Global Golf Equipment Market 2024

Golf Equipment Market Size

For the third consecutive year, the global golf equipment market recorded growth in sales value, which increased by 4.2% to $X in 2022. The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the global market reached the maximum level in 2022 and is likely to see gradual growth in the near future.

Golf Equipment Production

In value terms, golf equipment production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 8.8%. As a result, production reached the peak level of $X. From 2018 to 2022, global production growth failed to regain momentum.

Golf Equipment Exports

Exports

In 2022, overseas shipments of golf clubs and other golf equipment decreased by -6.6% to X units for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 48% against the previous year. As a result, the exports reached the peak of X units, and then contracted in the following year.

In value terms, golf equipment exports rose notably to $X in 2022. In general, total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +98.0% against 2016 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 59% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

In 2022, China (X units) represented the largest exporter of golf clubs and other golf equipment, committing 35% of total exports. It was distantly followed by Taiwan (Chinese) (X units), Thailand (X units) and Hong Kong SAR (X units), together committing a 32% share of total exports. The following exporters - the United States (X units), Mexico (X units), Japan (X units), Vietnam (X units), the Netherlands (X units), South Korea (X units), Indonesia (X units) and the UK (X units) - together made up 28% of total exports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +10.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest golf equipment supplier worldwide, comprising 29% of global exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 13% share of global exports. It was followed by the United States, with a 12% share.

In China, golf equipment exports increased at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+0.6% per year) and the United States (+5.1% per year).

Export Prices by Country

The average golf equipment export price stood at $X per unit in 2022, increasing by 13% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per unit), while Indonesia ($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 United States (+16.1%), while the other global leaders experienced more modest paces of growth.

Golf Equipment Imports

Imports

In 2022, approx. X units of golf clubs and other golf equipment were imported worldwide; with an increase of 7.4% against the previous year. In general, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% 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 +61.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 50%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, golf equipment imports skyrocketed to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +82.1% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 57% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

The United States was the key importer of golf clubs and other golf equipment in the world, with the volume of imports accounting for X units, which was near 32% of total imports in 2022. The UK (X units) held the second position in the ranking, followed by Japan (X units), South Korea (X units), Mexico (X units) and Hong Kong SAR (X units). All these countries together took approx. 41% share of total imports. The following importers - Canada (X units), the Netherlands (X units), China (X units), Germany (X units), Australia (X units) and Spain (X units) - together made up 16% of total imports.

Imports into the United States increased at an average annual rate of +5.8% from 2012 to 2022. At the same time, Mexico (+14.8%), Spain (+13.3%), the Netherlands (+11.4%), South Korea (+8.9%), Germany (+6.0%) and Australia (+1.6%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in the world, with a CAGR of +14.8% from 2012-2022. Canada, Japan and China experienced a relatively flat trend pattern. By contrast, the UK (-1.2%) and Hong Kong SAR (-5.5%) illustrated a downward trend over the same period. While the share of the United States (+8.8 p.p.), Mexico (+4 p.p.), South Korea (+3.4 p.p.) and the Netherlands (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Japan (-1.6 p.p.), the UK (-5.9 p.p.) and Hong Kong SAR (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Japan ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 51% share of global imports. South Korea, Mexico, the UK, China, Canada, the Netherlands, Germany, Australia and Spain lagged somewhat behind, together accounting for a further 39%.

Mexico, with a CAGR of +22.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average golf equipment import price amounted to $X per unit, with an increase of 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The growth pace was the most rapid in 2018 an increase of 8.7%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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