The Europe golf apparel, footwear, and accessories market is projected to increase at a CAGR of 4.3 percent by 2029, reaching a value of USD 3,845.29 million. The report on the European golf apparel, footwear, and accessory industry also includes in-depth talks of pricing analysis, patent analysis, and technological advancements.
Customers may purchase the greatest golf apparel and accessories on a local and international level thanks to businesses. These manufacturers and suppliers of golf equipment, footwear, and accessories provide a wide range of product kinds and pricing points. It is projected that the market for golf-related apparel, equipment, and accessories in Europe would expand and advance. The development of e-commerce and other online platforms has also contributed to the rise of golf equipment, footwear, and accessories in Europe.
The third-party logistics (3PL) market for e-commerce has continued to develop significantly as retailers increasingly rely on Amazon and third-party logistics providers to assist manage Omni channel and e-commerce operations. Demand for both e-Commerce and ride hailing, which include food delivery services, has increased due to their quick adoption and major changes in consumer behaviour.
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Some of the major players operating in the Europe golf apparel, footwear, and accessories market are:
Taylor Made Golf Co, Acushnet Holdings Corp, KERING, RALPH LAUREN, Decathlon, FILA HOLDING CORP, YONEX CO LTD., DUCA DEL COSMA, Nike Inc., Under Armour Inc., ASICS Corporation, Amer Sports, Mizuno Corporation, Adidas AG, Sumitomo Rubber Industries Ltd., Bridgestone Golf Inc., PING, COBRA GOLF (PUMA GOLF) among others.
Drivers
Development and rise in third party logistics market globally
Today, almost all in the world can start an online retailing business and use a third-party logistics company to ensure that their products are delivered to their respective customers quickly. Even Amazon used third-party logistics companies when it started until it grew large enough to have its own logistics division. Numerous top 3PL warehousing companies handle today's logistics.
Third-party logistics, or 3PL, is emerging as a key driver for the growth of e-commerce players as they seek to develop core competencies as retailers while outsourcing logistical requirements. A giant player such as Flipkart has diversified into logistics with Ekart and partnerships with MapmyIndia and Blackbuck; Snapdeal has acquired Gojavas, and Amazon runs with support from BASIX.
Rise of e-commerce and other online platforms
E-commerce or electronic commerce is the buying and selling goods and services over an electronic network or online platform, primarily the internet. In recent times, the widespread use of E-commerce platforms such as Amazon, Flipkart, and eBay has contributed to substantial growth in online buying and selling goods. This has provided a platform for consumers to purchase products freely and use them according to their requirements.
According to UN trade and development experts (UNCTAD), the E-commerce sector rose from 16 % to 19 % in 2020. During COVID, it reached USD 26.7 trillion. Another survey by WPForms, LLC. 59% of generation Y (Millennials) prefer to purchase products online, and 93.5% of Europe internet users have purchased products online. The same survey also points out that 57% of online users purchase products from overseas retailers, which the 3PL services providers transport.
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Opportunities
Rise in golf tourism across the globe
Golf tourism is a trip undertaken by an individual whose main motive is to play golf professionally or for fun. Golf may also be viewed as a secondary activity (for instance, someone on a beach holiday playing a round during their vacation). Golf tourism has become one of the biggest sectors of the travel industry, with hundreds of thousands of golf tourists taking trips yearly to fantastic destinations and well-known courses to combine their hobbies with a vacation.
Post COVID-19 Impact on Europe Golf Apparel, Footwear, and Accessories Market
COVID-19 created a negative impact on the Europe golf apparel, footwear, and accessories market due to shutdown of gym and fitness clubs during this period.
The COVID-19 pandemic has impacted the Europe golf apparel, footwear, and accessories market to an extent in negative manner. However, surge in demand for stylish, comfortable and custom build sports products is expected to acts as a driving factor for the growth of the market and also has helped the market to grow during and after the pandemic. Also, the growth has been high after the market has opened after COVID-19, and it is expected that there would be considerable growth in the sector.
In October 2022, Decathlon Company organized the 'Reveal Innovation' annual event presenting its most significant innovations, some of which have changed and modernized the practices of hundreds of athletes! DECATHLON designed this event more digitally, proving that the company is significantly innovating its brands and products.
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Europe Golf Apparel, Footwear, and Accessories Market Scope
BY PRODUCT
- men Apparel
- WOMEN apparel
- FOOTWEAR
- ACCESSORIES
BY DISTRIBUTION CHANNEL
- STORE BASED RETAILERS
- ONLINE RETAIL
BY DEMOGRAPHICS
- MEN
- WOMEN
- KIDS
BY PRICE RANGE
- ECONOMY
- MID-RANGE
- PREMIUM
- SUPER PREMIUM
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