Golf Tourism Market Report
The report on Global Golf Tourism Market is segmented By Type (Domestic, International), and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global golf tourism market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on Global Golf Tourism Market is segmented By Type (Domestic, International), and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the g...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global 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.
Figure: Global Golf Tourism Market Size, 2020-2026 (USD Billion)
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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.
Key players operating in the global golf tourism market are-
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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.
Based on type, the golf tourism market has been classified into domestic and international.
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.
The golf tourism sector was moderately impacted due to the outbreak of COVID-19 in the early 2020 due to stringent lockdown and social distancing norms. In the spring of 2020, more than 50% of the U.S. golf courses were temporarily closed due to coronavirus and declined demand from the consumers. Although by June 2020, over 98% of the facilities had reopened and the recovery is optimistic in nature.
Here is the list of the group of customers that the Golf Tourism market hopes to have the greatest opportunity to convert-
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The golf tourism market is expected to witness an impressive growth of 4.2% CAGR in the foreseeable future.
The golf tourism market size is expected to reach an estimated value of USD 5.9 billion in the coming years.
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.) are among the key players in the golf tourism market.
North America witnessed the largest share of golf tourism market in 2020.
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 are among the factors driving the golf tourism market.
Domestic segment is expected to grow at a healthy CAGR in the golf tourism market in the coming five years.