“Global Golf Bags Market to reach a market value of USD 2.3 Billion by 2031 growing at a CAGR of 9.3%”
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 5,888.2 thousand 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 2,076.3 thousand 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.
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 5,403.4 thousand units of stand bag are expected to be utilized by 2031. Stand bags are highly popular among golfers due to their versatility and convenience.
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 4,249.6 thousand 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.
Free Valuable Insights: Global Golf Bags Market size to reach USD 2.3 Billion by 2031
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 3,075.1 thousand 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.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.1 Billion |
| Market size forecast in 2031 | USD 2.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.3% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand units, Revenue in USD Billion, and CAGR from 2024 to 2031 | Number of Pages | 227 |
| Tables | 529 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Type, Region |
| Country scope |
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| Companies Included | 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., and Motocaddy |
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Product (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
This Market size is expected to reach $2.3 billion by 2031.
Growth in golf tourism globally are driving the Market in coming years, however, High cost of golf equipment restraints the growth of the Market.
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., and Motocaddy
In the year 2023, the market attained a volume of 5,888.2 thousand units, experiencing a growth of 26.5% (2020-2023).
The Soft bag segment is leading the Market by Type in 2023, thereby, achieving a market value of $1.6 billion by 2031.
The North America market dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1.2 billion by 2031.
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