The World Golf Report is aptly named. The first-of-its-kind study, by data firms Golf Datatech LLC and Yano Research Institute Ltd., provides an in-depth global retail market summary based upon geography, size and economic significance of the $8.7 billion worldwide golf equipment market.

The study found that the world’s five largest golf markets represent more than 80 percent of total equipment sales. The top five markets are: the U.S., Japan, South Korea, United Kingdom and Canada.

Nearly 20 additional countries/regions account for the remaining world golf market, including Mexico, China, Germany, Australia and the Caribbean, among others.

Here’s what else the study found:

  • Germany is the largest golf market in continental Europe.
  • China (including Hong Kong and Macau) is the sixth-largest golf equipment market but is continually influenced by government regulation.
  • The U.S. and Japan control more than 65 percent of the world golf equipment market.

“Golf is truly a worldwide sport, with the game being played in over 200 countries, but emerging markets for golf such as China, Southeast Asia, Central Europe and South America have just begun to realize their potential,” said Golf Datatech’s Tom Stine. “Further, golf’s introduction into the 2016 Olympic Games in Brazil will undoubtedly spark interest in the game worldwide. This global expansion of golf necessitates a need to have solid, consistent data to track growth and progress on all levels, from player participation to golf equipment sales. This will be our mission.”