"Overview of Golf Rangefinder market"
The Golf Rangefinder Market Is Anticipated To Reach Market Value Of US$ 216.8 Mn By 2027, Growing At A CAGR Of 8.2 % During The Forecast Period
The global Golf Rangefinder market is at its booming stage. The market is expected to show impressive growth during the forecast period. Some of the factors fuelling the growth of the global market include the rising popularity of golf among high-class people, increasing the number of infrastructural projects, and rising disposable income in developing countries.
Rising Number of Golf Courts Coupled with Increasing Popularity of Golf is driving the demand for Golf Rangefinder across the Globe
Golf is gaining popularity over other sports like soccer and tennis across the globe. The number of participants has been registered with a rapid increase since the last few years. According to a study conducted by National Golf Foundation, in 2018, more than 24 million people played on-course golf in the U.S. however, more than 9 million people joined in off-course golf activities in indoor golf simulators, driving ranges, and entertainment venues such as drive shack and top golf. More than 2 million people participated in golf for the first time which reveals the popularity of the sport at a larger scale. Moreover, golf is also being popular among the female population which is positively impacting the market growth.
Hence, the rising popularity of golf is propelling the growth of golf rangefinders as it is necessary for golfers to scale the distance which will help them to improve the task. This makes the golf rangefinders a crucial tool in the sport. However, the availability of smartphone golf rangefinder might hamper the growth of the global market at a minimal extent as it does not provide accurate results as laser or GPS rangefinders.
Laser Segment Held Prominent Share in Global Golf Rangefinder Market in 2018
On the basis of the product, the global golf rangefinder market is dominated by the laser segment. The laser rangefinders are gaining popularity among beginners to scale the accurate distance and ball’s and flag’s exact location which helps them to improve their shots. Moreover, the manufacturers are continuously launching new laser golf finders to cater to the demand from several regions which is anticipated to poise a positive impact on the segment growth.
Offline Segment Occupied Significant Share in 2018
In terms of distribution channels, the offline segment is estimated to lead the global golf rangefinders market throughout the forecast period whereas the online distribution channel is forecasted to grow at a lucrative compound annual growth rate during the forecast period.
The growth of online channels can be accredited to the convenience and discount offered by the platform. Moreover, the major companies are launching their excusive e-commerce websites from where the user can buy authenticated products. It gives the end-user the brand and quality assurance which is propelling the growth of the segment.
The retail chains are continuously focused on opening their new stores and conducting promotional activities across the globe. This is intended to attract crack the untapped market and attract new customers. For instance, in April 2019, one of the leading sports retailer Decathelon S.A. opened their new store in California. These factors are favouring the growth of offline distribution channels.
North America is anticipated to be the dominate the Global Rangefinder Market during the Forecast Period
By geography, North America led the global market by holding the highest share in 2018. The region is expected to dominate the global golf rangefinders market throughout the forecast period. The dominance of the region can be credited to rising popularity of golf in U.S. and Canada. According to data revealed by the National Golf Foundation, in 2018 more than 100 million people which is almost 35% of the population participated in golf. This ensures the fame of the sports in these continents. Moreover, the presence of prominent players in the region is expected to widen the growth of golf rangefinder market in the region.
In March 2018, Bushnell Golf launched their new hybrid golf range finder with a combination of GPS and Laser technology in one device. The company also stated that the new product will help the players to get an accurate and complete yard measurement. The launch was intended to expand their customer base across the globe by offering technological advanced products.
In July 2019, Volvik announced the launch of their first laser golf rangefinder branded as V1. The new product is integrated with advanced technologies and help the golfers to get the precise yardage. The launch will help the company to strengthen their foothold in global market.
Some of the major players operating in global rangefinder market include ZEISS, Bushnell Corporation, SkyHawke Technologies, LLC, Nikon Corporation, Leupold & Stevens, Inc., Callaway, and Laser Link.
Global Golf Rangefinder Market by Product Type
Global Golf Rangefinder Market by Distribution Channel
Global Golf Rangefinder Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America