According to a new report published by Allied Market Research, titled, "Golf Clothing Market by Product Type (Top Wear and Bottom Wear), End User (Men, Women and Kids), and Distribution Channel (Specialty store, Franchise Store, Online Store and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030."
The global golf clothing market size was valued at $834.1 million in 2020, and is projected to reach $1,554.3 million by 2030, registering a CAGR of 6.0% from 2021 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The emerging countries of the Asia-Pacific region such as India and China, offer lucrative opportunities to the players in the market.
Emergence of trend of golf tourism, surge in fitness consciousness among consumers, and trend for fashionable sports apparel drive the growth of the global golf clothing market. North America contributed to the highest share in terms of revenue in 2020, and is estimated to maintain its lead position by 2030. Manufacturing activities of golf clothing halted due to lockdown implementations across various countries during the Covid-19 pandemic.
By product type, the bottom wear segment is expected to be the fastest growing segment during the forecast period. This is attributable to the increase in number of participations in sports tournaments and physical activities, especially golf. Thus, consumers in the countries such as the U.S., Canada, Australia, and others, are increasingly spending on sport apparels, including bottom wear, which aid them to perform well in the sports, as they improve mobility.
Type of distribution channel, the online store segment is anticipated to register the fastest growth, as users are more inclining toward online shopping due to easy accessibility of different sports apparel. Heavy discounts and offers on sporting goods, apparels, including golf clothing provided by these online platforms boosts the sales of golf clothing in the market.
Depending on user, the women segment is anticipated to grow at a higher CAGR during the golf clothing market forecast period, due to the fact that nowadays women all around the globe are increasingly participating in various sports activities including golf, which in turn is expected to offer immense opportunities for the growth of the golf clothing market during the forecast period.
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The sports sector was severely affected during the outbreak of the COVID-19 pandemic. Many sports events including golf tournaments were postponed or cancelled during the outbreak, which hampered the growth of the market.
Moreover, sale of sportswear including golf clothing was hampered globally, as the outbreak has led to closure of sports complexes, state sports activities, stores and others. This further led to decline in participation in golf, which in turn, hampered the demand for golf clothing; thus, restricting the growth of the market in terms of value sales during the pandemic.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest golf clothing market share in 2020. Consumers in the region are increasingly participating in golf, especially in the U.S., which in turn has driven the demand for golf clothing in this region. This in turn has propelled the growth of golf clothing market in North America. However, Asia-Pacific is expected to be the fastest growing market during the forecast period.
The key players operating in the golf clothing industry include:
• Adidas Ag• Asics Corporation• Brooks Running Company• Fila Holding Corporation• Li Ning Company Limited• New Balance Inc.• Nike Inc.• Puma Se• Skechers USA Inc• Under Armour Inc.
Key findings of the study
• By product type, the top wear segment accounted for the highest market share in 2020, growing at a CAGR of 5.8% from 2021 to 2030.• By end user, the men segment accounted for the highest market share in 2019, growing at a CAGR of 5.5% from 2021 to 2030.• By distribution channel, the specialty store segment accounted for the highest market share in 2020, growing at a CAGR of 4.4% from 2021 to 2030.• Region wise, North America occupied maximum share in the golf clothing market in 2020 and is expected to dominate the market during the forecast period.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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