Golf Shaft Market Size, Share, Growth and Global Industry Analysis by Material (Wood, Iron, Carbon Fiber, and Graphite), By Application (Male, Female, and Children), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

GOLF SHAFT MARKET REPORT OVERVIEW

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The global golf shaft market size is anticipated to be worth USD 356.2 million in 2022 and is projected to touch USD 464.85 million by 2031 with a CAGR of 3.0% during the forecast period.

The golf shaft market has been affected by the COVID-19 pandemic. However, it recovered very quickly during the pandemic because of the increased outdoor activities. Huge investments are expected to be made by the key players in the industry in the upcoming years. Latest product innovations will also drive the market growth. As many people are increasingly showing interest in golf there has been a surge in the sales. Asia-Pacific is now slowly acquiring a greater share in the market. High competition among the key players can be considered a restraining factor for the growth of the industry as new companies find it difficult to set their mark.

COVID-19 Impact: Lockdowns and Social-Distancing Norms Affected Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the golf shaft market growth and demand returning to pre-pandemic levels once the pandemic is over.

Owing to the COVID-19 pandemic, lockdown and social-distancing were imposed by the respective governments worldwide. Due to strict restrictions, the majority of people preferred staying indoors rather than going out. This has been one of the major reasons for the sharp decline in the golf shaft market share.

Golf is widely played in North America, European countries, and other oceanic countries which were badly affected by the COVID-19 pandemic. As a large number of players came from these countries, the restrictions imposed impacted golfing activity, both professional and leisure, impacting the market negatively.

However, unlike other markets, the particular market quickly recovered after mid-2020, with better sales and improved market conditions. As more individuals realize the recreational benefits that came from golfing, an increase in market share is anticipated during the next few years.

LATEST TRENDS

"Huge Investments and Product Innovations in to Drive Market Growth "

Many creative and innovative changes are being witnessed in the golf shaft industry recently. The key players of the industry are making huge investments in the market, especially on advertising and promotional activities which is fueling the sales in the golf shaft industry.

Many European countries have come forward to make enormous investments to improve the infrastructural facilities relating to the game. Rising number of golf competitions and international golf tournaments are expected to bring new market opportunities. Many millennials are increasingly participating in pro-golf tournaments which has a direct impact on the golf shaft sales. Growth of the golf tourism industry is one such new trend that will have an optimistic impact in the upcoming years.

GOLF SHAFT MARKET SEGMENTATION

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• By Material:

The market can be divided on the basis of material as follows:

 Wood, iron, carbon fiber and graphite. The iron shaft segment is projected to hold the dominant market share through 2028.

• By Application:

Classification based on application is as follows: Male, female and children. Male market is expected to dominate the industry in the future.

DRIVING FACTORS

"Surge in the Number of Golf Courses to Positively Impact the Golf Shaft Market"

In the past few years, there has been a considerable increase in the number of golf courses in countries like the U.S., the U.K., Japan, Germany, Canada, South Korea, Italy, France, and Sweden. According to a recent report, the above countries have more than 50% of the world’s golf clubs.

The golf clubs which are present in these countries mostly belong to the golf-resorts, private clubs and golf-centric real estates. Hence a large number of them are accessible to the general public. The accessibility to the general public plays a key role in rising the demand for the market.

"Growth of Golf Shaft Market in Asia Pacific to Improve the Golf Market Share Overall"

The top contributors to the market growth from Asia Pacific include China, Japan, Thailand, and South Korea. Phenomenal growth has been witnessed in the past few years in these countries in terms of the number of golf clubs and people participating in golf tournaments.

Media exposure to golfing activities is another reason for the increasing popularity of the golf market. More and more youngsters are encouraged to play golf boosting the sales of golf equipment.

RESTRAINING FACTOR

"High Competition among the Key Players to Prevent the Golf Shaft Market Growth"

Along with the robust expansion of the golf market, high competition can also be witnessed among the key players. Many competitive strategies are being adopted by the top companies to expand their presence in the golf shaft industry. New technologies are being implemented and extensive research is being done to achieve a competitive edge over the others.

Strategic expansion is being used as the key strategy by the competitors to expand their reach and geographical presence. Amidst this competition, new companies find it hard to establish their presence and footprint in the market.

GOLF SHAFT MARKET REGIONAL INSIGHTS

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North America dominates the market. According to the National Golf Foundation, there were 24.8 million golfers in the U.S. in the year 2020. There was a 2% increase in 2020 compared to 2019 as per the research, 6.2 million new players came into light in the year 2020. There was also an increase in the number of beginning golfers and young golfers during this period.

There were 450,000 additional women golfers with an average increase of 8%. total sales of clubs and balls were at $2.9 billion in 2020. In 2021, 3.2 new golfers played in North America making it the dominating segment. As compared to 2019 there was a drastic increase of about 52.7% in both men and women players. The sudden boom of the golf shaft industry post the pandemic in North America will help the region dominate during the forecast period.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• True Temper (U.S.)
• Mitsubishi (Japan)
• Fujikura (U.S.)
• Nippon Shaft (Japan)
• Paderson Shafts (Taiwan)
• Honma (Japan)
• Graphite Design (Japan)
• Aerotech (U.S.)
• FEMCO (U.S.)
• UST Mamiya (U.S.)
• Matrix (U.S.)
• ACCRA(Canada)
• LA Golf Shafts (U.S.)

Report Coverage

The report provides an insight into the golf industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations