Golf Course Equipment Market
The Business Research Company recently released a comprehensive report on the Global Golf Course Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The golf course equipment market size has grown strongly in recent years. It will grow from $4.25 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to the growing popularity of golf among women, expansion of golf equipment retail channels, increase in golf events and tournaments, growing adoption of golf simulators, and growing golf community engagement.
The golf course equipment market size is expected to see strong growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to growing interest in golf as a sport, rising disposable incomes, growth in golf tourism, expansion of golf courses, rising demand for golf cart rentals. Major trends in the forecast period include the introduction of advanced equipment technologies, investment in golf infrastructure, adoption of eco-friendly practices and equipment, advancements in turf management, development of golf training facilities.
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Market Drivers and Trends:
The increasing popularity of golf is expected to propel the growth of the golf course equipment market. The popularity of golf is rising due to increased accessibility, growing interest from younger generations through social media and entertainment, and the appeal of outdoor, socially distant recreation. Golf course equipment is required to maintain the turf, landscape, and overall course conditions, ensuring a consistent, high-quality playing experience and proper course management. For instance, in April 2022, according to a report published by England Golf, a UK-based non-profit and charitable organization, the number of golf club members at affiliated venues in England reached 737,021. This marks an increase of 89,797 players, reflecting a growth rate of 13.9% compared to the February 2021 figure of 647,224. Therefore, the increasing popularity of golf is driving the golf course equipment market going forward.
Major companies operating in the golf course equipment market are developing technologically advanced products, such as battery-powered slope mowers, to provide eco-friendly operation, low noise levels, and reduced emissions. A battery-powered slope mower is an electric mowing machine designed to efficiently maintain grass on steep or uneven terrain, powered by rechargeable batteries for eco-friendly and quiet operation. For instance, in February 2023, Toro Company, a US-based company that manufactures lawnmowers, launched the eHoverPro. The eHoverPro golf mower offers a cutting-edge solution for golf course maintenance with its zero-engine emission technology. Designed for superior control and stability, this ultra-lightweight mower excels 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 tools in the lineup. The eHoverPro features a push-button, single-speed motor for reliable starting and a profiled handlebar that enhances maneuverability, making it ideal for mowing hillsides, around bunkers, and tee boxes.
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Major Key Players of the Market:
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, TurfTime Equipment LLC
Golf Course Equipment Market 2024 Key Insights:
• The golf course equipment market size is expected to see strong growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Popularity Of Golf Drives Growth In The Golf Course Equipment Market
• Eco-Friendly Solutions For Golf Course Maintenance
• Asia-Pacific was the largest region in the golf course equipment market in 2023
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