DUBLIN--(BUSINESS WIRE)--The "Golf Tourism Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The golf tourism market size has grown strongly in recent years, from $5.44 billion in 2023 to $5.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The increase during the historical period can be linked to the global popularity of golf, the development of golf courses, international sporting events, marketing of resorts and destinations, cultural and recreational attractions, and corporate golf events.
The golf tourism market size is expected to see strong growth in the next few years, growing to $8.27 billion in 2028 at a CAGR of 8.9%. The anticipated growth in the forecast period can be ascribed to the emergence of new golf destinations, renovations and upgrades of golf courses, the incorporation of culinary and gastronomic experiences, government support and investment, and the organization of specialized golf events. Key trends expected in the forecast period encompass the integration of technology in golf travel planning, the promotion of sustainable and eco-friendly golf tourism, the provision of customized golf tour packages, collaborations with golf celebrities, and the introduction of golf cruise packages.
The golf tourism market is expected to witness growth, driven by increasing government support for its promotion. Governments are actively promoting golf destinations to attract domestic and international tourists, contributing to additional foreign exchange earnings and economic growth. In Scotland, a Golf Tourism and Visitor Strategy were developed in June 2021 to aid industry recovery from the challenges posed by the COVID-19 pandemic. This highlights the rising government initiatives supporting golf tourism as a key driver of market growth.
The economic status of individuals is driving the growth of the golf tourism market. Higher disposable incomes enable golf enthusiasts to afford travel expenses and luxury experiences associated with golf vacations. In August 2023, the Bureau of Economic Analysis reported a $7.3 billion increase in disposable personal income in July 2021. This economic growth contributes to the increased participation in golf tourism, supporting the market's growth.
Strategic collaborations and partnerships have become a prominent trend in the golf tourism market, with major companies focusing on reinforcing their position through such alliances. In October 2021, Goway, a UK-based golf tourism provider, partnered with Signature Travel Network to expand its reach in the US and enhance its ability to offer vacations globally. Additionally, in May 2021, Golfscape Group collaborated with Golfmanager, a leading European golf technology provider, to feature Golfmanager's client courses in Golfscape's marketplace. This partnership aims to improve the efficiency of the golf course management industry and boost sales through a next-generation booking process.
Major companies are enhancing their focus on developing solutions, such as the inventory management system, to gain a competitive edge. An inventory management system (IMS) is a software application aiding businesses in tracking and managing inventory levels, orders, and sales. For instance, in April 2022, Agra Golf Course, an India-based provider of golf courses, introduced a Tee-Time inventory management system to enhance luxury golf tourism. This system provides the course with improved data on tee time usage, enabling optimization of scheduling and resource allocation, leading to reduced wait times and a more enjoyable experience.
In March 2021, Callaway Golf, a US-based golf equipment manufacturing company, acquired Topgolf for $2.6 billion. Through this acquisition, Callaway aimed to accelerate its growth, create competitive advantages, and establish leadership in the global golf equipment market by integrating Topgolf's revolutionary technology platform and access to golfers of all abilities. Topgolf is a sports entertainment firm based in the UK.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Type: Domestic; International
- By Service Type: Personal Tours; Professional Tours
- By Sales Channel: Direct Channel; Distribution Channel
- By End-user Sex: Male; Female
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled:
- Fairway Escapes
- Goway Travel
- Golfbreaks Ltd
- Greenscape Holidays
- Par Excellence Getaways
- Carr Golf
- Premier Golf Tours
- Kalos Golf
- Celtic Golf
- Golfasian Co. Ltd
- Direct Golf Holidays
- SouthAmerica.travel
- Ascot Golf Tours
- Chaka Travel
- TeeTime Travels
- Eagle's View Golf Tours
- Golf Tours International
- GHW Golf Tours
- Perry Travel Inc
- Scottish Golf Holidays Inc
- The Haversham and Baker Co
- GolfHolidays.com
- Sophisticated Golfer
- Caribbean Golf & Tours
- Classic Golf Tours
- Golf Plaisir
- EasyGolf Worldwide Australia
- Asian Tour
- Links & Leisure Tours
- Birdie Bound Adventures
- Driveway Golf Tours
- Mulligan Travels
- Stroke Savvy Tours
For more information about this report visit https://www.researchandmarkets.com/r/2e3hds
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
