SAN FRANCISCO, Aug. 13, 2019 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 80 page research report with TOC on "Golf Rangefinder Market Size, Share & Trends Analysis Report By Product (LASER, GPS), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/golf-rangefinder-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.
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)
- Golf Rangefinder Distribution Channel Outlook (Revenue, USD'000, 2015 - 2025)
- Heated Jacket Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Find more research reports on Consumer Goods Industry, by Grand View Research:
- Golf Equipment Market – The global golf equipment market size was valued at USD 6.51 billion in 2018 expanding at a CAGR of 2.2% over the forecast period.
- Baseball Equipment Market – The global baseball equipment market size was valued at USD 15.3 billion in 2018. Increasing number of participants including youngsters and adult players in outdoor sports is projected to be the key driving factor.
- Sports Protective Equipment Market – The global sports protective equipment market size was valued at around USD 9.0 billion in 2018 and is expected to expand at a healthy CAGR over the forecast period.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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