The Golf Apparel Market Size Is Expected To Reach $4 Billion By 2027 At A CAGR Of More Than 6% As Per The Business Research Company's Golf Apparel Global Market Report 2023
LONDON, Oct. 16, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Golf Apparel Global Market Report 2023, the global golf apparel market is set for a dynamic expansion, with projections indicating an increase from $2.90 billion in 2022 to $3.11 billion in 2023, boasting an impressive compound annual growth rate (CAGR) of 7.4%. This market is poised to reach $4.02 billion in 2027, showcasing a steady CAGR of 6.6%. As the world of golf continues to thrive, so does the demand for stylish and high-performance golf apparel.
Major Driver – Rise in Golf Events
The surge in golf events is a key driver of the golf apparel market. Golf events encompass various activities, including professional competitions, pro-am tournaments, exhibitions, clinics, charity matches, and more. Comfortable and high-quality golf apparel enables athletes to stay focused on their game, deliver their best performance, and relish the sport. A recent report from the Professional Golfers' Association Limited revealed that in 2022, there were 24.7 million member rounds of golf, marking an 8% increase from 2021, 11% from 2020, and a remarkable 84% growth from 2019. This increase in golf events underscores the strong growth trajectory of the golf apparel market.
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Market Leaders
Prominent industry players, including Nike Inc., Adidas AG, Puma SE, and Lululemon Athletica Inc., are at the forefront of this vibrant market. These companies are leading the charge in product innovation to maintain their competitive edge. Crew Clothing, a UK-based retailer, recently launched a technical golf apparel collection, featuring advancements such as four-way stretch for ease of movement, COOLMAX moisture-wicking technology for added comfort, and DuPont Sorona for warmth and ultra-lightness. These innovations are designed to cater to the ever-evolving needs of golfers.
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Global Reach
In 2022, North America was the largest region in the golf apparel market, with Asia-Pacific anticipated as the fastest-growing region in the forecast period.
Marekt Segmentation
The market is segmented into crucial categories:
- By Type: Clothes, Hats, Shoes, and Other Types
- By Sales Channel: Retail, Specialty Stores, Sports Megastores, Online, On Course Stores, and Other Sales Channels
- By Application: Professional and Amateur
- By End User: Men, Women, and Kids
As the golf apparel market continues to evolve, the Golf Apparel Global Market Report 2023 is a valuable tool for industry players. This golf apparel market report provides comprehensive insights, trend analysis, and market projections. With the market expected to reach $4.02 billion in 2027, it serves as an essential resource for industry professionals, offering them the guidance needed to stay at the forefront of fashion and performance in the golfing world.
Golf Apparel Global Market Report 2023 by The Business Research Company provides insights on the golf apparel market size, golf apparel market segments, golf apparel market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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