Golf Rangefinder Market size to grow by USD 256.88 million from 2022 to 2027 | Growth in golf infrastructure worldwide drives market – Technavio
NEW YORK, Aug. 24, 2023 /PRNewswire/ — The “Golf Rangefinder Market” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 17+ years. The projected growth for the Golf Rangefinder Market is USD 256.88 million, with an accelerating CAGR of 8.11% during the forecast period. The expansion of the golf rangefinder market depends on several factors, including the adoption of Distance Measuring Devices (DMDs) in golf tournaments, the worldwide increase in golf infrastructure, and the growing enthusiasm for professional golf tournaments.
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Key Market Dynamics:
The growth of the golf rangefinder market is driven by the worldwide expansion of golf infrastructure. Although golf remains concentrated in the top 20 golfing nations, golf course numbers are steadily rising across the globe. Prominent countries such as Australia, Canada, England, Japan, and the US are witnessing the development of golf facilities in private clubs, resorts, and golf-centric real estate. This growth in infrastructure development is anticipated to drive the growth of the global golf rangefinder market in the foreseeable future.
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Companies are employing diverse tactics, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence.
One such company is Garmin Ltd, which offers golf rangefinders like the Approach Z82 GPS Laser rangefinder. Technavio’s golf rangefinder market research report provides comprehensive analyses of the market’s competitive landscape and information about major companies, including:
- Blue Tees Golf
- Callaway Golf Co.
- Carl Zeiss Stiftung
- Celestron Acquisition LLC
- Game Golf Pro
- Gogogo Sport
- IZZO Golf Inc.
- Laser Link Golf LLC
- Leica Camera AG
- Leupold and Stevens Inc.
- Nikon Corp.
- Precision Pro Golf
- Shot Scope Technologies Ltd.
- SkyHawke Technologies LLC
- Vista Outdoor Inc.
Market Segment Highlights:
The Golf Rangefinder Market is segmented by product (laser and GPS), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
From 2022 to 2027, North America is projected to contribute 41% to the global market growth. This growth is influenced by factors like global suppliers providing raw materials for golf equipment, including rangefinders. The region’s rising average income, purchasing power, and job security have led to increased spending on leisure activities, particularly golf, thereby driving market growth. Despite a slowdown in 2020 due to COVID-19 restrictions, the commencement of vaccination drives in 2021 led to the reopening of golf courses and facilities. Consequently, there was a rise in demand for golf rangefinders, especially in North America.
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