Republic of Korea: Golf Equipment Market 2024

Golf Equipment Market Size in Republic of Korea

In 2022, the South Korean golf equipment market increased by 38% to $X, rising for the fifth consecutive year after two years of decline. Over the period under review, consumption continues to indicate buoyant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Golf Equipment Exports

Exports from Republic of Korea

In 2022, approx. X units of golf clubs and other golf equipment were exported from South Korea; surging by 5.2% against 2021. Overall, exports continue to indicate a notable increase. The most prominent rate of growth was recorded in 2017 with an increase of 50%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, golf equipment exports reached $X in 2022. In general, exports enjoyed a prominent expansion. The growth pace was the most rapid in 2017 when exports increased by 67%. Over the period under review, the exports hit record highs 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 South Korea, with a 55% 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. China (X units) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+4.1% per year) and China (+7.3% per year).

In value terms, the United States ($X) remains the key foreign market for golf clubs and other golf equipment exports from South Korea, comprising 47% of total exports. The second position in the ranking was held by Japan ($X), with a 20% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+10.7% per year) and China (+15.4% per year).

Export Prices by Country

In 2022, the average golf equipment export price amounted to $X per unit, growing by 7.4% against the previous year. In general, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, golf equipment export price increased by +88.5% against 2015 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 31%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to the Netherlands ($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 Canada (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Golf Equipment Imports

Imports into Republic of Korea

For the ninth consecutive year, South Korea recorded growth in purchases abroad of golf clubs and other golf equipment, which increased by 25% to X units in 2022. In general, imports saw prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, golf equipment imports soared to $X in 2022. Over the period under review, imports saw a prominent increase. The growth pace was the most rapid in 2021 with an increase of 34% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X units), Japan (X units) and Thailand (X units) were the main suppliers of golf equipment imports to South Korea, together comprising 78% of total imports. Taiwan (Chinese), the United States, Vietnam and Indonesia lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +30.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of golf clubs and other golf equipment to South Korea, comprising 46% of total imports. The second position in the ranking was taken by China ($X), with a 22% share of total imports. It was followed by the United States, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.6% per year) and the United States (+13.9% per year).

Import Prices by Country

In 2022, the average golf equipment import price amounted to $X per unit, remaining relatively unchanged against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 8.8% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain 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 States ($X per unit), while the price for Indonesia ($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 States (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :