LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global golf rangefinder market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global golf rangefinder market will grow at a CAGR of over 5% during the forecast period. The worldwide growth in golf infrastructure is a major factor driving the growth of the market.
Although golf courses remain highly concentrated in the top 20 golfing nations, their number is increasing steadily across the globe. In January 2017, over 34,500 golf facilities were available worldwide. Most of these facilities are in the top 10 golfing countries including Australia, Canada, England, Japan, and the US. Most of these facilities are in private clubs, golf resorts, and golf-centric real estates, making them largely accessible.
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In this report, Technavio highlights the advent of smart golf rangefinders as one of the key emerging trends in the global golf rangefinder market:
Advent of smart golf rangefinders
Technology has evolved tremendously over the last eight to ten years and the sports industry, including golf, has adopted it well. For example, mobile application developers are becoming one of the important stakeholders in the golf industry with the introduction of smart golf rangefinders. Application developers are creating golf applications for smartphones using the GPS functionality of smartphones.
According to a senior analyst at Technavio for outdoor gear research, “The popularity of smartphone golf rangefinders can be attributed to their zero-cost availability. The increasing penetration of smartphones has also encouraged manufacturers to adopt this technology for golf. However, smartphone rangefinders are not as accurate as standalone GPS golf rangefinders or laser golf rangefinders.”
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Global golf rangefinder market segmentation
This market research report segments the global golf rangefinder market by product (laser golf rangefinders and GPS golf rangefinders) and key regions (the Americas, APAC, and EMEA).
The laser golf rangefinders segment dominated the market with close to 61% of the market share in 2017. However, the market share of this segment is expected to decline by a little over 1% over the forecast period.
The Americas held the largest market share in 2017, followed by EMEA and APAC. However, the market share for this region is expected to decrease while that of the other two regions is expected to increase over the forecast period.
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