Nina Caldwell
The golf industry is a multibillion-dollar industry that has been experiencing a resurgence in popularity and participation, particularly in the United States, where the market size reached $27.2 billion in 2022. The sport has seen an increase in players, with 25.6 million Americans playing in 2023, and a rise in the number of golf rounds played, with 502 million rounds in the US in 2020, increasing to 18% more rounds played in 2021 compared to 2017-2019. The golf market is expected to continue growing, with projections estimating a market size of USD 88.3 billion in 2023 and a potential growth to USD 103.8 billion by 2028. This growth is driven by several factors, including increased participation from younger demographics and women, technological advancements in equipment, and a focus on sustainability and inclusivity.
| Characteristics | Values |
|---|---|
| Current Market Value | $84 billion, with a projected value of $103.8 billion by 2028 |
| Golf Courses Worth | $26 billion |
| California Golf Industry Worth | $13.1 billion |
| U.S. Golf Course/Country Club Industry Worth | $27.2 billion |
| Number of Golfers in the U.S. | 25 million (2022), 24.8 million (2020), 47.2 million (2024) |
| Number of Golfers in England | 900,000 (2021) |
| Number of Golf Rounds Played in the U.S. | 502 million (2020), 18% higher in 2021 than in 2017-2019 |
| Percentage of Female Golfers in the U.S. | 25% (2020) |
| Percentage of Gen Z Golfers | 81% |
| Golf Equipment Market Worldwide Worth | $8.74 billion (2023), projected $25 billion (2024) |
| Golf Apparel Market Projected Growth | 4% (2024) |
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What You'll Learn
- The golf industry is worth $84 billion, with golf courses making up $26 billion
- California's golf industry is worth $13.1 billion and employs 128,000 people
- The golf equipment market is projected to generate $25 billion in revenue in 2024
- Golf's global market is worth $88.3 billion and is projected to reach $103.8 billion by 2028
- Golf's growth is driven by younger demographics, technological advancements, and inclusivity
The golf industry is worth $84 billion, with golf courses making up $26 billion
The golf industry is a massive, multibillion-dollar industry. It is worth $84 billion in the US alone, according to Forbes, and $88.3 billion globally in 2023. With golf courses making up $26 billion of that figure, they represent a significant portion of the industry's worth. In California, the golf industry is worth $13.1 billion, and it employs 128,000 people, paying out $4.1 billion in wages.
The industry has been growing after a long period of decline, with a huge jump in the number of players since 2020, which has been attributed to the COVID-19 pandemic. People were desperate to get outdoors and take part in sports, and golf provided an opportunity to do so in a relaxed setting. In 2022, the number of people participating in golf in the US exceeded 25 million, the country's highest figure in over ten years. In 2024, a total of 47.2 million Americans aged 6+ played golf, both on and off the course. The number of golf trials has also hit record levels, with 3 million or more on-course beginners every year since 2020.
Golf is becoming increasingly popular with younger demographics, particularly women, millennials, and Gen Z. The social aspect of the game is a key driver for younger players, and golf is also benefiting from a growing focus on inclusivity, with more accessible beginner-friendly programmes. The rise of off-course golf entertainment venues, such as Topgolf, is also providing a valuable introduction to the sport for newcomers.
The golf equipment market is also a significant contributor to the industry's worth, projected to generate $25 billion in revenue worldwide in 2024, with a compound annual growth rate of 5.49% from 2024 to 2029. The US dominates this market due to its strong demand for high-quality clubs and advanced technology. The golf apparel, footwear, and accessories market is also expected to grow, with a predicted CAGR of 4% from 2020 to 2024.
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California's golf industry is worth $13.1 billion and employs 128,000 people
California's golf industry is a significant contributor to the state's economy, with a total worth of $13.1 billion and employing approximately 128,000 people. This makes California a top state for golf in the country. The industry's worth includes $4.1 billion in wages paid to those employed in the state's golf sector.
The golf industry in California has experienced growth and a revival, mirroring trends seen across the United States. In 2020, there was a notable increase in the number of golfers and rounds of golf played, attributed to people's desire to spend time outdoors after the COVID-19 pandemic lockdowns. This trend continued in 2021, with an 18% increase in rounds played compared to the previous three years.
California's golf industry is part of a larger US golf market worth $84 billion, including golf courses and country clubs. The US golf industry has grown by over $3 billion since 2014, and it supports nearly 300,000 jobs across the country. Golf equipment is a significant segment of the market, projected to generate $25 billion in revenue globally by 2024, with North America being the largest market.
The state's 603 golf-related businesses, including golf courses and country clubs, contribute to California's prominent position in the US golf industry. The industry's economic impact extends beyond direct golf-related activities, with golf real estate and tourism also benefiting the state's economy. California's golf industry is expected to continue to thrive and attract both local and tourist players, contributing to the state's economic growth.
