Latest News- Golf Rangefinder Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Golf Rangefinder Market is being driven by Approval of DMDs in golf tournaments

The Golf Rangefinder Market is expected to grow at a CAGR of 10.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 354.8 million. The golf industry has experienced significant technological advancements over the past decade, with mobile application developers playing a pivotal role in this evolution. Smart golf rangefinders, an innovative application of GPS technology, have emerged as a popular choice among golf enthusiasts. Leveraging the GPS functionality of smartphones, developers create golf applications, making rangefinders accessible at no additional cost. The widespread adoption of smartphones has propelled manufacturers to integrate this technology into golf rangefinders. However, it is essential to note that smartphone rangefinders may not provide the same level of accuracy as standalone GPS or laser rangefinders. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product
  • Laser
  • GPS
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • UK
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Approval of DMDs in golf tournaments
• Growth in golf infrastructure worldwide
• Steadily increasing interest in pro-golf tournaments

However, the market also witnesses some limitations, which are as follows:

• High cost of golf equipment like golf rangefinders
• Uncertain environmental conditions
• Increasing adoption of fantasy golf

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Market Scope in Golf Rangefinder Market Research Report

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Research Analysis Overview

The golf rangefinder market is experiencing significant growth, driven by innovation, user-friendly features, and the increasing popularity of golf tourism. However, high product costs remain a challenge for some consumers. Professional golfers and amateur enthusiasts alike seek advanced technologies like shot tracking, course maps, high-definition displays, and laser rangefinders with GPS integration. Construction activities and land availability impact the market, with raw components and golf course establishments driving up costs. Hybrid models combining laser and GPS technologies are gaining popularity. Bushnell Golf, Shot Scope, Bozily, Wosports, and Callaway Golf Company lead the market. Emerging economies and younger demographics present new opportunities, but battery problems and maintenance charges remain concerns. Innovations like shot selection and improved user interfaces are expected to attract more consumers. Despite challenges, the future looks bright for the golf rangefinder market as it continues to enhance the golfing experience for players worldwide. The National Golf Foundation reports that golf tourism generates over USD84 billion annually, making it an attractive industry for businesses. With continuous innovation and a focus on user experience, the golf rangefinder market is poised for continued growth.

Market Research Overview

The global leisure products market, a segment of the larger household durables industry, encompasses categories such as sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and consumer-oriented games. According to Technavio's market analysis, the household durables market size is determined by the consolidated revenue generated by manufacturers of various household durables, including consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products. The growth of this market is attributed to the surge in health and fitness club memberships, which have experienced consistent growth over the past decade. This trend is further fueled by the increasing number of health and fitness clubs, presenting significant opportunities for market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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