China: Golf Equipment Market 2024

Golf Equipment Market Size in China

In 2022, the Chinese golf equipment market decreased by -13.4% to $X, falling for the fifth year in a row after two years of growth. Over the period under review, consumption recorded a perceptible contraction. The growth pace was the most rapid in 2016 when the market value increased by 8%. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Golf Equipment Production in China

In value terms, golf equipment production dropped to $X in 2022 estimated in export price. In general, production, however, recorded a slight contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 14%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Golf Equipment Exports

Exports from China

In 2022, approx. X units of golf clubs and other golf equipment were exported from China; surging by 8.4% against 2021 figures. Over the period under review, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2021 with an increase of 73%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, golf equipment exports amounted to $X in 2022. Overall, exports continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2021 with an increase of 75%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for golf equipment exports from China, with a 43% share of total exports. Moreover, golf equipment exports to the United States exceeded the volume sent to the second major destination, Japan (X units), fourfold. South Korea (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+5.0% per year) and South Korea (+19.4% per year).

In value terms, the United States ($X), Japan ($X) and the UK ($X) constituted the largest markets for golf equipment exported from China worldwide, together accounting for 68% of total exports. Mexico, South Korea, Vietnam, Canada, Australia and the Netherlands lagged somewhat behind, together accounting for a further 25%.

Vietnam, with a CAGR of +35.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average golf equipment export price amounted to $X per unit, picking up by 4.3% against the previous year. In general, the export price, however, recorded a mild shrinkage. The growth pace was the most rapid in 2013 when the average export price increased by 20%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Golf Equipment Imports

Imports into China

Golf equipment imports into China declined to X units in 2022, shrinking by -7.8% compared with the previous year's figure. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 50% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, golf equipment imports soared to $X in 2022. Over the period under review, imports, however, showed moderate growth. The pace of growth appeared the most rapid in 2021 with an increase of 73% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), Vietnam (X units) and Thailand (X units) were the main suppliers of golf equipment imports to China, with a combined 46% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +21.4%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X) constituted the largest supplier of golf clubs and other golf equipment to China, comprising 20% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.7% share of total imports. It was followed by Thailand, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+15.2% per year) and Thailand (+6.5% per year).

Import Prices by Country

The average golf equipment import price stood at $X per unit in 2022, increasing by 32% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, golf equipment import price increased by +58.2% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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