NEW YORK, May 24, 2022 /PRNewswire/ — The Golf Tourism Market value is set to grow by USD 41.04 billion, progressing at a CAGR of 17.83% from 2020 to 2025, as per the latest report by Technavio. The market is segmented by type (domestic and international) and geography (North America, APAC, Europe, South America, and MEA).
Technavio has announced its latest market research report titled Golf Tourism Market by Type and Geography – Forecast and Analysis 2021-2025
Moreover, the growing emphasis on golf infrastructure worldwide is notably driving the market growth, although the increasing threat from fantasy golf may impede the market growth.
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Golf Tourism Market: Major Regions
53% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for golf tourism in North America. Market growth in this region will be faster than the growth of the market in MEA and South America. The presence of well-developed economies, favorable weather conditions, availability of a variety of terrains, and extensive media exposure to the sport will facilitate the golf tourism market growth in North America over the forecast period.
Golf Tourism Market: Major Segments
The market share growth by the domestic segment during the forecast period. Owing to advantages such as familiarity with the country’s sports tourism policies and rules and the lesser financial tax imposed. Various vendors in the golf tourism market are offering domestic golf tourism to famous places in their home countries, which have picturesque natural beauty.
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Golf Tourism Market: Major Growth Driver
One of the key factors driving the golf tourism market is the growing emphasis on golf infrastructure worldwide. Despite the fact that golf courses are concentrated in the top 20 golfing countries, their number is steadily increasing around the world. In 2020, there are over 38,000 golf courses available around the world. However, the majority of these facilities are in Australia, Canada, England, Japan, and the US, which are among the top ten golfing countries in the world. In addition, the majority of these facilities are located in private clubs, golf resorts, and golf-centric real estate, making them inaccessible to the general public. North America accounted for roughly half of the total global golf course supply, followed by Europe (about a quarter) and Asia (roughly a quarter) (nearby 20%). Furthermore, over 670 golf courses are either being built or are in the planning stages. Asia, Europe, and North America account for nearly 80% of all golf courses currently being built or planned. The expansion of golf courses in these regions will boost the golf tourism market in these areas, resulting in significant growth in the global golf tourism market over the forecast period.
Story continues
Golf Tourism Market: Major Growth Challenge
The increasing threat from fantasy golf will be a major challenge for the golf tourism market during the forecast period. A fantasy sport, also known as rotisserie or roto, is an online game in which players create virtual and imaginary teams made up of real players. These virtual teams compete in a real-life game based on the statistical performance of the selected players. Over the last 5-6 years, fantasy golf games have seen a significant increase in popularity. Furthermore, fantasy golf has grown in popularity at a time when the real game’s popularity is waning. However, the growing popularity of fantasy golf has resulted in increased revenue for fantasy golf service and interface providers. In addition, to help the popularity of fantasy golf, young enthusiasts are attempting to engage in the sport with the aid of technology. The average age of fantasy golf participants is 34, according to the Fantasy Sports Trade Association (FSTA), making the platform ideal for promoting the sport among young people. However, the dramatic rise in the popularity of fantasy golf among young players can only mean that more potential players will be driven away from the real game, putting the golf tourism market in jeopardy during the forecast period.
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Golf Tourism Market: Key Vendors
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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Golf Tours International
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Golf Tours Worldwide
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Golfasian Co. Ltd.
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Golfbreaks Ltd.
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Liberty Travel and Tours (M) Sdn Bhd
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Palatinate Group Ltd.
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Perry Travel Inc.
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Premier Golf Tours
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Scottish Golf Holidays Inc.
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The Haversham and Baker Co.
The golf tourism market is fragmented and the vendors are deploying growth strategies such as geographic expansion to compete in the market.
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Reasons to Buy Golf Tourism Market Report:
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CAGR of the market during the forecast period 2021-2025
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Detailed information on factors that will assist golf tourism market growth during the next five years
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Estimation of the golf tourism market size and its contribution to the parent market
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Predictions on upcoming trends and changes in consumer behavior
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The growth of the golf tourism market across North America, APAC, Europe, South America, and MEA
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Analysis of the market’s competitive landscape and detailed information on vendors
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Comprehensive details of factors that will challenge the growth of golf tourism market vendors
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Golf Tourism Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.83% |
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Market growth 2021-2025 |
$ 41.04 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
31.56 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
North America at 53% |
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Key consumer countries |
US, Japan, UK, and Canada |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Golf Tours International, Golf Tours Worldwide, Golfasian Co. Ltd., Golfbreaks Ltd., Liberty Travel and Tours (M) Sdn Bhd, Palatinate Group Ltd., Perry Travel Inc., Premier Golf Tours, Scottish Golf Holidays Inc., and The Haversham and Baker Co. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
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Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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