The best GPS for golf is a must-have to take your game to the next level. This handy device makes it easier to plan your next moves while also evaluating your performance. It makes it quicker to locate the ball on the golf course. With its usefulness, the market has increased over the years. More and more people are realizing its importance, resulting in a higher demand. Read on as we talk about the current market size and projections about its growth.
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Market Growth Over the Years
In 2020, the golf GPS market was valued at $348.5 million. Based on a recent study by Industry Research, analysts are expecting a compound annual growth rate (CAGR) of 2.5% from 2021 to 2026. That said, the projection is that the market will grow to $404.8 million in 2026.
The market growth form 2020 to 2021 was not that high, and there is one obvious culprit for such – COVID-19. Even if golf isn’t a contact sport, many people around the world stopped playing, and hence, there is no need for good golf GPS watch or similar device. With the current economic revival and vaccination rates, however, it is expected that life is slowly going back to normal, and such has a favorable impact in the golf GPS market.
Other Things to Know about the Golf GPS Market
Aside from the things mentioned above, this section looks at the other things that will give you valuable insights about the growth of the global GPS market.
Top Golf GPS Manufacturers
Despite the increase in the market size, the competition is limited amongst the top brands. Some of the most reputable manufacturers with the highest market share include Golf Buddy, Garmin, Bushnell, Callaway Golf, TomTom, SkyHawke Technologies, Izzo Golf, and Game Golf. If you want reliable products that do not experience the most common golf GPS problems, then you must consider those brands.
Dominating the Market
The region with the highest market share for golf GPS is North America. More than 80% of the units sold are from the latter. This is pretty understandable since it has a huge population of golfers. Not to mention, it has lots of golf courses and hosts many tournaments throughout the year. After North America, Europe and Asia Pacific are the next biggest regional markets for golf GPS.
Main Product Types
Over the next years, reports indicate that two main golf GPS types will continue to dominate the market – wristband watches and handheld devices. Meanwhile, based on application, the product is divided into two categories – amateur and professional. Regardless of which one you choose, you can expect the many benefits of using a golf GPS.
As noted above, from $348.5 million in 2020, it is expected that the global golf GPS market will grow to $404.8 million by 2026, which represents up to 2.5% CAGR. With COVD-19 affecting almost every aspect of our lives, golf equipment was not spared. The growth slowed down, but with things gradually getting back to normal, analysts are expecting a better market performance.