New York, July 05, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence's report on the "Global Golf GPS Market" reveals a valuation of USD 4,063.17 million in 2022, with a projected growth to USD 6,743.59 million by 2030, at a CAGR of 6.7%.
Golf GPS (Global Positioning System) refers to a technology used in golf to provide players with precise distance measurements on a golf course. Golf GPS utilizes a network of satellites to determine the exact location of an object or individual on Earth. Additionally, golf GPS devices have preloaded course maps, allowing golfers to view information including the distance to the front, center, and back of greens, hazards, and fairway bunkers, among others on the course.
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The increasing demand of golf GPS devices to provide valuable information to golfers including precise yardages and course mapping to enhance performance is the major driver for the growth of the market. Additionally, the advancements in technology including the emergence of touchscreen displays that allow for better navigation, shot planning, and overall course management are also accelerating the market growth. Moreover, the emergence of sunlight-readable high-resolution displays to offer high visibility even in bright sunlight is further contributing significantly in promoting the market growth. For instance, in March 2021, Garmin Ltd. introduced a new lineup of GPS devices including the Approach G12 GPS rangefinder, Approach S42 golf smartwatch, and Approach S12 golf watch. The advanced series offers a color touchscreen display that allows high visibility even in bright sunlight, thus contributing remarkably in propelling the market growth.
Moreover, the integration of golf GPS with Artificial Intelligence (AI) and Machine Learning (ML) is expected to create opportunities for market growth. AI and ML algorithms analyze a golfer's historical data, performance patterns, and course information to provide personalized recommendations. The integration considers factors including playing style, strengths, weaknesses, and environmental conditions, to offer tailored strategies for improving the performance of the player. However, the high manufacturing cost associated with golf GPS devices is restraining the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | 6,743.59 |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Amazfit (Zepp Health Corporation, Ltd.), Bushnell Corporation, Shot Scope Technologies Ltd., Celestron LLC, Garmin International, Inc., GolfzonDeca Inc., Izzo Golf, Inc., Samsung Electronics Co. Ltd., SkyHawke Technologies, TomTom N.V., Topgolf Callaway Brands Corp. |
| By Type | Wristband Watch Type, Handheld Device, Voice-Enabled Device, and Smartphone Applications |
| By Sales Channel | Offline and Online |
| By Application | Professional Use and Amateur Use |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Golf GPS Market Growth Drivers:
- Rising interest of individual in golf as a recreational activity or competitive sport is increasing the demand of golf GPS devices to offer valuable information including precise yardages and course mapping to enhance the performance of golfers.
- Advancements in GPS technology including satellite mapping and aerial imagery to enhance the functionality and reliability of golf GPS devices are propelling the market growth.
- Emergence of the advanced transflective display to offer high visibility even in bright sunlight is accelerating the market growth.
Restraints
- High manufacturing cost associated with golf GPS devices is restraining the market growth.
- Increased reliance of golf GPS watches on battery power to function efficiently is hampering the market growth
Opportunities
- The integration of golf GPS with Artificial Intelligence (AI) and Machine Learning (ML) is expected to create opportunities for market growth.
Global Golf GPS Market Segmentation Details:
Based on Type, the handheld device segment contributed the largest shares to the market growth in 2022. The growth is attributed to the presence of larger screens in handheld devices to allow more detailed course mapping and better visibility. The larger display allows for better navigation, shot planning, and overall course management. Additionally, handheld devices among others offer color displays, enhancing the visual experience and usability of the user. Moreover, handheld devices also tend to provide advanced features including touchscreens, shot tracking, club recommendations, and comprehensive analytics, further driving the growth of the golf GPS market.
