Market Insight-Global Golf Launch Monitor Market Overview 2022
The Global Golf Launch Monitor Market Size Is Projected to Reach US$ 301.00 Million by 2028, from US$ 221.13 Million in 2021, at a CAGR of 4.49% during 2022-2028.– Bossonresearch.com
The global Golf Launch Monitor market size is projected to reach US$ 301.00 Million by 2028, from US$ 221.13 million in 2021, at a CAGR of 4.49% during 2022-2028. The rapid development of the global golf game is a key factor driving the growth of the golf launch monitor market. With the rapid improvement of people's health awareness, in order to avoid crowded places, more and more people choose to conduct physical exercise and business negotiations in golf courses with quiet environment, good air and few people. According to the latest research data from the R&A and Sports Marketing Survey (SMS), during the five years from 2016 to 2021, there will be more than 5.5 million new golfers around the world, and the total number of golfers will reach 66.6 million, a new high. Amidst this, a growing number of women and millennials are getting involved in golf. Overall, the high growth in the number of golf participants has spawned the demand for golf launch monitors.
Figure Global Golf Launch Monitor Market Size
Source: Bossonresearch.com, 2022
Driving Factors
The rapid development of global golf
With the rapid improvement of people's health awareness, in order to avoid crowded places, more and more people choose to conduct physical exercise and business negotiations in golf courses with quiet environment, good air and few people. Take the United States, which has the most golf participation in the world, as an example. According to the NGF survey report, the number of golf matches in the United States will increase by 13.9% year-on-year in 2020, and the number of golf matches in the United States will increase by 5.5% year-on-year in 2021. In addition, in 2021, in addition to the record high number of people participating in golf in the United States, the number of people participating in off-course golf and the number of people participating in on-course golf will continue to approach and will soon exceed. In the past three years, although the new crown epidemic has been raging around the world, many golf courses, including indoor golf courses, have experienced short-term closures, and tours have been postponed or even cancelled, but the total golf population has not stopped growing. According to the latest research data from the R&A and Sports Marketing Survey (SMS), during the five years from 2016 to 2021, there will be more than 5.5 million new golfers around the world, and the total number of golfers will reach 66.6 million, a new high. The high growth of golf participation has created the demand for golf launch monitors. Golf is a very popular sport in North America, Europe and some developed countries. The golf community mainly refers to the community that takes the golf course as the activity center and covers a certain surrounding activity area. Globally, with 540 new golf course projects in various stages of active construction or advanced planning in 96 countries, golf continues to grow, according to the NGF report. More and more media exposure to international golf events helps to increase golf's popularity among the general public. This trend encourages young people to take up the sport, further boosting sales of golf equipment such as launch monitors.
Development and expansion of new golf courses with government support
Golf tourism has grown significantly in recent years due to the expansion of golf courses around the world, as well as an increase in the number of golf tournaments. This is expected to increase the adoption of golf equipment such as various golf launch monitors and increase the overall demand. Countries are actively taking measures to promote golf tourism in their respective regions. Governments are promoting golf resorts to local and international tourists, generating additional foreign exchange through the development of golf tourism, thereby boosting economic development. For example, in June 2021, Scotland launched a new golf tourism and visitor strategy focusing on destination development, community engagement, education and health. Also in India, the tourism minister announced that the government would support efforts aimed at attracting more foreign golfers to some 220 golf courses in the country. Factors such as the development and expansion of new golf courses, and increasing government initiatives to promote golf tourism have popularized the sport, thereby increasing the demand for its related equipment. Additionally, high-end resorts and hotels are incorporating sports activities into their hotel facilities, golf being one of them. Establishment of miniature golf courses to increase the influx of customers and endorse it as a healthy leisure activity has contributed to the growth in sales of golf equipment such as golf launch monitors.
