The Asia Pacific Golf Bags Market is projected to witness market growth of 10.4% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 1.06 million units, showcasing a growth of 27.4% (2020-2023).
Hard golf bags in the Golf Bags Market are designed to provide maximum protection for golf clubs and gear. Constructed from robust, impact-resistant materials like high-density polyethylene or hard plastics, these bags safeguard equipment from damage during travel or rough handling. Thus, the India market is expected to utilize 145.42 thousand units of hard golf bags by 2031.
The China market dominated the Asia Pacific Golf Bags Market by Country in 2023, and is forecast to continue being a dominant market till 2031; thereby, achieving a market value of $134.1 million by 2031. The Japan market is showcasing a CAGR of 9.9% during (2024 - 2031). Additionally, The India market would register a CAGR of 11.3% during (2024 - 2031).
Economic factors, notably the increase in disposable incomes, have also significantly contributed to the expansion of the golf bags market. Individuals are more inclined to allocate funds toward leisure pursuits, such as golf, as they accumulate additional financial assets.
Moreover, this increase in disposable income has led to higher spending on premium golf equipment, including golf bags. Consumers are now more willing to pay for products that offer superior quality, advanced features, and enhanced performance. This trend is notably apparent in emerging economies, where a burgeoning middle class increasingly participates in recreational activities like golf.
Golf is experiencing a significant boom in popularity across APAC, particularly in countries like China, Japan, and South Korea. This surge in new players translates to a rapidly growing demand for golf bags. The increasing demand for golf bags in Japan is significantly driven by rising disposable incomes and the country's long-standing passion for golf. According to the World Bank, Japan's GDP per capita was approximately $33,834.4 in 2023, reflecting a stable and prosperous economy that supports consumer spending on leisure activities, including golf.
Hard golf bags in the Golf Bags Market are designed to provide maximum protection for golf clubs and gear. Constructed from robust, impact-resistant materials like high-density polyethylene or hard plastics, these bags safeguard equipment from damage during travel or rough handling. Thus, the India market is expected to utilize 145.42 thousand units of hard golf bags by 2031.
The China market dominated the Asia Pacific Golf Bags Market by Country in 2023, and is forecast to continue being a dominant market till 2031; thereby, achieving a market value of $134.1 million by 2031. The Japan market is showcasing a CAGR of 9.9% during (2024 - 2031). Additionally, The India market would register a CAGR of 11.3% during (2024 - 2031).
Economic factors, notably the increase in disposable incomes, have also significantly contributed to the expansion of the golf bags market. Individuals are more inclined to allocate funds toward leisure pursuits, such as golf, as they accumulate additional financial assets.
Moreover, this increase in disposable income has led to higher spending on premium golf equipment, including golf bags. Consumers are now more willing to pay for products that offer superior quality, advanced features, and enhanced performance. This trend is notably apparent in emerging economies, where a burgeoning middle class increasingly participates in recreational activities like golf.
Golf is experiencing a significant boom in popularity across APAC, particularly in countries like China, Japan, and South Korea. This surge in new players translates to a rapidly growing demand for golf bags. The increasing demand for golf bags in Japan is significantly driven by rising disposable incomes and the country's long-standing passion for golf. According to the World Bank, Japan's GDP per capita was approximately $33,834.4 in 2023, reflecting a stable and prosperous economy that supports consumer spending on leisure activities, including golf.
List of Key Companies Profiled
- Acushnet Holdings Corp. (Magnus Holdings Co., Ltd)
- Topgolf Callaway Brands Corp.
- Taylor Made Golf Company, Inc. (CENTROID Investment Partners)
- PING, Inc.
- Mizuno Corporation
- Amer Sports
- Sun Mountain Sports, Inc. (SOLACE CAPITAL PARTNERS, LLC)
- Nike, Inc.
- Motocaddy
Market Report Segmentation
By Type(Volume, Thousand Units, USD Billion, 2020-2031)- Soft
- Hard
- Stand Bag
- Cart Bag
- Tour Bag
- Travel Bag
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Asia Pacific Golf Bags Market by Type
Chapter 5. Asia Pacific Golf Bags Market by Product
Chapter 6. Asia Pacific Golf Bags Market by Country
Chapter 7. Company Profiles
Companies Mentioned
- Acushnet Holdings Corp. (Magnus Holdings Co., Ltd)
- Topgolf Callaway Brands Corp.
- Taylor Made Golf Company, Inc. (CENTROID Investment Partners)
- PING, Inc.
- Mizuno Corporation
- Amer Sports
- Sun Mountain Sports, Inc. (SOLACE CAPITAL PARTNERS, LLC)
- Nike, Inc.
- Motocaddy
Methodology
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