Based on Sales Channel, the offline sales channel segment offered substantial shares to the global Golf GPS market in the year 2022. The growth is attributed to the ability of offline sales channel to allow customers to physically interact with the devices, test the features, and enquire questions to sales representatives. Additionally, physical stores provide assistance to customers on various factors associated with accuracy, course coverage, ease of use, features, battery life, and price of golf GPS devices. Moreover, offline sales channels provide an opportunity for customers to have detailed conversations with sales representatives to receive expert advice and guidance for the specific golf GPS device, further driving the growth of the offline segment.
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Based on Application, the professional users segment holds the maximum share to the market growth in the year 2022. The growth is attributed to the increasing adoption of golf GPS devices to analyze course layouts, distances, and potential hazards. The professional golfers study the course maps, identify the best routes, and develop strategic plans for each hole. Golf GPS devices help professionals to make informed decisions on club selection, shot placement, and course management to optimize performance, hence contributing notably in accelerating the growth of the golf GPS market.
Based on region, Europe has been a major contributor to the growth of the Golf GPS market. This growth is attributed to the rich golfing tradition, with a long history of golf courses and a large number of avid golfers. Additionally, Europe is known for technological advancements and innovation across various industries, including sports. European manufacturers and developers are at the forefront of designing and producing high-quality golf GPS devices. The region's emphasis on research and development, coupled with the presence of key players, has resulted in innovative features and advanced functionality in golf GPS devices, attracting both European and global consumers. Consequently, advancements in technology and the rich golfing tradition encourage a large number of Europeans to play golf, which in turn, promoting the growth of the market.
Recent Developments
- In August 2022, Bushnell introduced ION Elite Golf GPS watch with a color touchscreen display and pre-loaded 38,000+ courses to provide golfers with more precise yardages.
- In July 2020, Shot Scope launched golf GPS watches namely G3 and V3 that utilize enhanced GPS technology to automatically track each shot without interrupting the performance of the player.
Key Market Highlights
- Globally, the Golf GPS is divided based on the type into wristband watch type, handheld device, Voice-Enabled Device, and smartphone applications.
- In the context of the sales channel, the market is separated into offline and online.
- The application segment of the Golf GPS is classified into professional use and amateur uses.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Golf GPS devices.
List of Major Global Golf GPS Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —
- Amazfit (Zepp Health Corporation, Ltd.)
- Bushnell Corporation
- Shot Scope Technologies Ltd.
- Celestron LLC
- Garmin International, Inc.
- GolfzonDeca Inc.
- Izzo Golf, Inc.
- Samsung Electronics Co. Ltd.
- SkyHawke Technologies
- TomTom N.V.
- Topgolf Callaway Brands Corp.
Global Golf GPS Market Segmentation:
- By Type
- Wristband Watch Type
- Handheld Device
- Voice-Enabled Device
- Smartphone Applications
- By Sales Channel
- Offline
- Online
- By Application
- Professional Use
- Amateur Use
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Key Questions Covered in the Golf GPS Market Report
- What will be the potential market valuation for the Golf GPS industry by 2030?
- The market valuation for the Golf GPS is expected to be approximately USD 6,743.59 by 2030 owing to the ability of golf GPS devices to offer valuable information including precise yardages and course mapping to enhance the performance of golfers.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Golf GPS Market's growth in the coming years?
- North America is expected to witness the fastest CAGR during the forecast period owing to the advancements in technology including satellite mapping and aerial imagery that enhances the functionality and reliability of golf GPS devices.
- What specific segmentation details are covered in the Golf GPS Market report, and how is the dominating segment impacting the market growth?
- The handheld devices segment dominates the market share as the devices have larger screens, allowing for more detailed course mapping and better visibility. The larger display allows for better navigation, shot planning, and overall course management, driving the growth of the market.
- What specific segmentation details are covered in the Golf GPS market report, and how is the fastest segment anticipated to impact market growth?
- Amateur golfer segment is anticipated to witness the fastest CAGR as amateurs utilize GPS devices to determine distances to hazards, fairways, greens, and other points of interest. The information helps amateur golfers to make informed decisions on club selection and shot strategy, improving accuracy and overall performance.
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