Golf Equipment Market: Manufacturers find the rough

Golf is a sport played by millions across the world and is a pursuit that requires significant investment in equipment. However, in recent years, the golf equipment market has struggled badly. This case study analyzes the reasons for this performance and looks at how the market's major players are adapting and faring to soft conditions.

Scope

  • Analyzes the golf equipment market's performance in recent years and its drivers.
  • Looks at the strategies employed by the industry's major manufacturers
  • Looks at what the future may hold and what equipment manufacturers must do to arrest the slide.

Reasons to buy

How is the global golf equipment market performing?

What strategies do the leading equipment manufacturers adopt and how are they are faring?

What future threats and opportunities face golf equipment companies?

Companies mentioned

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Table of Contents

OVERVIEW

Catalyst

Summary

GOLF EQUIPMENT MARKET: DECLINING GLOBALLY

Market in decline since 2012 following period of low growth

Traditionally strong markets most affected

Decline driven ...

OVERVIEW

Catalyst

Summary

GOLF EQUIPMENT MARKET: DECLINING GLOBALLY

Market in decline since 2012 following period of low growth

Traditionally strong markets most affected

Decline driven by changing playing habits

US participation stabilizing but at lower-than-peak levels

UK struggling to attract players

More core golfers needed to spur equipment sales

MANUFACTURERS EXPERIENCE MIXED FORTUNES

TaylorMade-adidas Golf causing adidas headaches

Financial performance has been very poor in recent years

Product launches too frequent

Woes continue in 2015, adidas exploring sale

Callaway Golf: Premiumization pays dividends, revenues grow

Performing well in a tough market following several years of decline

Premiumization driving revenue and profit growth

Callaway has improved brand image and 'Chev' brand now has momentum

2015 far from disastrous but shows there is still work to do

Acushnet Company: Brand strength is king

Financial information thin on the ground but revenues grew in 2014

Strong endorsement strategy

Segmented marketing: Balls for players of all abilities

Segmented marketing: Successful for FootJoy

Using club makers' names as a form of premiumization

Nike fortunes mirror those of star athlete Woods

Puma: Positioning itself as a trendy brand with mixed results

Under Armour: Now a golf apparel force to be reckoned with

FURTHER CHALLENGES REMAIN, EFFORTS MADE TO GROW PARTICIPATION

'The Tiger Woods Effect' wanes as his career is in jeopardy

Zenith of participation coincides with Tiger's peak years

Tiger puts eyes on screen and attracts sponsors

Tiger's bleak future bad for golf

Manufacturers will need to adjust to potential post-Tiger era

Growing participation tough in era of instant gratification

Cost issues being addressed

CONCLUSIONS

Falling participation level and ill-conceived strategy hurting the golf market, but adapting to soft market conditions can work

APPENDIX

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