Thailand: Golf Equipment Market 2024

Golf Equipment Market Size in Thailand

The Thai golf equipment market skyrocketed to $X in 2022, surging by 74% against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Golf Equipment Production in Thailand

In value terms, golf equipment production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 59%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Golf Equipment Exports

Exports from Thailand

For the third year in a row, Thailand recorded growth in overseas shipments of golf clubs and other golf equipment, which increased by 3.2% to X units in 2022. Overall, exports showed a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by 53% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, golf equipment exports rose rapidly to $X in 2022. In general, exports, however, saw a slight curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 40% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), South Korea (X units) and Japan (X units) were the main destinations of golf equipment exports from Thailand, with a combined 67% share of total exports. The UK, China, the Netherlands, Australia, Singapore and Hong Kong SAR lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +26.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and South Korea ($X) appeared to be the largest markets for golf equipment exported from Thailand worldwide, together accounting for 71% of total exports. The UK, China, Australia, the Netherlands, Singapore and Hong Kong SAR lagged somewhat behind, together accounting for a further 21%.

Among the main countries of destination, China, with a CAGR of +8.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average golf equipment export price stood at $X per unit in 2022, growing by 4.2% against the previous year. Over the period under review, the export price, however, showed a drastic downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 4.4%. The export price peaked at $X per unit in 2014; however, from 2015 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 Japan ($X per unit), while the average price for exports to South Korea ($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 Hong Kong SAR (+0.0%), while the prices for the other major destinations experienced a decline.

Golf Equipment Imports

Imports into Thailand

In 2022, approx. X units of golf clubs and other golf equipment were imported into Thailand; remaining constant against the year before. In general, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 51%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, golf equipment imports surged to $X in 2022. Overall, imports saw a drastic downturn. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X units), the United States (X units) and China (X units) were the main suppliers of golf equipment imports to Thailand, together comprising 79% of total imports. Taiwan (Chinese), Vietnam, Switzerland, South Korea and Indonesia lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +63.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest golf equipment suppliers to Thailand, with a combined 77% share of total imports. Taiwan (Chinese), Vietnam, South Korea, Switzerland and Indonesia lagged somewhat behind, together accounting for a further 20%.

Among the main suppliers, Switzerland, with a CAGR of +46.3%, 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

In 2022, the average golf equipment import price amounted to $X per unit, rising by 39% against the previous year. In general, the import price recorded a strong increase. The growth pace was the most rapid in 2014 when the average import price increased by 119% against the previous year. The import price peaked in 2022 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 Vietnam ($X per unit), while the price for Switzerland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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