Nov 01, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Golf Tourism Market.
It was estimated prior to this unanticipated outbreak that the Golf Tourism Market is projected to grow from USD 4.6 billion in 2020 to USD 5.9 billion by 2026 at a healthy CAGR of 4.2% during the forecast period. Golf tourism is referred to trips undertaken by people to play golf. Golf is typically considered a secondary activity. It is more than just a game as golf tourism generates a hefty amount of revenue. Golf is generally assumed as a game of rich people. Generally, golf lovers spend appreciably on the game and the hospitality services associated with the game.
Growing purchasing power across the globe is increasing the economic status of the people.
Also, the nature of jobs has changed and people are getting an increased amount of leisure time for activities such as golf. These factors drive the demand for golf tourism. Also, significant developments in technology especially in developed countries in western societies are encouraging people to engage in golf activities, thus offering ample opportunities to the market players. However, the expensive nature of gold is a restraining factor affecting market growth.
Segment Analysis
Based on type, the golf tourism market has been classified into domestic and international.
- The domestic segment held a substantial share and is likely to grow at a healthy CAGR during the review period.
- This is mainly ascribed to the benefits of the local population such as the familiarity with the country’s sports tourism and rules and the lesser financial tax imposed.
- Moreover, the domestic consumers are more likely to engage in the local golf tourism activities for family vacations or corporate events as it will be relatively less expensive and more convenient, thus driving the segment growth.
By region, North America witnessed the largest market share in 2020 and is likely to grow at a steady CAGR in the coming years.
Factors such as high standards of living, increasing adoption of golf as a leisure activity among the high-income population, as well as the strong presence of golf-playing areas. Of the 56 million golf players worldwide, around 26.7 million are from the U.S. and 5 million in Canada, thus the region witnessed strong dominance in the golf tourism market.
Key Players:
Key players operating in the global Golf Tourism market are-
- Golf Tours International (UK),
- Golf Tours Worldwide (India),
- Golfasian Co. Ltd. (Thailand),
- Golfbreaks Ltd. (UK),
- Liberty Travel & Tours (M) Sdn Bhd (Malaysia),
- Palatinate Group Ltd. (UK),
- Perry Travel Inc. (The U.S.),
- Premier Golf Tours (Australia),
- Scottish Golf Holidays Inc. (Scotland),
- The Haversham & Baker Co. (The U.S.).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Golf Tourism analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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