USD 10.65 billion
Report ID: SQSG25J2013 | Region: Global | Published Date: October, 2022 | Pages: 260 | Tables: 62 | Figures: 77
Golf Ball Market size was valued at USD 10.65 billion in 2021 and is poised to grow from USD 12.45 billion in 2022 to USD 16.21 billion by 2030, growing at a CAGR of 4.21% in the forecast period (2023-2030).
The growth in the promotion of golf tourism, increased in consumer disposable income and highly rising construction of new golf courses all over the world are the major factors projected to drive the growth of the global golf ball market during the forecast period. Furthermore, continuously growing popularity of golf among professional people have increased the number of golfers playing golf across the globe, and it has led to the rise in the demand for golf balls globally.
For instance, according to the National Golf Foundation, around 25 million people played golf in golf courses in 2020, in the United States. Which is around 8% of United States total population, with a significant increase from 2019. In which, nearly 77% are male, and nearly a bit more than 22% are female golfers. In addition, around 3 million of these are new golfers and playing a golf game for the first time, with a record number of new golfers.
Moreover, technological advancements and continuously rising development coupled with the several new innovations in products are further expected to drive the growth of the global golf ball market over the forecast period. For instance, the innovation of Seamless Cover Technology allows for the creation of non-uniform joint around the ball.
US Golf Ball Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.65 billion
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Global Golf Ball Market is segmented on the basis of product, application, and region. By product, the Golf Ball Market is segmented into 2-piece, 3-piece, and 4-piece. By application, the Golf Ball Market is bifurcated into leisure and professional. By region, the Golf Ball Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Golf Ball Market Analysis by Product
By product, the 4-piece segment dominated the market and accounted a significant market share in 2021. Increasing preferences by professional golfers for 4-piece golf balls due to its long durability and lower spin is projected to drive the growth of the segment over the forecast period. 4-piece balls have much higher durability as compared to others available in the market and have better control over the ball. Moreover, increasing disposable income of people across the world is encouraging them to increase their spending on sports segment, which is likely to have a positive impact on the global golf ball market in the coming years.
Golf Ball Market Analysis by Application
By application, the leisure segment held the largest market share in 2021 with a significant CAGR over the forecast period. Increasing popularity of golf in developing nations such as India and China, growing construction of new and advanced golf courses, and increasing government initiatives to promote tourism and sports are the major factors expected to drive the segment growth throughout the forecast period. In addition, several hotels and resorts are creating mini golf course for attracting most of the people and are also organizing numerous trips featuring this sport as main function, is also likely to propel the growth in the coming years.
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Globally, North America dominated the golf ball market and accounted for a healthy market share in 2021 owing to the increase awareness of sports among business professionals, high income of people, and large availability of golf courses facility in the region. Furthermore, presence of large market players such as Callaway Golf Company, Dixon Golf Inc., and Bridgestone Golf Inc. and their increasing investment in research & development sector to introduce latest products and expand their product portfolio is also anticipated to fuel the growth of the market in the region during the forecast period.
Furthermore, Asia Pacific is witnessing fastest CAGR during the forecast period. An extensive rise in the population, growing adoption of outdoor sports, tremendous growth in urbanization, and increasing income of people are the major factors projected to be the driving factors of the market during the forecast period. According to our findings, there are over 6,700 golf facilities available in the Asia Pacific region and around 200 new projects are currently in progress, and it is estimated to have a positive impact on the demand of golf balls in the coming years.
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Golf Ball Market Drivers
Golf Ball Market Restraint
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Global golf ball market is highly competitive with the presence of many well-established international players around the globe operating local and globally as well. The several key players of global market are adopting various business strategies including development, acquisition, mergers, collaboration, and partnerships for the expansion of their geographical presence and strengthen market position.
Golf Ball Market Top Player’s Company Profiles
Golf Ball Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global golf ball market is witnessing a decent growth during the forecast period owing to increasing population, advancement in technology and easy availability of golf equipment across the globe. In addition, several government favourable initiatives to promote the sports activities and tourism are also anticipated to boost the demand for golf balls in the near future. However, continuously increasing prevalence of online games coupled with the growing internet availability worldwide, are the major challenges projected to hamper the growth of the global market over the forecast period.
|Market size value in 2021||USD 10.65 billion|
|Market size value in 2030||USD 12.45 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Golf Ball Market Recent Developments
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Parent Market Analysis
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For the Global Golf Ball Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Golf Ball Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Golf Ball Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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