industry remains uncertain, with the lack of a cure for the virus.
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Market participants in the golf apparel market are pushing for product customization, and collaborations with local manufacturers to create exclusive product lines. For example, Galvin Green has released a new range of golf clothing for all weather usage in July 2020. Under Armour Inc., Nike Inc., Adidas AG, Fila Korea Co. Ltd., ASICS Corp., and MIZUNO Corp are some of the major golf apparel market players.
About the Report
This study offers readers a comprehensive market forecast of the golf apparel market. Global, regional and country-level analysis of the latest industry trends impacting the golf apparel market is covered in this FACT.MR study. The report offers insights on the golf apparel market on the basis of product type (top wear, bottom wear, hats, shoes, and others), gender (men, women, and kids), sales channel (sports variety stores, on-course outlets, branded golf stores, and others), and buyer type (individual, institutional, and promotional) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).