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The golf rangefinder market size is estimated to grow by USD 354.8 million at a CAGR of 10.01% between 2023 and 2028. The golf industry is experiencing significant growth and innovation, with a notable increase in the approval of Designated Marketing Districts (DMDs) in golf tournaments. This trend is driving economic development in golf communities worldwide. Moreover, the global golf infrastructure is expanding, with new courses, training facilities, and golf-related businesses opening up in various regions. The steadily increasing interest in professional golf tournaments, such as the Masters Tournament and The Open Championship, further underscores the industry's growth. These events attract millions of viewers and generate substantial revenue, making golf a lucrative and exciting industry to be a part of. Additionally, technology advancements, such as golf simulation software and wearable technology, are enhancing the golfing experience for players and fans alike. Overall, the golf industry's continued growth and innovation make it an attractive and dynamic sector for investment and participation.
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The market witnesses dynamic growth with contributions from key players like Callaway Golf Company and Bozily, catering to a diverse customer base including amateur golfers and younger demographics. Integrating cutting-edge technologies such as GPS integration and laser rangefinders, these rangefinders offer high-definition displays and course maps for precise shot tracking and improved accuracy. With an emphasis on user-friendly features and AI innovation, the market addresses concerns regarding high product costs while capitalizing on opportunities in golf tourism and professional tournaments. Both brick-and-mortar stores and online platforms serve as distribution channels, providing a range of user-friendly interfaces and catering to the needs of beginners and professional golfers alike. Competitive landscape analysis and cash flow analysis guide strategic decisions, ensuring profitability in this rapidly evolving market segment.
One of the key factors driving the market growth is the growth in golf infrastructure worldwide. The number of golf courses is increasing steadily over the years even though it remains highly concentrated in the top 20 golfing nations. Some of the key countries where golf facilities such as golf courses and golf practice facilities are in private clubs, golf resorts, and golf-centric real estate include countries like Australia, Canada, England, Japan, and the US.
For instance, more than 670 golf courses are either under work in progress or at the advanced planning stage and some of the main infrastructures which are under construction are mainly in countries like Asia, Europe, and North America. Hence, the rising number of these infrastructures is expected to drive the market growth during the forecast period.
The rising penetration in developing countries is a primary trend in the market. There is an increasing shift in transition by leading market competitors to focus on developing countries as the developed market is already mature. Hence, the market is significantly increasing in developing countries such as Brazil, China, and India.
Factors such as improved living standards, interest in golf, and enhancement of sports facilities are significantly contributing to the penetration of this market in these developing economies. Furthermore, there is a growing popularity of golf in developing countries like India as has become a mainstream sport in India among corporate consumers and the youth. Hence, such factors are expected to drive market growth during the forecast period.
The high cost of golf equipment like golf rangefinders is one of the key challenges hindering the market growth. As golf is an elite sport, most people in developing countries do not prefer to buy these products due to the high costs of equipment such as rangefinders. For instance, The average selling price (ASP) of rangefinders, which are not mainstream golf equipment, ranges between USD200 and USD40. The price of laser golf rangefinders is around USD330, and that of GPS rangefinders is around USD210.
One of the key factors that golfers have to take into consideration is the green fees associated with golf courses. Even though developed cities such as Los Angeles, Tokyo, London, and Florida have many public golf courses, many cities such as San Francisco, California, and Los Angeles only have private golf courses. In addition, golf courses in resorts are very expensive and unaffordable for normal golfers. Hence, such factors are expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Garmin Ltd: The company offers golf rangefinders such as Approach Z82 GPS Laser rangefinder.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The market is experiencing significant growth, driven by the increasing popularity of golf among younger demographics and emerging economies. Brands like Wosports and Bozily are leading the charge with innovative laser and hybrid models featuring high-definition displays, GPS integration, and user-friendly interfaces. The National Golf Foundation reports that golf tourism is on the rise, with professionals and amateurs alike seeking accurate distance-measuring devices for improved performance on the course. GPS technology, such as that offered by Shot Scope, enables course maps, shot tracking, and other advanced features.
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The offline segment was valued at USD 374.39 million in 2018. AI and innovation continue to shape the industry, with high product costs offset by corporate endorsements and usage in professional tournaments. Brick-and-mortar stores, sports equipment outlets, specialty golf stores, pro shops, online platforms, and e-commerce websites all contribute to the competitive landscape analysis. Cash flow analysis and profit ratio analysis are essential for businesses in this sector, as golf rangefinders, such as Yardstick, Wind and Slope, offer features like slope adjustment and accuracy that can significantly impact sales. With the Olympics featuring golf for the first time since 1900, the demand for these devices is expected to continue growing.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period. One of the main reasons for the significant growth of the market in North America is the presence of world suppliers that supply raw materials for the manufacture of golf equipment, including rangefinders. Factors such as the increase in average income level, purchasing power, and job security, have led to a rise in expenditure on leisure activities, including golf. is expected to drive market growth in the region significantly. Hence, the growing popularity of golf in countries like the US and Canada is expected to drive the growth of the market growth during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market undergoes robust growth, fueled by factors like the influence of the National Golf Foundation, expanding into emerging economies. Innovations such as hybrid models integrating GPS technology cater to diverse needs, while the prospect of golf's inclusion in the Olympics drives market expansion further. Corporate endorsements and availability in sports equipment outlets, specialty golf stores, Construction activities, and e-commerce websites bolster market reach.
Furthermore, profitability is ensured through profit ratio analysis and meeting target goals. Rangefinders equipped to measure wind and slope, aiding shot selection, attract the beginners segment and professionals alike. Brands like Bushnell Golf tackle challenges like maintenance charges and battery problems, ensuring smooth operation for golf course establishments and professional segments available in retail stores. Pro shops offer a variety of golf equipment, including rangefinders, to cater to the needs of the professional segment, ensuring precision on the course with features like GPS segment integration and accurate measurement tools like yardsticks and flag and ball markers.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.01% |
Market growth 2024-2028 |
USD 354.8 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.34 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, UK, France, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Blue Tees Golf, Callaway Golf Co., Carl Zeiss Stiftung, Celestron Acquisition LLC, Game Golf Pro, Garmin Ltd., Gogogo Sport, Golfzon, IZZO Golf Inc., Laser Link Golf LLC, Leica Camera AG, Leupold and Stevens Inc., Nikon Corp., Precision Pro Golf, ScoreBand, Shot Scope Technologies Ltd., SkyHawke Technologies LLC, TecTecTec, Vista Outdoor Inc., and Wosports |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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