Global Golf Course Equipment Market Set For 5.1% Growth, Reaching $5.46 Billion By 2028
Golf Course Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Golf Course Equipment Market Grown?
The golf course equipment market size has grown robustly in recent years. It is set to grow from $4.25 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate CAGR of 5.0%. Growth during the historical period has been driven by a spike in the popularity of golf among women, the expansion of retail channels for golf equipment, an increase in golf tournaments and events, a rise in the adoption of golf simulators, and greater engagement within the golf community.
What Does The Future Hold For The Golf Course Equipment Market?
The golf course equipment market is expected to see substantial growth in the next few years. The market size is projected to expand to $5.46 billion in 2028, growing at a compound annual growth rate CAGR of 5.1%. This growth in the forecast period can be linked to a surge in interest in golf as a sport, higher disposable incomes, growth in golf tourism, expansion of golf courses, and a rising demand for golf cart rentals. Major trends in the market include the introduction of advanced equipment technologies, increased investment in golf infrastructure, adoption of eco-friendly practices and equipment, advancements in turf management, and the development of golf training facilities.
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What Is The Main Driver Of The Golf Course Equipment Market?
The increasing popularity of golf is expected to propel the growth of the golf course equipment market. The rising profile of golf is due in part to broader accessibility, a growing interest among younger generations fostered through social media and entertainment, and the appeal of outdoor, socially distant recreation. Golf course equipment is necessary for maintaining the turf, landscape, and overall course conditions, ensuring a consistent, high-quality playing experience and effective course management. As evidence of golf's growing popularity, in April 2022, a report published by England Golf, a UK-based non-profit and charitable organization, stated that the number of golf club members at affiliated venues in England reached 737,021--an increase of 89,797 players or a growth rate of 13.9% compared to the February 2021 figure of 647,224. This escalating popularity of golf is set to drive the golf course equipment market forward.
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Who Are The Key Players In The Golf Course Equipment Market?
Key industry players operating in the golf course equipment market include Deere & Company, Kubota Corporation, E-Z-GO, Husqvarna AB, The Toro Company, Bobcat Co., Rain Bird Corporation, Hunter Industries Inc., Club Car Inc., AriensCo, Ventrac, Land Pride, Smithco Inc., Scag, Jacobsen, Hustler Turf Equipment Inc., Redexim BV, Salsco Inc., Turfco Manufacturing Inc., Yamaha Golf Car Company, Bernhard and Company Ltd., Lastec LLC, Greenman Golf & Turf Solutions, Parkland Products, and TurfTime Equipment LLC.
What Key Trends Are Shaping The Golf Course Equipment Market?
A significant trend is the development of technologically advanced products by leading players in the golf course market. For example, battery-powered slope mowers have been developed to provide eco-friendly operation, quiet operation, and reduced emissions. One such product, the eHoverPro golf mower manufactured by the Toro Company and launched in February 2023, is designed for superior control and stability, excelling on slopes and contoured surfaces. It is fully compatible with the Toro 60V Flex-Force Power System, allowing users to interchange the 7.5Ah batteries with other devices in the lineup. This mower, with its push-button, single-speed motor and enhanced maneuverability, is ideal for mowing hillsides, around bunkers, and tee boxes.
How Is The Golf Course Equipment Market Segmented?
The golf course equipment market is segmented by type, distribution channel, application, and end user.
1 By Type: Golf Course Lawn Mower, Turf Equipment, Golf Course Maintenance Equipment, Irrigation Systems, Golf Carts
2 By Distribution Channel: Direct Sale, Retail Stores, Online Stores
3 By Application: Links Golf Course, Parkland Golf Course, Desert Golf Course, Mountain Golf Course, Island Golf Course
4 By End User: Private Golf Clubs, Public Golf Clubs, Golf Resorts
Regional Insights: Which Regions Lead The Golf Course Equipment Market?
Asia-Pacific was the largest region in the golf course equipment market in 2023. However, North America is expected to be the fastest-growing region during the forecast period. Other regions covered in this report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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