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The golf equipment market is projected to generate $25 billion in revenue in 2024
Once considered a niche sport for the elite, golf is now witnessing rising participation, increasing revenues, and exciting growth prospects. This resurgence is driven by several factors, including increased participation from younger demographics, particularly women and millennials, as well as a growing focus on health and leisure. The sport has also benefited from its accessibility, with about 75% of facilities open to the public.
The golf equipment market is highly dependent on the popularity of the sport, and technological advancements in equipment design play a pivotal role in attracting new players. The integration of technology, such as smart clubs and tracking devices, enhances the game experience and appeals to those seeking performance analysis. Additionally, the availability of beginner-friendly programs and the social aspect of golf have contributed to its growing appeal, especially among Gen Z players.
The United States continues to dominate the golf equipment market, with a strong demand for high-quality clubs and advanced technology. However, China stands out as the top revenue generator in this market, with an estimated revenue of $8,876 million in 2024. The golf apparel industry is also expected to see significant growth, with an incremental increase of $2.82 billion, and North America will account for 37% of this growth.
The golf industry's revitalisation is evident in its rising revenues and increasing participation. With a steady increase in equipment sales and the number of players, this multibillion-dollar industry is projected to continue its upward trajectory, fostering a sustainable and welcoming environment for enthusiasts worldwide.
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Golf's global market is worth $88.3 billion and is projected to reach $103.8 billion by 2028
Golf's global market is experiencing a resurgence, with a current worth of $88.3 billion in 2023, and it is projected to reach $103.8 billion by 2028. This remarkable growth showcases the sport's substantial size and economic impact, with a healthy compound annual growth rate (CAGR) of 3.4%. The market is witnessing rising participation, increasing revenues, and exciting growth prospects.
Golf's global market is driven by several factors, including increased participation, especially among younger demographics, women, and millennials. The sport is attracting new players due to increased leisure time, growing health consciousness, and accessibility through beginner-friendly programs. Additionally, the integration of technology in golf equipment, such as smart clubs and tracking devices, is enhancing the game experience and performance analysis.
The golf industry is also benefiting from the growing popularity of golf tourism, which combines travel with playing on scenic courses. This trend is attracting international players and boosting revenue for specific regions. The market for golf apparel, footwear, and accessories is expected to contribute significantly to the industry's growth, with a projected CAGR of 4% during 2020-2024. North America and the Asia Pacific are key regions driving this growth.
Golf's global market is broad and accessible, with about 75% of facilities open to the public. The industry has seen a steady increase in equipment sales and the number of players, both on and off the golf course. This has contributed to the multibillion-dollar sports industry's predicted growth of 2.5% to 3.1% by 2027. The sport's global market value and growth trajectory highlight its increasing popularity and economic significance worldwide.
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Golf's growth is driven by younger demographics, technological advancements, and inclusivity
Golf is an industry worth billions, with the revenue of one of the leading manufacturers of golf equipment, Callaway Golf, exceeding three billion US dollars in 2021. In 2022, the number of people participating in golf in the United States exceeded 25 million, the country's highest figure in over ten years.
Technological advancements have also played a significant role in shaping the sport. Golf enthusiasts have witnessed the introduction of innovative equipment, training tools, and digital solutions. For example, golf clubs have evolved from wooden clubs to steel and eventually to advanced materials like titanium, carbon fibre, and tungsten. This has resulted in lighter, stronger, and more forgiving clubs with larger sweet spots, reduced weight, and improved aerodynamics. Additionally, golf ball technology has progressed with multi-layer construction, soft urethane covers, and aerodynamically optimized dimple patterns, offering a combination of distance, control, and feel. High-speed cameras and launch monitors have become essential tools for instruction and training, capturing and analyzing the golf swing to identify and correct any flaws.
Lastly, the golf industry has made efforts to increase inclusivity and broaden the sport's reach to underrepresented communities. Initiatives such as 'Make Golf Your Thing' aim to invite more people from diverse backgrounds into the sport. The youth and adult player development group has also launched the Grassroots Grants Program to support organizations dedicated to increasing golf participation among underrepresented groups. These efforts contribute to making the sport more accessible and inclusive, attracting a wider range of players.
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Frequently asked questions
The golf market is huge and growing. It is estimated to be worth USD 88.3 billion in 2023, with a projected growth to USD 103.8 billion by 2028.
In 2024, 47.2 million Americans aged 6 and above played golf, both on and off the course. This includes 28.1 million people who played on a golf course and 19.1 million who participated in off-course golf activities.
Golf is broadly accessible, with about 75% of facilities open to the public. In the US, golf courses are generally 75% accessible to the public.
The golf market is experiencing a resurgence due to increased participation, technological advancements, and a growing focus on inclusivity. The COVID-19 pandemic also played a role, as people sought outdoor activities during lockdowns.
The golf equipment market worldwide is projected to generate a revenue of US$25 billion in 2024, with a compound annual growth rate of 5.49% from 2024 to 2029.
