The global golf rangefinder market size was USD 146.78 Million in 2022 and is likely to reach USD 300.83 Million by 2031, expanding at a CAGR of 8.3% during 2023–2031. The growth of the market is attributed to rising popularity of golf among the business professionals across the globe.
Golf rangefinder is a device used to measure the distance of the target from the observer. It is a significant tool for players to scale the distance and improve their score. New golf players mostly use this device to measure the distance between them and the flag. Golf rangefinder helps both experienced players and aspiring golf professionals to improve their game and increase shot accuracy.
Golf is usually preferred among country clubs and business professionals. Additionally, social media platforms are encouraging youngsters to indulge in play and participate in related events. According to a report published by the R&A ‘Golf around the world 2017’, there were around 33,161 golf facilities in 208 countries across the globe till the end of the year 2016. In 2017, ‘Golf Industry Report’ conducted a survey that states, approximately 23 million people played on-course golf and 8 million people played off-course.
Market Drivers, Restraints, Trends, and Opportunities
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Rising disposable income of population is anticipated to increase their spending leisure activities. This factor is expected to stimulate the growth of the golf rangefinders market during the forecast period.
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Growing adoption of golf among men and women, irrespective of the age group, has increased the number of golf courses across the globe, which in turn, has boosted the market growth.
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The emergence of COVID-19 pandemic has led to the closedown of golf clubs across the globe. This, in turn, has impeded the market growth.
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The advent of smartphone golf rangefinders is anticipated to restrain the growth of golf rangefinder market. However, mobile rangefinder is not as accurate as laser golf or GPS golf rangefinders.
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The approval by golf-governing bodies allows the usage of distance measuring devices (DMDs) in most of the professional tournaments. This DMDs enhance the golf gaming experience and have positively impacted the golf rangefinder market growth.
Scope of the Report
The report on the global golf rangefinder market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Golf Rangefinder Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Laser Rangefinder and GPS Rangefinder) and Distribution Channels (Offline and Online)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Bushnell Corporation, Nikon Corporation, Laser Link, Callaway, Leupold & Stevens, Inc., Skyhawk Technologies, LLC, and ZEISS International
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Global Golf Rangefinder Market Segment Insights
Laser rangefinder segment to account a large market share.
On the basis of products, the market is segmented into laser rangefinder and GPS rangefinder. The laser rangefinder segment is expected to account for a large market share owing to the accuracy of this product over the GPS type. It helps beginners to play accurate shots and find the ball and flag’s position precisely.
Some of the Leading manufacturers of laser rangefinder include Bushnell Corporation, Nikon Corporation, Skyhawk Technologies, LLC, and Callaway. They are investing in new product launches to cater the rising demand for rangefinder across the globe. For instance, in January 2019, Bushnell Corporation announced the launch of advanced laser rangefinder under the brand name ‘Pro XE’. The product has advanced features such as improved optics and longer ranging. Additionally, updated slope algorithm improves precision to the product. Thus, such features are expected to fuel the product demand during the forecast period.
Offline segment is anticipated to account for a significant market share.
Based on distribution channels, the market is segmented into online and offline. The offline segment is anticipated to account for a market share of more than 80% during the forecast period. Growing penetration of sport stores across countries such as Scotland, England, Germany, Japan, and the US is catering the consumer’s requirement for golf rangefinders. For instance, in April 2019, Decathlon S.A., a French sport goods retailer, inaugurated its store in Emeryville, California. The company is focusing on acquiring a large consumer base by improving their product offering in the US.
The online segment is anticipated to expand at a CAGR of 9.7% during the forecast period. The convenience of shopping through online portals is propelling the segment growth. Additionally, online retailers such a Amazon and AMERICAN GOLF (TRADING) LIMITED are including this category in their online portals, which is spurring the segment growth. Moreover, the growing adoption of smartphones and availability of high-speed Internet in countries such as the UK, Scotland, Ireland, and Denmark are expected to boost the online segment during the forecast period. Companies such as AMERICAN GOLF (TRADING) LIMITED and Bushnell Corporation are planning to launch their own online portals to improve their consumer base and offer genuine products to their consumers. This is anticipated to further boost the growth of the online segment.
North America projected to account a considerable market share.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is projected to account for a market share of more than 40% during the forecast period. Growing consumer preference for golf in countries such as the US and Canada is expected to spur the regional market growth.
Manufacturers such as Bushnell Corporation, Nikon Corporation, Skyhawk Technologies, LLC, and ZEISS International are planning to launch innovative products in the US. For instance, Bushnell Corporation announced the launch of rangefinder, which uses GPS and laser technology, under the name ‘Bushnell Hybrid Laser Rangefinder & GPS’.
Segments
The global golf rangefinder market has been segmented on the basis of
Products
- Laser Rangefinder
- GPS Rangefinder
Distribution Channels
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bushnell Corporation
- Nikon Corporation
- Laser Link
- Callaway
- Leupold & Stevens, Inc.
- Skyhawk Technologies
- LLC
- ZEISS International
Competitive Landscape
Some of the leading manufacturers in the global golf rangefinder market are Bushnell Corporation, Nikon Corporation, Laser Link, Callaway, Leupold & Stevens, Inc., Skyhawk Technologies, LLC and ZEISS International.
Companies are focusing on adoption of various business strategies such as brand alliance formation and new product launches to acquire a large consumer base. For instance, in March 2019, Nikon Corporation launched a portable laser rangefinder under the brand name ‘COOLSHOT 20 GII’. The product is furnished with 6x multicoated lenses along with a measurement in a range of between 5 meters and 730 meters that is claimed to offer full accuracy.
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