Asia-Pacific: Golf Equipment Market 2024

Golf Equipment Market Size in Asia-Pacific

After four years of decline, the Asia-Pacific golf equipment market increased by 11% to $X in 2022. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Golf Equipment Production in Asia-Pacific

In value terms, golf equipment production fell slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 10% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Golf Equipment Exports

Exports in Asia-Pacific

In 2022, overseas shipments of golf clubs and other golf equipment decreased by -4.1% to X units for the first time since 2018, thus ending a three-year rising trend. Total exports indicated a temperate expansion 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 +76.2% against 2016 indices. The pace of growth was the most pronounced in 2021 when exports increased by 57% against the previous year. As a result, the exports reached the peak of X units, and then dropped modestly in the following year.

In value terms, golf equipment exports stood at $X in 2022. Total exports indicated a temperate 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 when exports increased by 65% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

China was the main exporter of golf clubs and other golf equipment in Asia-Pacific, with the volume of exports reaching X units, which was approx. 43% of total exports in 2022. Taiwan (Chinese) (X units) took 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) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +7.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest golf equipment supplier in Asia-Pacific, comprising 40% of total exports. The second position in the ranking was held by Hong Kong SAR ($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 rate of growth in terms of value in China stood at +4.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+0.6% per year) and Taiwan (Chinese) (+6.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2022, rising by 6.9% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 7.5% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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-Pacific

In 2022, approx. X units of golf clubs and other golf equipment were imported in Asia-Pacific; picking up by 6.6% against the previous year's figure. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 35% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, golf equipment imports soared to $X in 2022. Total imports indicated noticeable growth 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, imports increased by +73.7% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 49%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

The countries with the highest levels of golf equipment imports in 2022 were Japan (X units), South Korea (X units) and Hong Kong SAR (X units), together resulting at 70% of total import. It was distantly followed by China (X units) and Australia (X units), together constituting a 14% share of total imports. Taiwan (Chinese) (X units) and Vietnam (X units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +13.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest golf equipment importing markets in Asia-Pacific were Japan ($X), Hong Kong SAR ($X) and South Korea ($X), with a combined 78% share of total imports. China, Australia, Vietnam and Taiwan (Chinese) lagged somewhat behind, together comprising a further 17%.

Among the main importing countries, Vietnam, with a CAGR of +20.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per unit, surging by 9.3% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The pace of growth appeared the most rapid in 2021 an increase of 11% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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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