Golf simulator market to double by 2030
A research study has predicted that the golf simulator market will double in size and be worth more than $3 billion to the global economy by 2030.
Custom Market Insights (CMI) has published a demand analysis of the global simulator market and predicts a CAGR (compound annual growth rate) of 10 per cent from 2023 to 2030.
The 220-page study predicts the market will rise to $1.8 billion in 2023 and reach $3.4 billion by 2030.
Its findings mirror the worldwide growth in golf entertainment venues and rise in off-course participation.
In 2022, researchers from the National Golf Foundation reported that in the United States, the world’s largest golf market, off-course participation rose 13% to 27.9 million.
It was the first time ever that more people played golf at driving ranges, mini golf and indoor settings than on traditional 18-hole courses.
Greg Nathan, Chief Business Officer at the NGF, monitors golf participation trends closely.
“Over the past several years, off-course participation has developed a much higher profile here in the US because of the very obvious growth of Topgolf," he says.
“The golf entertainment business attracts the exact types of people that on-course golf wants more of. The customer profile is younger, more minority participation, more female and more families.”
These prospective customers are being exposed to the exact experience required to convert them to green grass golfers."
CMI’s report examined simulator systems by software, users, product type and geographical region, as well as generating statistical data on competitor analysis, golf market share and outlook.
The study highlighted that demand for golf simulators was accelerated by the Covid-19 pandemic when people worked predominantly from home and golf’s popularity surged due to being deemed an accessible, safe outdoor sport.
Other factors such as the construction of new golf courses, rising participation rates and the availability of affordable portable launch monitor systems are also driving growth.
According to projections, Asia-Pacific region will have the fastest growth rate in golf simulator use over the next decade.
South Korea is highlighted as a potential hot spot with 4.3 million people, eight per cent of its total population, working in the golf industry.
In India, U.S. golf simulator brand Five Iron Golf opened in Delhi earlier this year, becoming its second international venue alongside Five Iron Golf Singapore.
In January 2025, the new TGL Golf League will see founders Tiger Woods and Rory McIlroy join 22 PGA Tour players playing virtual golf matches on a simulator screen measuring 64 feet high by 46 feet across.
It will be watched live by 2,000 spectators in a purpose-built venue called SoFi Center in Florida and be broadcast on ESPN Sports to a primetime Monday evening audience.