The Global Golf Bags Market size is expected to reach $2.3 billion by 2031, rising at a market growth of 9.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 5.88 million units, experiencing a growth of 26.5% (2020-2023).
The travel bag segment acquired a promising revenue share in the golf bags market in 2023. Travel bags are essential for golfers who frequently travel with their equipment. These bags protect golf clubs and other gear during transit, whether by air, car, or other means. They are typically made from durable materials and feature padded interiors, reinforced corners, and secure straps to ensure the contents remain safe during travel. The increasing trend of golf tourism, with enthusiasts traveling to various destinations to play on renowned courses, has driven the demand for travel bags. Thus, the travel bag segment acquired 11.5% revenue share in the market 2023. In terms of volume 2.07 million units of travel bags are expected to be utilized by 2031.
Golf tourism refers to enthusiasts traveling domestically and internationally to play on renowned and often picturesque golf courses. One of the primary reasons golf tourisms boosts the demand for high-quality golf bags is the need for durability and ease of transport.
Additionally, this eco-friendly feature is particularly attractive to tech-savvy golfers who rely on their gadgets during their rounds. Therefore, technological advancements are driving the growth of the golf bags market.
However, golf is frequently perceived as expensive, a notion rooted in the substantial costs of high-quality golf equipment. From golf clubs to bags and accessories, the financial barrier to entry can be significant, which can deter potential customers, particularly those with limited budgets. Hence, the high cost of quality golf equipment, including golf bags, is a significant factor that can deter potential customers, especially those with limited budgets.
The travel bag segment acquired a promising revenue share in the golf bags market in 2023. Travel bags are essential for golfers who frequently travel with their equipment. These bags protect golf clubs and other gear during transit, whether by air, car, or other means. They are typically made from durable materials and feature padded interiors, reinforced corners, and secure straps to ensure the contents remain safe during travel. The increasing trend of golf tourism, with enthusiasts traveling to various destinations to play on renowned courses, has driven the demand for travel bags. Thus, the travel bag segment acquired 11.5% revenue share in the market 2023. In terms of volume 2.07 million units of travel bags are expected to be utilized by 2031.
Golf tourism refers to enthusiasts traveling domestically and internationally to play on renowned and often picturesque golf courses. One of the primary reasons golf tourisms boosts the demand for high-quality golf bags is the need for durability and ease of transport.
Additionally, this eco-friendly feature is particularly attractive to tech-savvy golfers who rely on their gadgets during their rounds. Therefore, technological advancements are driving the growth of the golf bags market.
However, golf is frequently perceived as expensive, a notion rooted in the substantial costs of high-quality golf equipment. From golf clubs to bags and accessories, the financial barrier to entry can be significant, which can deter potential customers, particularly those with limited budgets. Hence, the high cost of quality golf equipment, including golf bags, is a significant factor that can deter potential customers, especially those with limited budgets.
Driving and Restraining Factors
Drivers- Growth in golf tourism globally
- Rising disposable incomes of consumers
- Innovations and advancements in golf bag design
- High cost of golf equipment
- Competition from alternative sports
- Expansion of e-commerce platforms
- Rise in global events and tournaments
- Presence of counterfeit and low-quality golf bags
- Lack of proper golf courses and training facilities
Product Outlook
Based on product, the market is divided into cart bag, stand bag, tour bag, travel bag, and pencil bag. The stand bag segment garnered 35.7% revenue share in the market in 2023. In terms of volume 5.40 million units of stand bag are expected to be utilized by 2031. Stand bags are highly popular among golfers due to their versatility and convenience.
Type Outlook
On the basis of type, the market is classified into hard and soft. The hard segment witnessed 27% revenue share in the market in 2023. In terms of volume the hard segment is expected to attain a volume of 4.24 million units by 2031. In Hard golf bags, such as travel cases and tour bags, are intended to offer the highest level of protection for golf equipment.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 18% revenue share in the market in 2023. In terms of volume the Asia Pacific region is expected to utilize 3.07 million units of golf bags by 2031. This region has seen a significant rise in the popularity of golf over the past few years, driven by economic growth, increasing disposable incomes, and a growing middle class.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
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Golf Bags Market by Type
Chapter 5. Global Golf Bags Market by Product
Chapter 6. Global Golf Bags Market by Region
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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