Market Insights Consumer Toys & Hobby Sports Equipment

Golf Equipment - Vietnam

Vietnam

In Vietnam, the Golf Equipment market is projected to generate a revenue of US$1bn in 2024.
Based on the compound annual growth rate (CAGR) from 2024 to 2029, the market is expected to grow by 6.75% annually.
When compared to other countries worldwide, in China leads the market with a revenue of US$8,876m in 2024.
In terms of per capita revenue, each individual in Vietnam is estimated to generate US$5.77 in 2024.
This indicates the market's potential and its relative significance within the country.
Vietnam's growing middle class is fueling a surge in demand for golf equipment, as more people embrace the sport as a symbol of status and leisure.

Key regions: United States, Indonesia, China, Europe, India

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.