Golf Rangefinders Market Size, Share, Trends, Growth and Forecast 2030

Golf Rangefinders Industry Perspective:    

The global golf rangefinders market size was evaluated at USD 351.56 million in 2022 and is slated to hit USD 602.31 million by the end of 2030 with a CAGR of nearly 6.89% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global market space. The golf rangefinders industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the golf rangefinders market report explores the investor and stakeholder space to help companies make data-driven decisions.

Golf Rangefinders Market: Overview

A key function of a golf rangefinder is to measure the distance between your present standing location and the target or goal post. Reportedly, rangefinders help in determining the yardstick of a particular shot along with its wind and slope. An increase in the number of golf courses is projected to boost the popularity of golf rangefinders. Moreover, there is a humungous need for accuracy and distance management for golf. Furthermore, experienced players require apt shot selection, and hence for shot accuracy golf rangefinder is required.  

Key Insights

• As per the analysis shared by our research analyst, the global golf rangefinders market is projected to expand annually at the annual growth rate of around 6.89% over the forecast timespan (2023-2030)
• In terms of revenue, the global golf rangefinders market size was evaluated at nearly $351.56 million in 2022 and is expected to reach $602.31 million by 2030.
• The global golf rangefinders market is anticipated to record massive growth over the forecast period owing to the rise in the popularity of golf among young people.
• In terms of product, the laser segment is slated to register the fastest CAGR over the analysis period.
• On the basis of application, the beginners segment is slated to dominate the segmental surge over the forecast period.
• Based on distribution channel, the offline segment is predicted to lead the distribution channel segment over the forecast timespan.
• Region-wise, the European golf rangefinders market is projected to register the fastest CAGR during the assessment timeline.

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Golf Rangefinders Market: Growth Factors

Increase in the growing popularity of golf to boost the global market trends

The surging popularity of golf among professionals is anticipated to boost the expansion of the golf rangefinders market across the globe. Apart from this, a rise in the number of golf courses globally will embellish the expansion of the global market. The rise in the acceptance of golf among young people has prompted the global market space. Escalating product popularity in developed countries such as Denmark, Scotland, and Ireland will steer the global market trends. New product launches will contribute significantly towards the size of the market globally. For instance, in April 2023, Bushnell Golf, a key manufacturer of golf accessories, upgraded laser rangefinders through the launching of new tour V6 shift and tour V6 laser rangefinders. Reportedly, the new products will determine the range up to 500 yards and provide x6 magnification. Moreover, the new products will help golf players accurately measure distance readings, thereby optimizing their performances in golf events. The move is likely to add to the golf rangefinder portfolio of the firm and will contribute majorly towards the global market proceeds. In May 2023, GOLFBUDDY, a key manufacturer of golf rangefinders, introduced the Laser Lite2, a new golf rangefinder. The initiative will spearhead the growth of the golf rangefinders business across the globe.  

Golf Rangefinders Market: Restraints

A rise in maintenance charges & battery problems can hinder the global industry demand 

With a large number of devices delivering apt measurements from about 100 yards to 200 yards, they can be less accurate when the target is farther away. This can obstruct the expansion of the global golf rangefinders industry. Apart from this, golf rangefinders can have maintenance & battery issues and this can create hurdles in the path of growth of the global industry.  

Golf Rangefinders Market: Opportunities

Rise in golf course establishments in both developed & developing economies can open new avenues for growth for the global market

A prominent increase in the number of golf players & golf courses globally is predicted to offer huge growth opportunities for the golf rangefinders market across the globe. The growing significance of leisure activities globally will contribute sizable to the business landscape in the years ahead.

Golf Rangefinders Market: Challenges

Dynamic pricing of raw components can prove to be a challenging task for global industry growth in the upcoming years

Fluctuating raw material costs and changes in the pricing of the products can put up a big challenge for the global golf rangefinders industry. Apart from this, inadequate land available for setting up golf courses due to growing construction activities owing to the surging population globally can prove to be a major impediment to golf activities, thereby creating a big challenge for the industry’s growth globally. 

Golf Rangefinders Market: Segmentation

The global golf rangefinders market is sectored into product, application, distribution channel, and region.

In product terms, the global golf rangefinders market is segregated into laser and GPS segments. In addition to this, the laser segment, which gathered more than three-fifths of the global market share in 2022, is predicted to record the highest CAGR in the forecast timespan. The growth of the segment in the coming years can be attributed to its accuracy in measuring distances which can help beginners in making accurate shots along with finding the exact position of the flag and ball.

On the basis of the application, the golf rangefinders industry across the globe is sectored into beginners and professional segments. Furthermore, the beginners segment, which garnered a huge share of the global industry in 2022, is expected to lead the application landscape in the foreseeable future. The segmental surge in the forecast timespan can be owing to escalating demand for golf rangefinders by beginners owing to the requirement of accuracy for finding the position of the ball and learning quickly.

Based on the distribution channel, the golf rangefinders industry globally is divided into offline and online segments. Furthermore, the offline segment, which accumulated a major chunk of the global industry share in 2022, is set to lead the growth of the segment in the upcoming years. The segmental growth in the forecast timespan can be owing to an increase in the number of retail stores selling the product and a surge in the consumer base for the product.

Golf Rangefinders Market: Report Scope

Golf Rangefinders Market: Regional Insights

North America to establish its domination in the global market over 2023-2030

North America, which accounted for more than 50% of the global golf rangefinders market revenue in 2022, is anticipated to record notable growth over the assessment timeline. The market expansion in the region over the assessment period can be owing to a surge in the number of golf events and activities taking place in the countries such as Canada and the U.S. Rise in awareness about the benefits of golf rangefinders in these countries will further contribute to the growth of the market in the region. Additionally, the presence of key players such as SkyHawke Technologies, LLC, Bushnell Corporation, Leupold & Stevens, Inc., Nikon Corporation, and ZEISS International will expedite the growth of the market in North America.

Furthermore, the golf rangefinders industry in Europe is expected to register the fastest CAGR in the assessment timeline. The key growth driving factors of the industry in the continent include a rise in the participation of individuals in the golf events taking place in the countries such as the UK and Ireland. Apart from this, the growing demand for golf accessories such as golf rangefinders in the region due to preference for leisure activities will spur the industry trends in the continent. An increment in golf courses and the number of players in the continent will further steer the regional industry expansion.

Golf Rangefinders Market: Competitive Space

The global golf rangefinders market profiles key players such as:

• Callaway
• Nikon Corporation
• Bushnell Corporation
• Golf Buddy
• TecTecTec
• Skyhawk Technologies LLC
• ZEISS International
• Garmin
• Wosports
• Laser Link
• Leupold & Stevens Inc

The global golf rangefinders market is segmented as follows:

By Product         

• Laser
•  GPS

By Application

• Beginners
• Professionals

By Distribution Channel

• Offline
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa