China, a nation of 1.4 billion people, has only about 1 million golfers, and sporting-goods companies think that figure could rise exponentially. As golfers multiply, annual spending on apparel and equipment in China should jump more than 40% over the next three years, to $650 million, says researcher Frost & Sullivan. These companies could cash in:
Already a sports-apparel leader in China, its biggest growth market. The company sold $706 million worth of golf goods last year; it’s getting out of the equipment business, but its golf apparel and shoes would benefit from a Chinese surge.
A Japanese brand that forges the world’s most expensive clubs, Honma got 19% of its $215 million in sales last year from China. It listed its stock in Hong Kong in October.
Based in Fair-haven, Mass., it makes the most popular premium ball in China, the Titleist Pro V1. It’s a subsidiary of sportswear firm Fila Korea, but it recently filed for a U.S. IPO and may offer shares as soon as this week.
For more on golf in China, read our full feature story here.
A version of this article appears in the November 1, 2016 issue of Fortune as a sidebar to the article “The PGA Tour Takes on China.”