What is the market size of the Golf Rangefinder Market?
13-Mar-2020: 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 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.
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.
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.
Key manufacturers
include Bushnell Corporation; Nikon Corporation; GolfzonDeca Inc.; SkyHawke
Technologies, LLC; ZEISS International; Laser Link Golf; Leupold & Stevens,
Inc.; and Precision Pro Golf.
In
depth research report on Golf Rangefinder Market
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.
Grand View Research
has segmented the global golf rangefinder market on the basis of product,
distribution channel, and region:
Golf Rangefinder Product Outlook (Revenue, USD’000, 2015 -
2025)
·
LASER
·
GPS
Golf Rangefinder Distribution Channel Outlook (Revenue,
USD’000, 2015 - 2025)
·
Offline
·
Online
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About
Grand View Research
Grand View Research, Inc. is the
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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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