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Golf Rangefinder Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global golf rangefinder products market size was valued at USD 6.5 billion in 2021 and is expected to expand at a CAGR of 10.0% from 2022 to 2030. The market is driven by increasing demand for golf rangefinder products from golfers, both amateur and professional, for obtaining accurate yardages to the pin and other objects on the golf course. The increasing popularity of golf and the rising trend of golf tourism are expected to further boost the sales of golf rangefinder products. This surge in demand has resulted in the introduction of new and advanced golf rangefinder products in the market. For instance, in April 2021, Bushnell introduced the Pro XE golf laser rangefinder, which is the world’s most accurate laser rangefinder.
The rangefinder segment is expected to dominate the market in terms of demand and revenue during the forecast period. The demand for rangefinders is on the rise due to the increasing demand for technologically advanced rangefinders with features such as slope technology, pin acquisition technology, and range estimation algorithms. Furthermore, the development of highly accurate and durable rangefinder products is anticipated to drive the growth of the market.
The increasing usage of golf rangefinder products by golf professionals and amateurs is driving the demand for golf rangefinder products. This is because golf rangefinders provide accurate yardages and assist golfers in making the correct decisions on the golf course. Furthermore, technological advancements such as GPS-enabled rangefinders are also gaining traction among golfers. For instance, in April 2021, SkyCaddie launched the SkyCaddie SX500, which is a golf GPS rangefinder with pre-loaded courses and automatic course updates, providing golfers with accurate yardages on more than 36,000 international golf courses.
The booming golf industry and the growing popularity of golf across the globe are expected to drive the market. Furthermore, the increasing number of golf tournaments and events, the introduction of golf-friendly countries, and the rising trend of golf tourism are all expected to drive the demand for golf rangefinder products in the coming years. Additionally, the rising trend of golf-related entertainment events such as Topgolf is also expected to drive the market. Furthermore, the increasing number of golf rangefinder applications and the emergence of mobile golf rangefinder systems are expected to fuel the growth of the market.
Product Insights
The laser rangefinders segment accounted for the highest market share in 2021 and is expected to maintain its dominance over the forecast period. Laser rangefinders are widely used in golf for targeting the exact distance of golf balls. The demand for laser rangefinders is increasing due to their superior accuracy, precision and speed in calculating the distance between the golfer and the target. According to an article published by Golf Digest in May 2020, golf rangefinders are becoming increasingly popular and are being used by professional golfers as they can be used to determine the distance of the golf ball from the hole.
The GPS rangefinders segment is expected to expand at the fastest CAGR of 8.1% over the forecast period. The demand for GPS rangefinders is increasing due to their ability to help golfers track their position on the golf course, calculate distances accurately and provide detailed information about their performance. According to an article published by Golfweek in September 2020, GPS rangefinders are becoming increasingly popular as it enables golfers to get a better understanding of the golf course, the layout and the distances between the holes.
Distribution Channel Insights
The golf rangefinder products market is mainly driven by the offline distribution channel, which accounted for the largest share of the market in 2020. Offline stores such as golf specialty stores, sports stores, and department stores offer a wide range of golf rangefinder products. The convenience of visiting a store and selecting a product according to individual requirements is one of the major factors driving the growth of the offline segment. In addition, offline stores provide after sales services such as product installation and maintenance, which is further driving the segment.
The online segment is anticipated to grow at the highest CAGR over the forecast period. The increasing internet usage and the growing acceptance of online payment systems are expected to drive the growth of the online distribution channel. The availability of a wide range of products, discounts, and offers, coupled with the convenience of online shopping, is further driving the segment. In addition, the increasing penetration of smartphones and the availability of e-commerce applications are some of the major factors driving the growth of the online segment.
