Golf tourism drives a strong global demand
The potential growth for the segment until 2025 is 41,040 million dollars, according to the latest Technavio market analysis report
The report predicts that the market will witness an accelerating growth momentum at a CAGR of 17.83%.
Key Market Dynamics
Market Driver: One of the key factors driving the golf tourism market is the increasing emphasis on golf infrastructure around the world. Although golf courses are concentrated in the top 20 golfing countries, their number is constantly increasing throughout the world. As of 2020, there are more than 38,000 golf courses available worldwide. Additionally, most of these facilities are located in private clubs, golf courses, and golf-focused real estate, making them inaccessible to the general public.
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 during the forecast period.
Market Challenge: The growing threat of fantasy golf will be a major challenge to the golf tourism market during the forecast period. In the last 5 or 6 years, fantasy golf games have seen a significant increase in popularity. Additionally, fantasy golf has gained in popularity at a time when the popularity of the real game is declining.
However, the dramatic increase in the popularity of fantasy golf among young players can only mean that more potential players will turn away from the real game, jeopardizing the golf tourism market during the forecast period.
Regional Opportunities – 53% of the market growth will originate from North America during the forecast period. The United States and Canada are the key markets for golf tourism in North America. Market growth in this region will be faster than market growth in MEA and South America.
The presence of well-developed economies, favorable weather conditions, availability of a variety of terrains, and extensive media exposure of the sport will fuel the growth of the golf tourism market in North America during the forecast period.
Revenue Generating Segment Highlights:
The market share growth of the domestic segment during the forecast period. For advantages such as knowledge of the country's sports tourism policies and regulations and the lower financial burden imposed. Several vendors in the golf tourism market are offering domestic golf tourism to famous places in their home countries that have picturesque natural beauty.