Accurate Data Monitoring
Golfers need the right equipment to sort out their shortcomings in order to know what they're missing in their game. Hitting the ball before launching the monitor can result in the perfect set of clubs for one's needs. Also use the launch monitor to assess areas of your swing that need improvement. This aspect has been somewhat overlooked, but it's a huge opportunity for improvement. The launch monitor will accurately measure swing dynamics and help determine what went wrong, causing the ball to bend sharply and miss its target. For aspiring golfers who want to improve their game, a golf launch monitor is an asset as it helps them analyze their performance with accurate data. This is where launch monitors become the core of most golf simulators; launch monitors help one measure and analyze ball flight data and track shots so one can understand areas of the game that need improvement. The launch monitor has revolutionized the way golfers practice, learn and customize their equipment. Launch monitors provide golfers with a wealth of data that was not available at the amateur level in the early days. Most launch monitors can be used to their full potential within the home and consumer range. With some decent software, a projector, and a screen, it's possible to build a fully validated golf simulator that users can enjoy year-round. Hence, the aforementioned factors will drive the growth of the golf monitoring market.
Development and use of new technologies
Companies are emerging to drive market growth using new technologies such as apps and graphics technology. Companies such as SkyTrack have introduced a wide range of features that help players assess their core skills and mistakes. These innovations include the use of apps and mapping techniques to analyze where relevant practices are lacking, which will help consumers improve. Consumer preference among amateurs is growing due to companies launching these innovative features, thereby aiding the golf launch monitoring industry market growth.
People’s desperation to get outside after the onset of the pandemic
In 2020, 502 million rounds of golf were played in the United States. This is a 14% increase from the previous year when 441 million rounds of golf were played. Many people attribute the rise in players to people’s desperation to get outside after the onset of the pandemic.
Key Development Trends
More portability and convenience
Most golf launch monitors these days are very portable and lightweight, which makes them very convenient to use on business trips or tourism. As new technologies transform the industry, golf monitors are becoming more accurate at predicting data that will help amateurs improve their game. The market is growing due to several innovations, and accuracy and portability are still some of the reasons for the increased performance of the products. Therefore, people can easily practice the sport through these functions.
Launch Monitor Combined with Golf Simulator
A golf simulator is a high-tech device that allows golfers to practice their golf swing in a simulated environment. It's a digital setup similar to the actual game, allowing users to analyse their swing, see mistakes and improve their game without having to travel to the local course. It will allow golfers to play in purpose-designed facilities no matter the weather or the day.
Golf simulation systems include launch monitors, golf screens, and other accessories. For example, Garmin's new Personal Launch Monitor also doubles as a golf simulator, allowing users to play virtual rounds on iOS-based devices. Features like this, which cost $9.99 per month or $99 per year, can make range training more fun.
More Women and Millennials Play Golf
Golf is a sport popular among middle-aged and elderly people. However, it's gaining popularity among America's millennials, with young golfers Nelly Korda, Collin Morikawa, Viktor Hovland, Lexi Thompson and others breaking the stereotype that golf is a game for older people. Golf's demographics have changed significantly as women have become more interested in the game. According to Zippa, there will be 450,000 more female golfers in 2020 than in 2019, an 8% year-over-year increase. 4% of Gen Z Americans (1995-2012) said they played golf in 2021; 12% of Millennial Americans (1980-1994) said they played golf in 2021. A study by Koozie's group found that women make up 33 percent of new golfers, compared with 27 percent for Gen Z and younger millennials.
The Development of American Golf Industry
Golf has experienced a long period of decline in player numbers and revenues since the turn of the century, but interest in playing golf has recently increased. Since 2020, there has been a huge increase in the number of golfers.
