With an increasing popularity of sports like golf all over the world, there is a corresponding increase in the sales of golf equipment, including golf shoes. With rising income levels and the spread of golf all over the world, the market for golf shoes is demonstrating a steady rise in demand. In order to cater to the needs of the golfers, manufacturers are focusing on expanding their product portfolio and gain a decisive foothold in this lucrative market.
Besides, advances in technology have enabled to produce lightweight golf shoes, which are comfortable to wear and aid in the performance of the golfers. Such advances in technology for making superior golf shoes are going to have a positive effect on the golf shoes market. However, the shrinking interest in golf in the United States, one of the important and lucrative markets for golf equipment, including golf shoes, may hurt the growth of this market.
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The global golf shoes market is slated to touch a value of nearly US$ 8,504 Mn in the year 2024 and grow at a sluggish CAGR during the assessment period.
4 Forecast Highlights on Global Golf Shoes Market
- As per the forecast of Fact.MR, the spikeless golf shoes segment is slated to touch a value of nearly US$ 2,290 Mn in the year 2024. This represents a sluggish CAGR growth during the assessment period of 2017-2022. The spikeless golf shoes segment is estimated to account for more than one-fourth of the revenue share of the product type segment by the year 2017 end and is expected to lose in market share by the year 2024 end.
- As per the forecast of Fact.MR, the departmental stores segment will reach a value of nearly US$ 1,530 Mn in the year 2017. This represents a sluggish CAGR growth during the forecast period. The departmental stores segment is estimated to account for more than one-fifth of the revenue share of the distribution channel segment in the year 2017 end and is expected to lose market share by the end of the year 2024.
- As per the forecast of Fact.MR, the economy segment is slated to reach a value of nearly US$ 2,690 Mn in 2024. The economy segment is expected to gain some market value by the end of the year 2024. The largest share is contributed by the Europe region in the economy segment.
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- Fact.MR forecasts the men golf shoes segment to grow from nearly US$ 3,325 Mn in 2017 to nearly US$ 3,930 Mn in 2024. This represents a compound annual growth rate (CAGR) of 3.4% from 2017 to 2024.
The report has also profiled leading players in the global market for golf shoes, which will remain active through 2024. These include companies such as Under Armour, Inc., Callaway, ASICS Corporation, NIKE, Inc., Acushnet Company, Inc., Adidas AG,New Balance INC, PUMA SE, Skechers INC, Peter Millar and Amer Sports Corporation.
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