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The worldwide golf shaft industry is expected to grow remarkably in the next several years, driven by The semiconductor sector is also anticipated to present lucrative opportunities for the market owing to the rising investment in product innovation.
The golf club head is connected to the player's hand by the shaft. The lengthy tube is what provides the force needed to strike the ball. The player can hit the ball more accurately and with less force, thanks to the grip. Moreover, the performance of a golf club is impacted by its length, flex, torque, kick point, weight, and alignment. Steel, graphite, titanium, multi-material, and other materials are some of the materials used to make golf shafts. Younger consumers are inclined towards fashionable equipment, whereas more seasoned buyers consider the specifications of the equipment. The rising number of youngsters adopting golf as a hobby is expected to boost the demand for golf shafts.
According to a research study by Business Research Insights, the global market for golf shafts is projected to rise at a CAGR of 3.0% during 2022-2027. In 2022, the market value stood at USD 356.2 million, which is projected to reach 425.4 million by 2028.
Business Research Insights Presents the Top 10 Prominent Players in the golf shaft Industry
- True Temper - was founded by Captain John Ames in 1774 and is headquartered in Pennsylvania, U.S. It is a multinational company that manufactures non-powered garden and lawn products. The manufacturing plant of the company is located in Harrisburg. The company began as America Fork & Hoe when it merged 17 tool-making firms in 1902. The company designs golf shafts and other garden products.
- Mitsubishi Chemical Group - is a Japanese company that was founded in 2005 and has its headquarters in Tokyo, Japan. MCC is a subsidiary of Mitsubishi Company. Mitsubishi merged the subsidiary with its pharmaceutical company in 2005 to establish Mitsubishi Chemical Corporation. The company offers a diversified range of goods and golf products. The company operates the gold shaft business under Tensei and Diamana.
- Fujikura - is a Japanese multinational company. Zenpachi Fujikura founded it in 1910. The company was established with Tomekichi Fujikura, Zenpachi's younger brother, working as a company representative. The company expanded over the years, and by 2013, the company had subsidiaries across Asia, Europe, South America, and North Africa. It is one of the leading companies in the golf shaft industry.
- Nippon Shaft - is a Japanese company that has been manufacturing golf shafts since 1959. The company manufactures graphite and steel shafts in Komagane, Japan. Its integrated production lines are thoroughly controlled. The company expanded in electronics, semiconductors, the space world, software, and theme park products. Initially, the company thought of merging with Sumitomo Metal Industries in early 2011. But later, they expanded independently and are now a well-established corporation in the market.
- Honma- is a Japanese corporation and was founded by two brothers who are committed to superior quality, effective performance, and craftsmanship. The company was established in 1959 and became a leader in premium golf products by 1995. It is known as one of the leading prestigious and high-performance golf equipment brands, globally.
What were the major challenges posed by covid-19 pandemic?
The pandemic hindered the population from stepping out, which impeded the players in golf clubs. Moreover, North America, Europe, and other oceanic nations that were severely impacted by the COVID-19 pandemic all have a thriving golfing culture. Because of the high proportion of players from these nations, the limits placed on professional and recreational golfing significantly damaged the market.
What is expected to be a major upcoming trends in the Industry?
Many European nations have offered to make large sums to upgrade the game's related infrastructure. It is anticipated that an increase in golf contests and international golf tournaments will open up new market potential. Millennials' pro-golf tournament participation is rising, directly affecting golf shaft sales. One such emerging trend that is expected to have a positive effect in the coming years is the expansion of the golf tourism sector. The market is growing due to the growing trend of golf tourism brought on by the abundance of golf courses throughout the globe, the rise of the middle class, and the rise in both amateur and professional female players. Due to the presence of cutting-edge facilities, the Gulf Cooperation Council (GCC) and Caribbean nations have become well-liked golf tourism destinations. Golf is a pricy outdoor pastime that is well-liked by both professional and novice players.