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The golf rangefinder market size is estimated to grow at a CAGR of 8.11% between 2022 and 2027. The market size is forecast to increase by USD 256.88 million. The growth of the market depends on several factors, including approval of DMDs in golf tournaments, growth in golf infrastructure worldwide and steadily increasing interest in pro-golf tournaments.
This golf rangefinder industry report extensively covers market segmentation by product (laser and GPS), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the golf rangefinder market growth is the growth in golf infrastructure worldwide. The number of the golf course 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 are located 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 global golf rangefinder market growth during the forecast period.
A key factor shaping the global golf rangefinder market growth is the rising penetration in developing countries. There is an increasing shift in transition by leading market competitors to focus on developing countries as the developed market is already mature. Hence, there is a significant increase in the golf rangefinder market 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 the global golf rangefinder market growth during the forecast period.
The high cost of golf equipment like golf rangefinders is one of the key challenges hindering the global golf rangefinder 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 $200 and $40. The price of laser golf rangefinders is around $330, and that of GPS rangefinders is around $210.
One of the key factors which 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 global golf rangefinder market growth during the forecast period.
The industry report includes the adoption lifecycle of the market, 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 growth strategies.
Global Golf Rangefinder Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the laser segment will be significant during the forecast period. Laser golf rangefinders are referred to as distance-measuring devices which use laser beam technology to help golfers determine the distance between the club and the target. This device is very expensive and the average cost is USD 330.
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The laser segment was valued at USD 308.32 million in 2017 and continued to grow until 2021. One of the main utilities of laser golf rangefinders includes accurately showing the distance between the club and the target with the help of a laser beam. There is a growing popularity for these rangefinders among professional golfers due to their ability to measure distance accurately. But, on the other hand, as these devices are very expensive and are not affordable by everyone, this segment is expected to have slow market growth during the forecast period.
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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 trends and drivers that shape the market during the forecast period. One of the main reasons for the significant growth of the global golf rangefinder 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 global golf rangefinder market growth during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global golf rangefinder market witnessed a significant slowdown due to the closure of golf courses and facilities, the suspension of outdoor activities, and the requirement that people stay indoors. in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of outdoor activities, resulting in high demand for golf rangefinders. Such factors are expected to drive the market during the forecast period.
The golf rangefinder market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global golf rangefinder market as a part of the global leisure products market within the global household durables market. The parent, global leisure products market covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Golf Rangefinder Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.11% |
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Market growth 2023-2027 |
USD 256.88 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.75 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, China, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, 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 forecast period. |
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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 Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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