South-Eastern Asia: Golf Equipment Market 2024

Golf Equipment Market Size in South-Eastern Asia

In 2022, the Southeast Asian golf equipment market increased by 5.2% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Golf Equipment Production in South-Eastern Asia

In value terms, golf equipment production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 22%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Golf Equipment Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of golf clubs and other golf equipment decreased by -9.9% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 62%. As a result, the exports reached the peak of X units, and then dropped in the following year.

In value terms, golf equipment exports dropped to $X in 2022. Over the period under review, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 70% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Thailand represented the major exporting country with an export of around X units, which amounted to 50% of total exports. Vietnam (X units) took the second position in the ranking, distantly followed by Indonesia (X units). All these countries together held near 45% share of total exports. Singapore (X units) took a relatively small 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, Vietnam ($X) remains the largest golf equipment supplier in South-Eastern Asia, comprising 59% of total exports. The second position in the ranking was taken by Thailand ($X), with a 25% share of total exports. It was followed by Singapore, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam amounted to +14.3%. In the other countries, the average annual rates were as follows: Thailand (-1.0% per year) and Singapore (+0.2% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, reducing by -3.6% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the export price increased by 13%. Over the period under review, the export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.3%), while the other leaders experienced mixed trends in the export price figures.

Golf Equipment Imports

Imports in South-Eastern Asia

In 2022, approx. X units of golf clubs and other golf equipment were imported in South-Eastern Asia; with an increase of 7% on the year before. Over the period under review, imports, however, continue to indicate a pronounced setback. The growth pace was the most rapid in 2021 when imports increased by 54% against the previous year. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, golf equipment imports reached $X in 2022. In general, imports recorded a moderate increase. The pace of growth appeared the most rapid in 2021 with an increase of 56% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Vietnam (X units), Singapore (X units) and Indonesia (X units) represented roughly 75% of total imports in 2022. Thailand (X units) ranks next in terms of the total imports with a 12% share, followed by Malaysia (9.4%). The Philippines (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 leading importing countries, was attained by Indonesia (with a CAGR of +18.9%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest golf equipment importing markets in South-Eastern Asia were Vietnam ($X), Singapore ($X) and Thailand ($X), with a combined 77% share of total imports. Malaysia, Indonesia and the Philippines lagged somewhat behind, together comprising a further 22%.

Among the main importing countries, Indonesia, with a CAGR of +37.0%, 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 South-Eastern Asia amounted to $X per unit, stabilizing at the previous year. Import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% 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 +39.7% against 2016 indices. The pace of growth appeared the most rapid in 2014 an increase of 31%. The level of import peaked at $X per unit in 2021, and then shrank modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per unit), while Indonesia ($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 Philippines (+21.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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