Global Golf Bags Market Analysis Highlights Impact of COVID-19, 2020-2024 | Rising Number of New Product Launches to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Aug 13, 2020--
The global golf bags market size is expected to grow by USD 75.15 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Golf Bags Market 2020-2024 (Graphic: Business Wire)
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Vendors are focusing on developing technologically advanced golf bags to expand their product portfolio and increase their sales. They are launching new products with innovative styles to enhance the comfort of users. For instance, in August 2019, Mizuno Corp. launched the BR-D2 stand bag. The new golf bag is lightweight and features a two-way, full-length divider and seven-inch top with padded cuff. A mini stand combines with a waterproof underbelly and matching rainhood to keep the clubs dry. It also boasts of a double shoulder strap and a carabiner accessories clip. Similarly, in February 2018, Acushnet Holdings Corp, through its Titleist brand, unveiled its cart bags, Club 7, Club 14, and StaDry Deluxe. The Club 7 weighs 5.4 pounds and features around eight pockets in forward-facing pocket design for easy access. Such product launches are expected to drive the golf bags market.
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As per Technavio, the growth of golf tourism industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Golf Bags Market: Growth of Golf Tourism Industry
Golf tourism is evolving as a billion-dollar industry. Many golfers spend a significant amount of their time in popular golf tourism destinations. Several regions have adopted golf as an important sport and are investing heavily in infrastructural enhancements pertaining to the game. For instance, the GCC and Caribbean countries have become popular for golf tourism, driven by the availability of state-of-the-art facilities. The GCC countries have also advanced significantly in the promotion of golf to help attract international golfers. Dubai and Abu Dhabi rank among the top 10 favorable destinations for golf tourism. They host many international golf events and competitions, including the MENA Golf Tour, Dubai Desert Classic, the Abu Dhabi Golf Championship, and the Qatar Masters. Such growth of the golf tourism industry will boost the growth of the market during the forecast period.
“Other factors such as the rising number of sports tournaments, and surge in the number of golf tournaments will have a significant impact on the growth of the golf bags market value during the forecast period,” says a senior analyst at Technavio.
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Golf Bags Market: Segmentation Analysis
This market research report segments the golf bags market by distribution channel (offline and online) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the golf bags market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of key vendors, new product launches, rising number of golf course projects, and increasing leisure expenditure.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 08/13/2020 06:30 PM/DISC: 08/13/2020 06:30 PM