Eastern Asia: Golf Equipment Market 2024

Golf Equipment Market Size in Eastern Asia

In 2022, the East Asian golf equipment market increased by 15% to $X for the first time since 2017, thus ending a four-year declining trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Golf Equipment Production in Eastern Asia

In value terms, golf equipment production reduced modestly to $X in 2022 estimated in export price. In general, production showed a pronounced contraction. The pace of growth appeared the most rapid in 2013 with an increase of 9.6% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Golf Equipment Exports

Exports in Eastern 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 -2.4% to X units. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% 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 +78.4% against 2016 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 55% against the previous year. As a result, the exports attained the peak of X units, and then contracted modestly in the following year.

In value terms, golf equipment exports expanded notably to $X in 2022. Total exports indicated moderate growth from 2012 to 2022: its value 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 +96.0% 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 expected to retain growth in the near future.

Exports by Country

In 2022, China (X units) represented the main exporter of golf clubs and other golf equipment, committing 53% of total exports. It was distantly followed by Taiwan (Chinese) (X units), Hong Kong SAR (X units) and Japan (X units), together achieving a 43% share of total exports. South Korea (X units) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +5.5%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest golf equipment supplier in Eastern Asia, comprising 46% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 22% share of total exports. It was followed by Taiwan (Chinese), with a 16% share.

In China, golf equipment exports increased at an average annual rate of +4.0% over the period from 2012-2022. 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 Eastern Asia stood at $X per unit in 2022, picking up by 7.7% against the previous year. Overall, the export price recorded a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure 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 origin: amid the top suppliers, 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 South Korea (+8.0%), while the other leaders experienced more modest paces of growth.

Golf Equipment Imports

Imports in Eastern Asia

In 2022, golf equipment imports in Eastern Asia rose notably to X units, picking up by 5.3% compared with 2021 figures. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, golf equipment imports soared to $X in 2022. Total imports indicated a notable 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, imports increased by +73.7% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 49%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

The purchases of the three major importers of golf clubs and other golf equipment, namely Japan, South Korea and Hong Kong SAR, represented more than two-thirds of total import. It was distantly followed by China (X units), achieving a 9.7% share of total imports. Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +12.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Hong Kong SAR ($X) and South Korea ($X) were the countries with the highest levels of imports in 2022, together comprising 88% of total imports.

Among the main importing countries, South Korea, with a CAGR of +9.8%, saw the highest rates of growth with regard to 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

The import price in Eastern Asia stood at $X per unit in 2022, surging by 11% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2021 an increase of 11% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

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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