Golf Rangefinder Market Size to Reach USD 510.5 million by 2031 Growing at a CAGR of 6% | Exclusive Study by Transparency Market Research
The rapid urbanization and increased awareness of golf as a sport among teenagers and young adults present significant opportunities for market expansion in the golf rangefinder industry.
WILMINGTON, Del., Oct. 18, 2023 /PRNewswire/ — The global golf rangefinder market stood at US$ 302.9 million in 2022, and the global market is projected to reach US$ 510.5 million by 2031. It is anticipated to expand at a CAGR of 6% between 2022 and 2031.
Manufacturers in the golf rangefinder market are increasingly focused on meeting consumer preferences for specific products and materials. They offer golf rangefinders at affordable price ranges and customizable options, catering to the diverse needs of golf enthusiasts. Furthermore, manufacturers are expanding their reach through e-commerce channels, making it easier for customers to access their products globally.
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Golf Rangefinder Market Report Scope:
Size in 2022
US$ 302.9 Mn
Forecast (Value) in 2031
US$ 510.5 Mn
Growth Rate (CAGR)
No. of Pages
By Type, By Yard Range, By Price, By End-user, By Distribution Channel
In the golf rangefinder market, two main types of rangefinders are available: laser rangefinders and GPS rangefinders. Additionally, the hybrid rangefinder, combining the benefits of laser and GPS technologies, is gaining popularity among golfers.
GPS rangefinders calculate distances using signals from multiple satellites to provide information on targets’ lengths from the green’s front, back, and center. These devices are known for their speed and convenience. On the other hand, laser rangefinders utilize a laser beam to measure the distance between the player and the target precisely.
While laser rangefinders offer superior accuracy, GPS rangefinders provide quick and efficient distance information. This variety in rangefinder types allows golfers to choose the one that best suits their playing style and preferences, contributing to the growth and diversification of the golf rangefinder market.
Golf Rangefinder Market: Key Players
- Bushnell is set to introduce two exciting rangefinder models, the Tour V6 and the Tour V6 Shift, showcasing a fresh, sleek design with a contemporary color scheme. These rangefinders come equipped with cutting-edge golf technology, ensuring precise and accurate yardage measurements on the golf course.
- Shot Scope has unveiled the enhanced PRO LX and PRO LX+ golf rangefinders, offering golfers the ultimate on-course distance measurement tool. The PRO LX+ combines the features of a fast and precise rangefinder with a powerful buggy magnet alongside a robust GPS and performance tracking system.
Key Takeaways of Market Report
- Global golf rangefinder market to generate absolute dollar opportunity worth US$ 510.5 million until 2031.
- Global golf rangefinder market is valued at US$ 302.9 million in 2022.
- The market value of the global golf rangefinder market management from 2018 to 2022 is 5.52%.
- North America is registered to hold a market share of 56.8%.
- Europe is anticipated to have a value share of 44.2%.
Golf Rangefinder Market: Growth Drivers
- The global popularity of golf is rising, particularly among millennials, who are increasingly drawn to the sport from a young age. Additionally, the middle-class population and more youthful individuals in suburban areas embrace golf due to urbanization, higher disposable incomes, and a desire to invest in recreational activities.
- The growing popularity of golf drives the demand for rangefinders, which play a crucial role in helping players accurately measure distances and enhance their shots. These tools are equally valuable for novice golfers and amateurs, as they assist in determining the distance between the player and the target hole.
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Golf Rangefinder Market: Regional Landscape
- North America held a significant share in the golf rangefinder market. The region’s strong presence in the golfing industry and the active participation of golf enthusiasts contributed to this market dominance. The demand for golf rangefinders in North America was notable, with players seeking to enhance their game performance. The adoption of advanced golf rangefinder technology was particularly prominent in this region, as golfers in North America continuously look for ways to improve their skills on the course.
- Europe is poised to take a prominent position in value and volume in the golf rangefinder market during the forecast period. The region is expected to experience substantial growth, with the highest Compound Annual Growth Rate (CAGR). Golf’s popularity has been steadily increasing in Europe, attracting many enthusiasts. This surge in interest in the sport, particularly among the middle-class population and younger individuals in suburban areas, contributes to the heightened demand for golf rangefinders.
Golf Rangefinder Market: Segmentation
- By Type
- By Yard Range
- Below 400 Yard Rangefinder
- Between 400-800 Yard Rangefinder
- Above 800 Yard Rangefinder
- By Price
- Low (Below US$ 200)
- Medium (US$ 200 – US$ 400)
- High (Above US$ 400)
- By End-user
- By Distribution Channel
- E-commerce Websites
- Company-owned Websites
- Game Accessories Stores
- Independent Retailers
- Other Retail Stores
- By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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