QYR Predicts that the Global Golf Rangefinder Market to Reach USD 540.7 Million by 2022, a Significant Increase from USD 421 Million in 2016 ● Industry Report ●Survey and Research ●Maket Analysis ●Research Report
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Author
Chen Yang
Company QYResearch
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Golf as a sport is catching on around the world, and competition can be very intense among individual players. Like tennis, golf is a sport that can be played at any age. With an increase in dual income households, more people are able to indulge their interests and take up a new sport. Golf rangefinders are a great tool to help players gauge distances and improve their scores. These handy tools have proven very useful to amateur golfers as they help to measure the distance between the player and the green or the flag. QYR’s market research analyst predicts the global rangefinder market to grow at a CAGR of just over 4% during the forecast period. Interest in golf is on the rise in many developing countries and thanks to online retailing, consumers are spending more on golf gear. Another factor boosting sales of rangefinders in developing countries is the presence of good weather all throughout the year. With the help of online retailing, well-known golf vendors are able to make inroads into these markets and offer their best products as well as training equipment at good prices. The global golf rangefinder market is expected to reach USD 540.7 million by 2022, growing at a CAGR of 4.26%, according to QYR’s latest report. qyresearchglobal.com
Figure Product Picture of Golf Rangefinder
Source: Secondary Sources and QYR Mechanics Research Center, May 2017 qyresearchglobal.com
Golf rangefinder market in Europe In 2016, Germany, the Netherlands, and France exhibited the highest growth in the golf rangefinder market in Europe. These countries are popular tourist destinations, and the increase in the number of golf courses acts as an added attraction for tourists. The Czech Republic and Poland are the largest golf markets in Central and Eastern Europe. High participation rate is also reported from emerging markets of Lithuania, Serbia, and Bulgaria. Across Europe, governments, in collaboration with local and regional golf associations and other industry stakeholders, are undertaking several initiatives to increase the participation rates. “With initiatives like European Tour tournament and the junior golf initiative in Scotland organized by the golf federations in the region, countries like Switzerland, Scotland, and Belgium have attracted new golfers,� says Abhay. qyresearchglobal.com
Golf rangefinder market in APAC The golf equipment market in APAC in APAC is growing steadily since 2012. This is due to an increase in the awareness about golf among end-users and the growth of the corporate sector in countries like India and China. Japan, Australia, China, and India are the four key markets for golf equipment in APAC, which will contribute to the steady growth of the golf rangefinder market during the forecast period. In 2016, Japan held the second largest share of the global golf equipment market after the US. However, the participation rate in the country may decline due to an increase in the older population. However, the growing interest in golf among the young generation will help Japan in remaining the highest revenue contributor in APAC.
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Golf rangefinder market in ROW South America, the Middle East, and Africa are the key markets in ROW. The market in this region was valued at USD 33.4 million in 2016 and is expected to reach USD 43.7 million by 2022. The golf equipment market in South America shows high growth potential as the registration rate has increased significantly over the last 10 years. The market growth is driven by well-developed economies, favorable weather conditions, a variety of terrains, and extensive media exposure of golf.
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