India: Golf Equipment Market 2024

Golf Equipment Market Size in India

In 2022, the Indian golf equipment market decreased by -17.3% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, continues to indicate slight growth. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Golf Equipment Production in India

In value terms, golf equipment production totaled $X in 2022 estimated in export price. Overall, the total production indicated a moderate expansion from 2012 to 2022: its value 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, production decreased by -0.8% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 64% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Golf Equipment Exports

Exports from India

In 2022, overseas shipments of golf clubs and other golf equipment decreased by -75.5% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2021 when exports increased by 389%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, golf equipment exports reduced markedly to $X in 2022. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 525%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Bangladesh (X units) and Nepal (X units) were the main destinations of golf equipment exports from India, together accounting for 64% of total exports.

From 2012 to 2022, the biggest increases were recorded for Nepal (with a CAGR of +18.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for golf clubs and other golf equipment exports from India, comprising 51% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.3% share of total exports. It was followed by Saudi Arabia, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-23.5% per year) and Saudi Arabia (+8.3% per year).

Export Prices by Country

The average golf equipment export price stood at $X per unit in 2022, increasing by 11% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 35% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Bangladesh ($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 the United States (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Golf Equipment Imports

Imports into India

In 2022, purchases abroad of golf clubs and other golf equipment increased by 11% to X units, rising for the second consecutive year after two years of decline. In general, imports enjoyed temperate growth. The most prominent rate of growth was recorded in 2018 with an increase of 79%. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, golf equipment imports skyrocketed to $X in 2022. Overall, imports posted a strong expansion. The growth pace was the most rapid in 2021 when imports increased by 92% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of golf equipment to India, with a 38% share of total imports. Moreover, golf equipment imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), twofold. The third position in this ranking was held by Singapore (X units), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+12.5% per year) and Singapore (+45.7% per year).

In value terms, China ($X), the United States ($X) and Singapore ($X) constituted the largest golf equipment suppliers to India, with a combined 68% share of total imports. Taiwan (Chinese), Malaysia, South Korea, Indonesia and the United Arab Emirates lagged somewhat behind, together accounting for a further 19%.

In terms of the main suppliers, Indonesia, with a CAGR of +53.6%, recorded 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 average golf equipment import price stood at $X per unit in 2022, rising by 11% against the previous year. In general, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.3% 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 +136.1% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 74%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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