"4 Trillion Won Market Opens"... Screen Golf Growth Accelerates

"Projected to Reach $3.4 Billion by 2030"
Play Culture of Eating, Drinking, and Enjoying
Spotlight on Young Generations and Female Golfers

As the number of golf enthusiasts rapidly increases, the golf simulator sector, known as screen golf, is expanding its scale comparable to field golf. With the development of new technologies and the growing participation, it is forecasted that a market worth around 4 trillion won will open in the future.

According to KOTRA on the 23rd, the global market research firm Straits Research recently reported that the global golf simulator market value is expected to grow from $1.3155 billion (approximately 1.63 trillion won) in 2021 at an average annual growth rate of 10.1%, reaching $3.38 billion (approximately 4.18 trillion won) by 2030.

Photo by Golfzon

In fact, in the United States, where there is a large golf population, the number of people playing screen golf has become similar to those participating in field golf. According to the National Golf Foundation (NGF), about 12.4 million American golfers prefer only "off-course" play, including indoor golf simulators, while 12.6 million enjoy only "on-course" field golf, showing a small gap.

The difference lies in the preferred age group. The average age of golfers who only enjoy off-course play is 30, while those who choose only on-course play have an average age of 45. KOTRA stated, "It appears that the MZ generation (Millennials + Generation Z) and female golfers are more likely to start and enjoy golf through off-course play compared to older generations."

Screen golf also fits well with "Eatertainment," an activity that combines eating and entertainment. It enables a play culture where people of all ages can eat and drink while playing golf indoors, similar to bowling alleys, movie theaters, or driving ranges where food and beverages are provided. According to KOTRA's Detroit Trade Center, recent American eatertainment has evolved to allow enjoying golf in a lively sports bar atmosphere with chef-prepared meals, cocktails, craft beers, and even lessons from PGA professionals.

A member is practicing at a screen golf practice center in Seoul city. [Image source=Yonhap News]

According to the global market research firm IBIS World, the U.S. golf practice range and family entertainment center industry, which had slowed due to COVID-19, recorded a market size of $17.57 billion (approximately 21.7 trillion won) last year. This is the result of an average annual growth rate of 11.6% over the past three years.

In line with this trend, Golfzon, a leading domestic screen golf company, is accelerating its entry into the U.S. market. It plans to showcase golf simulator-related products at the 2023 PGA Merchandise Show held in Orlando, Florida, from the 24th to the 27th. Earlier this month, Golfzon introduced the portable golf shot monitor "WAVE" at CES 2023, the world's largest electronics and IT exhibition held in Las Vegas, USA. This is Golfzon's first radar sensor product, allowing users to check their golf shots on various devices such as smartphones and tablets. The company plans to launch this product for the first time this year in the mature personal golf simulator market in the U.S.

KOTRA advised, "It is necessary for Korean companies in the related field to pay close attention to market entry opportunities by utilizing strategic positioning and differentiated strategies to gain leadership in the rapidly growing U.S. golf simulator market."