Golf Rangefinder Market Set to Witness an Uptick during 2019 to 2025



The global golf rangefinder market size is expected to reach USD 186.5 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.3% over the forecast period. Rising demand for the technological products to add more accuracy and precision in the golf sports is expected to be a key driver. Moreover, increasing popularity of golf sports among business professionals as a part of leisure activity is propelling the demand for the rangefinder in the market.
The market is consolidated in nature as a result of high concentration of strong players in the countries including U.S., U.K., and Scotland, where golf has increased popularity. Moreover, some strong players including Bushnell Corporation; Nikon Corporation; Laser Link; Callaway; Leupold & Stevens, Inc.; SkyHawke Technologies, LLC; and ZEISS International are offering technologically advanced products in order to cater to the increasing demand from amateurs and professional players.
The laser product segment accounted for a share of more than 60.0% in 2018 and is expected to maintain its lead over the forecast period owing to its high degree of accuracy. Key industry participants such as Bushnell Corporation, Nikon Corporation, SkyHawke Technologies, LLC, and ZEISS International are launching new products to tap new markets. For instance, in March 2019, Nikon Corporation launched a brand new technologically advanced portable Laser rangefinder under the brand name ‘COOLSHOT 20 GII’. The product is equipped with 6x monocular multicoated lenses for bright and clear view, coupled with a measurement range from 5 meters to 730 meters. These initiatives increase the product visibility, which is expected to fuel the golf rangefinder market growth over the forecast period.
Online channel is expected to remain the fastest growing distribution channel as a result of increasing number of smartphone users at a global level. Additionally, growing popularity of e-commerce portals for providing add-on benefits such as cash-on-delivery (COD), payback, door delivery, and coupon services is expected to force the buyers to utilize e-commerce portals for purchasing rangefinder products over the next few years.
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Key manufacturers include Bushnell Corporation; Nikon Corporation; GolfzonDeca Inc.; SkyHawke Technologies, LLC; ZEISS International; Laser Link Golf; Leupold & Stevens, Inc.; and Precision Pro Golf.
North America accounted for a share of 45.4% in 2018. U.S. is one of the countries in the world with a large golf playing population. According to the statistics provided by the American Golf Corporation, around 29 million population plays golf regularly, which is approximately 10% of the U.S. population. Out of this population, 50% of them are working professionals, which ensures increasing participation of the young population in golf.
Further key findings from the report suggest:
·         Asia Pacific is expected to expand at the fastest CAGR of 9.4% from 2019 to 2025 owing to increasing number of A-level and B-level executives in developing economies including China and India
·         U.S. is expected to generate a revenue of exceeding USD 70.0 million by the end of 2025
·         GPS rangefinder is expected to expand at the fastest CAGR of 8.8% from 2019 to 2025 as the product is capable of providing a better overall view of the hole
·         Offline distribution channel was the largest sale mode for the product with a share of more than 85.0% in 2018
·         Product innovation is expected to be a key strategy among the industry participants.
Asia Pacific is anticipated to emerge as the fastest growing market in the forecast period. This growth is attributed to rise in the number of A-level and B-level executives in developing countries such as China and India as a result of growth in the service and manufacturing sectors at a domestic level. This, in turn, is projected to promote the scope of golf as a leisure activity and thus, expand the product’s scope.
The global golf rangefinder market size was valued at USD 106.7 million in 2018. Rising popularity of golf among the business professionals at a global level is expected to be a key factor for the market growth. Moreover, increasing number of golf courses around the world is expected to expand the product’s scope over the forecast period.
Over past few years, golf has gained popularity like other sports including tennis and soccer around the globe. Moreover, increasing acceptance of this sports among men and women of any age has resulted in the increase in the number of golf courses across the globe. This game has increased popularity in the countries including U.S., Scotland, Ireland, and Denmark.
Growing trend of golf leads to an increase in the demand for rangefinder as it is a crucial tool for players to scale distance and improve their shots. This tool is also very essential for unprofessional golfers and amateurs as it allows them to gauge the distance between the target hole and them. This device has several benefits including assisting both professionals golfers as well as new comers to improve their games and increase the shot accuracy.
According to a report ‘Golf around the world 2017’ published by the R&A, a global golf sport governing body, there were total 33,161 golf facilities present in 208 countries around the globe till the end of year 2016. In addition, 74% of these facilities was geographically concentrated in the top 10 golf enthusiast countries including U.S., Canada, Scotland, England, Sweden, Germany, France, Australia, Japan, and South Africa.
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Grand View Research has segmented the global golf rangefinder market on the basis of product, distribution channel:
Golf Rangefinder Product Outlook (Revenue, USD’000, 2015 - 2025)
·         LASER
·         GPS
Golf Rangefinder Distribution Channel Outlook (Revenue, USD’000, 2015 - 2025)
·         Offline
·         Online
According to the statistics provided in the ‘Golf Industry Report’, in 2017, an estimated 23.8 million people played on-course golf and 8.3 million people played off-course, which was increased by 7%. The overall population who played golf was about 32 million. Such increase in the participation in sports is likely to propel the demand for the rangefinder over the forecast period.
Laser rangefinder was the prominent product segment with a share of exceeding 60.0% in 2018. The segment is expected to maintain its lead over the forecast period. These products are very accurate as compared to their counterpart GPS rangefinder, which is much helpful for the beginners to make accurate shots as well as to find the flag and ball’s exact position.Major manufacturing companies including Bushnell Corporation,Nikon Corporation, SkyHawke Technologies, LLC, and Callaway are launching new products in order to cater to the increasing demand for rangefinder across the globe.
For instance, in January 2019, Bushnell Corporation launched one of the technologically advanced laser rangefinder under the brand name ‘Pro XE’. The product has improved optics, coupled with longer ranging. Moreover, the company has updated the slope algorithm, which adds more precision to the product. These features expected to fuel the demand for technologically advanced product over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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