Various corporate golf events have amplified the golf enthusiasm among the business class people of the country. Gifting golf accessories during such events has emerged as a market trend, which in turn improved golf equipment and apparels sales over the six years.
The golf equipment and apparels market size in terms of revenue has significantly increased FY’2008-FY’2013. The market for golf equipment and apparels recorded a CAGR of 8% from FY’2008-FY’2014. This was due to the rising awareness of golf among the masses in the country and intense competition between various international golf brands. Additionally, players such as Jeev Milkha Singh and Jyoti Randhawa have performed well at international platforms and this has considerably imparted more limelight to the game amongst the Indians. Lastly, advent of golf in Rio Brazil Olympics 2016 by International Olympic Committee in 2009 for professional golfers also influenced and attracted youth to take up golf sport as a profession in the country.
“In 2013, the market for golf equipment and apparels in India witnessed a significant decline due to increase in golf equipment prices which were backed by the exchange rate instability. In addition to this, the market leader TaylorMade- Adidas Golf has winded up their entire direct operations from Indian subcontinent due to internal management issues at its parent company-Adidas Group in 2013. These events have affected the golf equipment demand and golf equipment and apparels market was weakened in FY’2014.” said by industry veteran. Afterward, Callaway Golf has emerged as the largest seller of golf equipment in the domestic market in FY’2014. Other players in the Indian market are Nike Golf, Titleist, Wilson, SRI Sports (Dunlop Sport) and Ping.
According to Callaway spokesperson, “Indian golf equipment and apparels market is a fraction of global equipment and apparels market. At present, the aim of the market players is to stabilize the market growth rather than to push the revenue growth. After a decade, Indian golf equipments market is likely to showcase strong double digit growth.” Thus, it is anticipated that market would likely to reach USD 12.5 million in FY’2019, registering a CAGR of 11.3% during FY’2015-FY’2019. Promotion of golf in Indian school and sponsorship in various golf events are some of the key market strategies that many golf manufacturers are likely to follow in the next five years.
Mr. Pawan Kapur of Golfdeals.in said “Online golf retail is still believed as an uncertain and new business in India since most of customers prefer to test and try the demo product before purchasing the golf product. However, in long run, online golf retail is anticipated to grow in each market segment such as golf equipment, golf balls and golf related accessories. Certain changes in the consumer preference are expected to be witnessed which will be mainly due to the equivalent equipment prices in India in comparison to prices in the US, so customers are expected to buy equipment from online retail rather than purchasing the products from the abroad. For instance, it was observed that that XXIO brand from Japan has priced their golf equipment at very affordable prices in India in comparison to their home country.”
The report titled “India Golf Industry Outlook to 2018 – Increasing Golf Real Estate Projects to Escalate Growth” provides detailed overview on the golf Industry in India and will aid readers to identify the golf infrastructure, ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, golf equipment and apparels manufacturing companies, suppliers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Read more here-http://www.kenresearch.com/india-golf-market-research-report/
