Asia: Golf Equipment Market 2024

Golf Equipment Market Size in Asia

In 2022, after three years of decline, there was significant growth in the Asian golf equipment market, when its value increased by 6.4% to $X. Overall, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Golf Equipment Production in Asia

In value terms, golf equipment production shrank modestly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 10% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Golf Equipment Exports

Exports in Asia

In 2022, after three years of growth, there was decline in overseas shipments of golf clubs and other golf equipment, when their volume decreased by -4.1% to X units. Total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.9% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 57% against the previous year. As a result, the exports reached the peak of X units, and then declined slightly in the following year.

In value terms, golf equipment exports expanded modestly to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +96.6% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

China was the largest exporter of golf clubs and other golf equipment in Asia, with the volume of exports finishing at X units, which was approx. 43% of total exports in 2022. Taiwan (Chinese) (X units) held a 23% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (9.2%), Hong Kong SAR (7.1%), Japan (5%) and Vietnam (4.9%). South Korea (X units) took a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Vietnam (with a CAGR of +7.5%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest golf equipment supplier in Asia, comprising 41% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 19% share of total exports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +4.0%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+0.6% per year) and Taiwan (Chinese) (+6.3% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, growing by 6.8% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 7.4% against the previous year. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.0%), while the other leaders experienced more modest paces of growth.

Golf Equipment Imports

Imports in Asia

Golf equipment imports amounted to X units in 2022, increasing by 5.5% compared with the previous year. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 35%. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, golf equipment imports skyrocketed to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 49% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Japan (X units), South Korea (X units) and Hong Kong SAR (X units) represented roughly 75% of total imports in 2022. It was distantly followed by China (X units), creating an 8.4% share of total imports. The following importers - Taiwan (Chinese) (X units), Vietnam (X units) and Singapore (X units) - together made up 10% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +13.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest golf equipment importing markets in Asia were Japan ($X), Hong Kong SAR ($X) and South Korea ($X), together comprising 81% of total imports. China, Vietnam, Singapore and Taiwan (Chinese) lagged somewhat behind, together comprising a further 15%.

Vietnam, with a CAGR of +20.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, with an increase of 9.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. The pace of growth appeared the most rapid in 2014 an increase of 10%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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