Source: Zippa
In 2020, 8% of Americans played golf at a golf course, according to Zippia. The number of players jumps to 34.2 million when you count the number of people playing on and off the field. The United States has also seen a lot of new golfers lately. 6.2 million people tried golf for the first time in 2020. While the pandemic has ruined many lives, it's actually helped the golf industry. The massive growth of the golf industry over the past two years has been fueled by a desperate need for outdoor activities after people were locked down and stuck indoors. In 2020, golf courses recorded a net increase of more than 60 million sessions, the largest increase since 1997, with 3 million participants for the first time. About 500 million rounds were played in 2021. In 2021, interest from non-golfers (including those who have retired and those who have never played) is at record levels, with nearly 18 million Americans saying they are "very interested" in playing the game, according to the NATIONAL GOLF FOUNDATION report. sport. This is partly because golf has broad appeal -- played by 1 in 9 Americans across all age groups -- and has long provided healthy physical, mental, and social outlets, as well as Because more and more off-course formats offer an engaging, accessible, and non-intimidating introduction to golf in an unconventional way. Projections for 2022 still call for a 17% increase in total rounds compared to the pre-pandemic average of 2017-19.
Source: Golf Datatech (National Golf Foundation data support and analysis) December 2022
New Trends in the Golf Industry Chain
With the subdivision and development of golf scenes and golf courses, new products such as golf apparel and golf equipment have been continuously developed. In the field of golf sports apparel, users have obvious preferences for products that are closer to the scene and function-oriented; In the field of sports equipment, users have a strong interest in intelligent, interconnected, and ecological smart sports equipment. Taking the operation and management of golf carts as an example, the traditional manual management mode of golf carts cannot be jointly operated through the Internet and other technologies. Management, golf carts have to rely on manual continuous inspections to dispatch. This will easily lead to congestion when the golf carts are not evenly configured, and temporary labor and service scheduling will significantly increase operating costs, and the scheduling process will seriously affect the customer experience. Based on insights into industry needs and future development, in recent years, the industry has released a map visualization operation platform based on GIS data-the golf cart GPS intelligent patrol platform, which uses GPS positioning, Internet of Things and Internet technologies to improve the utilization of stadium resources Conversion rate, to solve the demand for intelligent real-time management, to achieve the goals of golf enterprises to increase revenue and reduce expenditure, and optimize services. In the future, there will be more smart technologies derived from the new era to connect users' exercise scenes, data, content, training plans, etc., to help users form more scientific exercise habits.
Variety of golf styles
The form of golf is not limited to the traditional clubhouse + course form. With the spread of golf culture and concepts, the demand for golf continues to expand, and a number of sub-golf consumer groups have emerged. They may not often appear on traditional golf courses, but they are keen to play miniature golf or indoor golf. In the future, these special forms of golf will also jump into the golf industry and become a part of the golf industry that cannot be ignored, and those sub-golf consumer groups will also rise to a legitimate golf consumer group.
Indoor golf is gaining popularity
Due to the scarcity of venue resources, many people who want to play golf are blocked from the door. Indoor golf courses, because of their flexible location and small space requirements, are an excellent way to achieve this goal. Taking the TWOVISION PLUS simulator selected by the Golf Zun (Indoor) Open as an example, its installation space is required to be 30-50 square meters and the height is 3.7 meters. The popularity of golf simulators also provides necessary conditions for lowering the capital threshold of golf, making it truly enter the lives of ordinary people, and becoming a public fitness program. Indoor golf has flexible time, convenient transportation, fun and relaxing experience, and gives people a healthy, fashionable and friendly social image. After the outbreak of the new crown epidemic, people's attention to health has risen to a higher level, and the popularization of indoor golf has ushered in a new opportunity.
Global Golf Launch Monitor Market: Competitive Landscape
In 2021, according to our calculations, the two indicators used to measure market concentration, CR5 and HHI, will be 70.64% and 10.98% respectively. This shows that the global golf launch monitor market is currently not concentrated. The key players in the market include Foresight Sports, TrackMan, Full Swing Golf, Rapsodo, FlightScope, TruGolf, Ernest Sports, Garmin Approach, Optishot, Uneekor, VOICE caddie.
Key players in the Golf Launch Monitor Market include:
Foresight Sports
TrackMan
Full Swing Golf
Rapsodo
FlightScope
TruGolf
Ernest Sports
Garmin Approach
Optishot
Uneekor
VOICE caddie
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