Type Insights
The laser rangefinders segment accounted for the largest revenue share of 73.4% in the year 2022. The increasing demand for technologically advanced golf rangefinders among golfers and the growing popularity of golf are the major factors driving the segment’s growth. Furthermore, the increasing need for accurate information regarding the distance between the golfer and the golf ball is anticipated to propel the segment’s growth. Additionally, the launch of more advanced and accurate laser rangefinders by manufacturers is further fueling the segment’s growth. For instance, in July 2020, Bushnell, a leading manufacturer of golf rangefinders, launched the Pro XE Slope Golf Rangefinder, which features JOLT technology and a Slope Compensation system.
The GPS/GIS rangefinders segment is expected to expand at the highest CAGR of 8.7% over the forecast period. The increasing popularity of GPS golf rangefinders and the growing demand for multi-functional golf rangefinders are the key factors driving the market. Additionally, the growing popularity of golf apps is anticipated to boost the segment’s growth. For instance, the GolfLogix golf app, developed by GolfLogix Inc., provides real-time GPS distances, hole-by-hole scoring, and stats, among other features.
Regional Insights
Europe is expected to hold the largest market share in the coming years, owing to the presence of established golf organizations and clubs in the region. The increasing awareness about golf among the population in the region is further propelling the market growth in the region. For instance, the European Golf Association (EGA) is responsible for the organization of over 2,000 golf tournaments annually, which is further creating opportunities for the rangefinder product manufacturers in Europe.
The Asia Pacific is expected to be the second-largest region in the global golf rangefinder market. The rising disposable income in the region and the increasing popularity of golf among the population are some of the key factors driving the growth of the market in this region. In addition, the presence of a large number of golf courses, such as the National Golf Course in Australia, is further creating growth opportunities in the region.
Financial Projections
In this part of the golf rangefinder products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your golf rangefinder products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a golf rangefinder products business comes from the sale of rangefinders, accessories, and other related products. Here you will find a list with a description of each of them and other possible sources of profit such as advertising and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the golf rangefinder products business running will be described. The list of operating expenses includes wages, marketing expenses, research & development, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the golf rangefinder market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Garmin introduced the Approach S62, a golf rangefinder with a 1.3-inch sunlight-readable display and more than 41,000 course maps.
– In June 2022, Bushnell launched the Pro XE, a golf rangefinder with a 7x magnification and a range of up to 1,000 yards.
– In October 2022, Callaway Golf launched the EZ-Golf, a golf rangefinder with a laser rangefinder and a 3-inch touchscreen display.
Some of the prominent players in the golf rangefinder market include:
– Garmin
– Bushnell
– Callaway Golf
– Leupold
– Nikon
– Prevo Technologies
– TecTecTec
– Laser Link Golf
– Sky Golf
– Voice Caddie
Global Golf Rangefinder Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global golf rangefinder products market based on product, type, distribution channel, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– GPS Rangefinder
– Laser Rangefinder
– Others
2. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Handheld
– Wearable
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Factors Driving the Golf Rangefinder Products Market?
[A]: Increasing demand for golf as a recreational sport and technological advancements in golf rangefinder products are the key factors driving the golf rangefinder products market. The increasing number of golf courses and the growing trend of golf tournaments are also contributing to the growth of the market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Golf Rangefinder Products?
[A]: North America is expected to be the largest market for golf rangefinder products, owing to the presence of a large number of golf courses and rapid technological advancements in the region.
[Q]: Who are the Key Players in the Golf Rangefinder Products Market?
[A]: Major players in the golf rangefinder products market include Bushnell Golf, Nikon Corporation, TecTecTec, Precision Pro Golf, Garmin Ltd., and Voice Caddie.
[Q]: What are the Different Types of Golf Rangefinder Products?
[A]: Golf rangefinder products can be classified into laser rangefinders, GPS rangefinders, and hybrid rangefinders. Laser rangefinders use a laser beam to measure the distance between the golfer and the flagstick, while GPS rangefinders are powered by GPS technology. Hybrid rangefinders are devices that combine both laser and GPS technologies.
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation has been a major factor driving the growth of the golf rangefinder products market. Companies are investing in advanced features such as voice output, hazard recognition, and integration with smartphones to increase the appeal of their products. Additionally, the development of custom rangefinders for specific golf courses is expected to further fuel the market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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