Global Golf Rangefinder Market Size, Share, Growth Analysis, By Product Type, By Distribution Channel, By End-User, By Price, By Display Technology - Industry Forecast 2022-2028

Global Golf Rangefinder Market was valued at USD 135.16 million in 2021 and it is expected to reach a value of USD 234.66 million by 2028, at a CAGR of 8.2% over the forecast period (2022-2028).

Over the projection period, it is anticipated that the worldwide golf rangefinder market will be driven primarily by an enormous increase in golf's popularity among business executives and others in developed economies like the United States, Germany, and Japan. Also, a massive increase in the number of golf courses around the world is anticipated to fuel market expansion in the upcoming years. Our research indicates that there will be more than 38,000 golf courses in 206 nations worldwide by the year 2021. The top 10 golfing nations in the world, however, are home to almost 80% of all golf courses.

The worldwide golf rangefinder market is experiencing profitable growth due to the rising demand for golf rangefinders, which are becoming an increasingly important tool for golfers to scale the distance to the flag and enhance their strokes. In addition, there has been a significant increase in rangefinder adoption among players of all skill levels, including beginners and professionals, as a result of the high growth in product and technology innovation around the world, particularly in developed countries, by a number of market players.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Golf Rangefinder Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global golf rangefinder market is segmented on the basis of product type, distribution channel, end-user, price, and display technology, and region. By product type, the golf rangefinder market is sub-segmented into laser, GPS, and hybrid. By price, the market is segmented into premium, medium, economy. By display technology, the market is segmented into single display technology, dual display technology. By distribution channel, the market is bifurcated into online and offline. By end-user, the golf rangefinder market is categorized into professionals and beginners. By region, the market is divided into North America, Europe, Asia pacific, Latin America, and MEA.

Drivers

The main factors anticipated to propel global golf rangefinder projects throughout the course of the forecast period include technological developments, an increase in infrastructure projects around the globe, and a shift in customer preferences for better designing and features. In the upcoming years, it is projected that a significant increase in athletic events around the world and a rising need for precise equipment in a variety of sports will further drive market expansion.

Every day, golf as a sport gains more and more popularity.

Rangefinders are becoming more necessary as interest in golf as a sport develops.

With more amateurs and new players joining the game every day, the rangefinder has become a crucial tool since it enables them to determine how far away the target hole is from them.

Restraint

The golf rangefinder market is anticipated to be constrained by technological issues with the rangefinder, such as difficulty focusing on a target, reading errors, and blank displays. The use of golf rangefinders in large competitions is prohibited due to their technological flaws, including their inability to accurately measure distances and provide accurate readings. It may restrict the worldwide golf rangefinder market over the upcoming years.

The market is expected to be constrained by the alternative golf rangefinder solution.

The introduction of consumer-friendly smartphone golf rangefinders poses a risk to the market's expansion.

Market Trends

Since a few years ago, there has been an increase in urbanisation along with several infrastructure projects, including smart cities. These elements are driving up demand for golfing facilities, which in turn is driving up demand for golf rangefinders, and are anticipated to fuel market demand and growth in the years to come. Also, the growing popularity of these tournaments and the widespread use of distance measurement equipment in professional competitions are having a favourable impact on the worldwide golf rangefinder industry.

The primary characteristics that are currently trending in the golf rangefinder industry are the DDT innovation, or Dual Display Technology, and Slope Compensation Technology.

DDT is advertised as a beneficial feature since it allows users to adjust the display colour to one that is best apparent to them when lighting conditions change.